Assenagon Asset Management S.A. Acquires 1,064 Shares of Steel Dynamics, Inc. $STLD

Assenagon Asset Management S.A. boosted its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 4.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,089 shares of the basic materials company’s stock after purchasing an additional 1,064 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Steel Dynamics were worth $3,340,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. bought a new stake in shares of Steel Dynamics during the first quarter worth about $25,000. Cary Street Partners Investment Advisory LLC boosted its stake in shares of Steel Dynamics by 493.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company’s stock worth $25,000 after buying an additional 163 shares during the last quarter. Zions Bancorporation National Association UT bought a new position in shares of Steel Dynamics in the first quarter valued at approximately $32,000. WPG Advisers LLC bought a new stake in Steel Dynamics during the first quarter worth $32,000. Finally, Grove Bank & Trust lifted its holdings in Steel Dynamics by 194.7% during the first quarter. Grove Bank & Trust now owns 277 shares of the basic materials company’s stock worth $35,000 after acquiring an additional 183 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on STLD. Wells Fargo & Company upped their price objective on Steel Dynamics from $143.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, September 15th. JPMorgan Chase & Co. increased their price target on shares of Steel Dynamics from $138.00 to $150.00 and gave the company a “neutral” rating in a research report on Monday, July 14th. Finally, Morgan Stanley lifted their price objective on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Friday, June 20th. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Steel Dynamics currently has a consensus rating of “Moderate Buy” and an average price target of $149.40.

Steel Dynamics Trading Down 0.2%

Shares of STLD stock opened at $136.37 on Thursday. The company’s fifty day simple moving average is $130.22 and its two-hundred day simple moving average is $128.50. The stock has a market capitalization of $20.08 billion, a price-to-earnings ratio of 19.88, a PEG ratio of 1.11 and a beta of 1.40. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.13 and a quick ratio of 1.34. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Monday, July 21st. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.04). The business had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Steel Dynamics had a return on equity of 11.88% and a net margin of 6.07%.The company’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the business posted $2.72 EPS. As a group, analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.00 annualized dividend and a yield of 1.5%. Steel Dynamics’s payout ratio is presently 29.15%.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Christopher A. Graham sold 12,000 shares of the firm’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the completion of the transaction, the senior vice president directly owned 66,738 shares in the company, valued at $8,456,371.98. This trade represents a 15.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.30% of the stock is owned by insiders.

Steel Dynamics Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.