Steel Dynamics, Inc. $STLD Shares Sold by US Bancorp DE

US Bancorp DE reduced its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 4.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,835 shares of the basic materials company’s stock after selling 698 shares during the quarter. US Bancorp DE’s holdings in Steel Dynamics were worth $2,155,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of Steel Dynamics by 25.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,066,300 shares of the basic materials company’s stock valued at $883,854,000 after buying an additional 1,437,897 shares during the period. Victory Capital Management Inc. increased its stake in Steel Dynamics by 433.1% in the 1st quarter. Victory Capital Management Inc. now owns 1,816,525 shares of the basic materials company’s stock valued at $227,211,000 after purchasing an additional 1,475,767 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in Steel Dynamics by 40.6% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,675,973 shares of the basic materials company’s stock valued at $214,541,000 after purchasing an additional 484,304 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Steel Dynamics by 3.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,599,076 shares of the basic materials company’s stock valued at $200,012,000 after purchasing an additional 52,218 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Steel Dynamics by 2.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,405,666 shares of the basic materials company’s stock valued at $175,821,000 after purchasing an additional 30,759 shares in the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Steel Dynamics in a research note on Wednesday, October 8th. Wells Fargo & Company raised 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. raised their price objective on Steel Dynamics from $150.00 to $160.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Morgan Stanley raised their price objective on Steel Dynamics from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Friday, June 20th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $149.89.

Insider Activity at Steel Dynamics

In related news, SVP Christopher A. Graham sold 12,000 shares of Steel Dynamics stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total value of $1,520,520.00. Following the transaction, the senior vice president owned 66,738 shares in the company, valued at approximately $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 can be accessed through the SEC website. 6.30% of the stock is currently owned by corporate insiders.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $146.05 on Thursday. The company has a market cap of $21.50 billion, a P/E ratio of 21.29, a P/E/G ratio of 1.19 and a beta of 1.40. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $155.56. The business has a fifty day simple moving average of $134.68 and a 200-day simple moving average of $130.32.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Monday, July 21st. The basic materials company reported $2.01 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 net margin of 6.07% and a return on equity of 11.88%. Steel Dynamics’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.72 EPS. Equities research analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were given a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.4%. Steel Dynamics’s payout ratio is currently 29.15%.

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.