Envestnet Asset Management Inc. Sells 12,716 Shares of Steel Dynamics, Inc. $STLD

Envestnet Asset Management Inc. cut its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 5.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 209,630 shares of the basic materials company’s stock after selling 12,716 shares during the period. Envestnet Asset Management Inc. owned approximately 0.14% of Steel Dynamics worth $26,835,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. increased its position in shares of Steel Dynamics by 433.1% during the first quarter. Victory Capital Management Inc. now owns 1,816,525 shares of the basic materials company’s stock valued at $227,211,000 after buying an additional 1,475,767 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Steel Dynamics by 25.5% during the first 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 last quarter. Nordea Investment Management AB grew its holdings in shares of Steel Dynamics by 43.3% during the second quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock valued at $271,238,000 after buying an additional 630,935 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Steel Dynamics during the first quarter valued at approximately $62,470,000. Finally, Robeco Institutional Asset Management B.V. lifted its position in Steel Dynamics by 40.6% during the second 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 during the period. 82.41% of the stock is owned by institutional investors.

Steel Dynamics Stock Down 0.5%

NASDAQ:STLD opened at $155.97 on Tuesday. The company has a market cap of $22.78 billion, a PE ratio of 20.66, a P/E/G ratio of 1.39 and a beta of 1.40. Steel Dynamics, Inc. has a twelve month low of $103.17 and a twelve month high of $164.73. The company has a current ratio of 3.11, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43. The company’s 50 day moving average is $141.55 and its two-hundred day moving average is $133.79.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Monday, October 20th. The basic materials company reported $2.74 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.11. The company had revenue of $4.83 billion for the quarter, compared to the consensus estimate of $4.74 billion. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. Steel Dynamics’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.05 EPS. Analysts anticipate 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 paid a $0.50 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.3%. Steel Dynamics’s dividend payout ratio is presently 26.49%.

Analysts Set New Price Targets

Several research firms have weighed in on STLD. Weiss Ratings reiterated a “hold (c)” rating on shares of Steel Dynamics in a research report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their price target on shares of Steel Dynamics from $150.00 to $160.00 and gave the company a “neutral” rating in a report on Monday, October 13th. Wells Fargo & Company lifted their price objective on shares of Steel Dynamics from $150.00 to $169.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 22nd. The Goldman Sachs Group set a $172.00 price target on shares of Steel Dynamics and gave the stock a “neutral” rating in a research note on Friday. Finally, KeyCorp lifted their price objective on shares of Steel Dynamics from $152.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $169.33.

Insider Transactions at Steel Dynamics

In related news, SVP Miguel Alvarez sold 8,251 shares of the stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the sale, the senior vice president directly owned 117,068 shares of the company’s stock, valued at approximately $19,057,499.72. This represents a 6.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 6.30% of the company’s stock.

Steel Dynamics Company 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.