Fisher Asset Management LLC Sells 5,494 Shares of Steel Dynamics, Inc. $STLD

Fisher Asset Management LLC reduced its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 18.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,695 shares of the basic materials company’s stock after selling 5,494 shares during the quarter. Fisher Asset Management LLC’s holdings in Steel Dynamics were worth $3,033,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Cary Street Partners Investment Advisory LLC increased its position in shares of Steel Dynamics by 493.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 163 shares during the last quarter. Trust Co. of Toledo NA OH bought a new stake in Steel Dynamics during the 2nd quarter valued at about $30,000. Zions Bancorporation National Association UT bought a new position in Steel Dynamics in the 1st quarter worth about $32,000. WPG Advisers LLC purchased a new position in shares of Steel Dynamics during the first quarter worth approximately $32,000. Finally, Rosenberg Matthew Hamilton raised its stake in shares of Steel Dynamics by 306.2% during the second quarter. Rosenberg Matthew Hamilton now owns 264 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 199 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $165.22 on Friday. The company has a market capitalization of $24.13 billion, a PE ratio of 21.88, a P/E/G ratio of 1.22 and a beta of 1.47. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.47 and a current ratio of 3.11. The company has a 50-day simple moving average of $153.70 and a two-hundred day simple moving average of $138.76. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $172.94.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share for the quarter, beating analysts’ consensus estimates of $2.63 by $0.11. The business had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The company’s revenue was up 11.2% compared to the same quarter last year. During the same period last year, the business earned $2.05 EPS. Research analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.2%. Steel Dynamics’s dividend payout ratio is presently 26.49%.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. UBS Group set a $165.00 price objective on Steel Dynamics in a research note on Tuesday, November 4th. JPMorgan Chase & Co. raised their price target on Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday. Jefferies Financial Group upped their price objective on shares of Steel Dynamics from $165.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Citigroup raised their target price on shares of Steel Dynamics from $150.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Finally, Wells Fargo & Company boosted their price target on shares of Steel Dynamics from $169.00 to $172.00 and gave the company an “overweight” rating in a report on Friday, November 14th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Steel Dynamics presently has an average rating of “Moderate Buy” and an average target price of $173.78.

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.