Amundi Trims Position in Steel Dynamics, Inc. $STLD

Amundi lowered its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 5.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 326,935 shares of the basic materials company’s stock after selling 17,234 shares during the quarter. Amundi owned 0.22% of Steel Dynamics worth $43,829,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Allworth Financial LP lifted its holdings in Steel Dynamics by 119.3% in the second quarter. Allworth Financial LP now owns 11,012 shares of the basic materials company’s stock valued at $1,410,000 after acquiring an additional 5,991 shares during the period. Nomura Asset Management Co. Ltd. increased its holdings in shares of Steel Dynamics by 21.9% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 88,558 shares of the basic materials company’s stock valued at $11,336,000 after purchasing an additional 15,931 shares in the last quarter. Edgestream Partners L.P. boosted its holdings in Steel Dynamics by 477.1% during the second quarter. Edgestream Partners L.P. now owns 32,427 shares of the basic materials company’s stock worth $4,151,000 after buying an additional 26,808 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its position in Steel Dynamics by 1.2% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 163,399 shares of the basic materials company’s stock worth $20,917,000 after buying an additional 1,954 shares during the period. Finally, Korea Investment CORP increased its holdings in Steel Dynamics by 17.7% in the second quarter. Korea Investment CORP now owns 133,975 shares of the basic materials company’s stock valued at $17,150,000 after buying an additional 20,135 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Miguel Alvarez sold 8,251 shares of the firm’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total value of $1,343,180.29. Following the transaction, the senior vice president owned 117,068 shares of the company’s stock, valued at $19,057,499.72. This trade represents a 6.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 6.30% of the stock is currently owned by company insiders.

Steel Dynamics Trading Down 0.4%

Shares of STLD opened at $165.43 on Wednesday. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $172.94. The stock has a 50-day moving average price of $154.76 and a 200 day moving average price of $139.37. 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 market capitalization of $24.16 billion, a P/E ratio of 21.91, a P/E/G ratio of 1.20 and a beta of 1.47.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.11. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The company had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.74 billion. During the same quarter in the previous year, the firm earned $2.05 EPS. The company’s revenue was up 11.2% on a year-over-year basis. Sell-side analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

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

Wall Street Analyst Weigh In

STLD has been the subject of several recent research reports. Jefferies Financial Group raised their target price on shares of Steel Dynamics from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. The Goldman Sachs Group set a $172.00 price target on Steel Dynamics and gave the stock a “neutral” rating in a research report on Friday, October 31st. Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a research note on Monday, December 1st. Citigroup upped their price objective on shares of Steel Dynamics from $150.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Finally, BMO Capital Markets lifted their target price on shares of Steel Dynamics from $155.00 to $167.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $173.78.

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.