Assenagon Asset Management S.A. Lowers Holdings in Steel Dynamics, Inc. $STLD

Assenagon Asset Management S.A. lowered its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 74.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,636 shares of the basic materials company’s stock after selling 19,453 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Steel Dynamics were worth $925,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Raymond James Financial Inc. lifted its position in Steel Dynamics by 6.7% in the first quarter. Raymond James Financial Inc. now owns 154,357 shares of the basic materials company’s stock valued at $19,307,000 after buying an additional 9,753 shares during the last quarter. Compound Planning Inc. raised its stake in shares of Steel Dynamics by 16.7% in the 1st quarter. Compound Planning Inc. now owns 2,252 shares of the basic materials company’s stock valued at $282,000 after acquiring an additional 323 shares during the period. AlphaQuest LLC raised its stake in shares of Steel Dynamics by 103.6% in the 1st quarter. AlphaQuest LLC now owns 3,494 shares of the basic materials company’s stock valued at $437,000 after acquiring an additional 1,778 shares during the period. Ieq Capital LLC acquired a new position in shares of Steel Dynamics in the 1st quarter worth approximately $867,000. Finally, OMERS ADMINISTRATION Corp boosted its position in shares of Steel Dynamics by 18.5% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 19,399 shares of the basic materials company’s stock worth $2,426,000 after purchasing an additional 3,033 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Price Performance

Shares of STLD opened at $175.06 on Thursday. The firm has a market capitalization of $25.57 billion, a price-to-earnings ratio of 23.19, a PEG ratio of 1.20 and a beta of 1.47. The firm’s fifty day simple moving average is $161.06 and its 200-day simple moving average is $142.60. Steel Dynamics, Inc. has a twelve month low of $103.17 and a twelve month high of $178.36. The company has a current ratio of 3.11, a quick ratio of 1.47 and a debt-to-equity ratio of 0.43.

Steel Dynamics (NASDAQ:STLD) last posted 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 company had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.Steel Dynamics’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period last year, the firm earned $2.05 earnings per share. Equities analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st will be issued 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 yield of 1.1%. Steel Dynamics’s dividend payout ratio (DPR) is presently 26.49%.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Miguel Alvarez sold 8,251 shares of the company’s stock in a transaction on 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 completion of the transaction, 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 filing with the SEC, which is accessible through this link. Corporate insiders own 6.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. The Goldman Sachs Group set a $172.00 target price on Steel Dynamics and gave the company a “neutral” rating in a research report on Friday, October 31st. UBS Group set a $165.00 price objective on Steel Dynamics in a research note on Tuesday, November 4th. Citigroup increased their target price on Steel Dynamics from $150.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. BMO Capital Markets raised their target price on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. Finally, KeyCorp boosted their price target on shares of Steel Dynamics from $152.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $176.89.

Steel Dynamics Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.