Citigroup Inc. Decreases Stake in Steel Dynamics, Inc. $STLD

Citigroup Inc. lessened its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 16.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 138,090 shares of the basic materials company’s stock after selling 28,139 shares during the quarter. Citigroup Inc. owned 0.09% of Steel Dynamics worth $19,254,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cornerstone Planning Group LLC grew its position in Steel Dynamics by 1,636.4% during the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after buying an additional 180 shares during the period. True Wealth Design LLC boosted its stake in shares of Steel Dynamics by 120.4% during the 2nd quarter. True Wealth Design LLC now owns 324 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 177 shares in the last quarter. Toth Financial Advisory Corp grew its holdings in shares of Steel Dynamics by 50.0% in the 3rd quarter. Toth Financial Advisory Corp now owns 300 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 100 shares during the period. Covestor Ltd increased its stake in Steel Dynamics by 44.3% in the 3rd quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 93 shares in the last quarter. Finally, CNB Bank acquired a new position in Steel Dynamics during the third quarter worth $43,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analyst Upgrades and Downgrades

STLD has been the topic of several research reports. Morgan Stanley reissued an “equal weight” rating and issued a $194.00 target price (up from $173.00) on shares of Steel Dynamics in a report on Friday, January 9th. KeyCorp restated an “overweight” rating and set a $190.00 target price on shares of Steel Dynamics in a report on Wednesday, January 7th. JPMorgan Chase & Co. lifted their target price on shares of Steel Dynamics from $165.00 to $190.00 and gave the stock a “neutral” rating in a research report on Friday, December 5th. UBS Group set a $165.00 price target on shares of Steel Dynamics in a research report on Tuesday, November 4th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Steel Dynamics in a research report on Monday, December 29th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Steel Dynamics currently has a consensus rating of “Moderate Buy” and an average target price of $182.00.

Steel Dynamics Trading Up 0.5%

Shares of STLD opened at $192.52 on Friday. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $208.47. The company has a market capitalization of $28.12 billion, a PE ratio of 24.03, a price-to-earnings-growth ratio of 0.52 and a beta of 1.46. The stock has a fifty day moving average of $182.01 and a two-hundred day moving average of $159.31. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.10. The business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.62 billion. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The business’s revenue was up 14.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.36 earnings per share. As a group, analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.1%. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.50. Steel Dynamics’s dividend payout ratio is currently 24.97%.

Steel Dynamics Company 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.