Hudson Bay Capital Management LP Cuts Stake in Steel Dynamics, Inc. $STLD

Hudson Bay Capital Management LP cut its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 66.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,089 shares of the basic materials company’s stock after selling 19,966 shares during the period. Hudson Bay Capital Management LP’s holdings in Steel Dynamics were worth $1,407,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in STLD. Cornerstone Planning Group LLC boosted its holdings in shares of Steel Dynamics by 1,636.4% in the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 180 shares during the period. Toth Financial Advisory Corp grew its holdings in Steel Dynamics by 50.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 300 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 100 shares during the last quarter. Covestor Ltd raised its position in Steel Dynamics by 44.3% in the 3rd quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 93 shares during the period. CNB Bank purchased a new stake in Steel Dynamics in the 3rd quarter worth about $43,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in Steel Dynamics in the third quarter worth about $46,000. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Trading Down 2.2%

Shares of NASDAQ:STLD opened at $163.95 on Monday. The company has a quick ratio of 1.29, a current ratio of 3.06 and a debt-to-equity ratio of 0.48. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $208.47. The business has a 50-day moving average price of $184.68 and a 200-day moving average price of $165.64. The stock has a market cap of $23.75 billion, a price-to-earnings ratio of 20.47, a PEG ratio of 0.45 and a beta of 1.43.

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

Steel Dynamics Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be given a dividend of $0.53 per share. The ex-dividend date is Tuesday, March 31st. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.50. This represents a $2.12 dividend on an annualized basis and a yield of 1.3%. Steel Dynamics’s dividend payout ratio (DPR) is presently 24.97%.

Analysts Set New Price Targets

A number of research firms recently issued reports on STLD. KeyCorp restated an “overweight” rating and set a $190.00 price objective on shares of Steel Dynamics in a report on Wednesday, January 7th. Wall Street Zen downgraded Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 7th. JPMorgan Chase & Co. lowered their target price on shares of Steel Dynamics from $194.00 to $192.00 and set a “neutral” rating for the company in a research note on Wednesday, March 18th. Morgan Stanley reaffirmed an “underperform” rating and issued a $190.00 price target on shares of Steel Dynamics in a research note on Tuesday, March 17th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $182.44.

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.