DNB Asset Management AS Decreases Stake in Steel Dynamics, Inc. $STLD

DNB Asset Management AS lessened its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 5.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 28,185 shares of the basic materials company’s stock after selling 1,472 shares during the period. DNB Asset Management AS’s holdings in Steel Dynamics were worth $3,608,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Allworth Financial LP lifted its position in Steel Dynamics by 119.3% during the 2nd quarter. Allworth Financial LP now owns 11,012 shares of the basic materials company’s stock worth $1,410,000 after acquiring an additional 5,991 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in shares of Steel Dynamics by 21.9% in the second quarter. Nomura Asset Management Co. Ltd. now owns 88,558 shares of the basic materials company’s stock worth $11,336,000 after purchasing an additional 15,931 shares during the last quarter. Nordea Investment Management AB lifted its holdings in shares of Steel Dynamics by 43.3% during the second quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock worth $271,238,000 after purchasing an additional 630,935 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its position in Steel Dynamics by 1.2% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 163,399 shares of the basic materials company’s stock valued at $20,917,000 after buying an additional 1,954 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new position in Steel Dynamics in the 2nd quarter worth approximately $4,221,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Trading Up 1.9%

STLD stock opened at $161.19 on Tuesday. The company’s 50-day simple moving average is $148.46 and its 200-day simple moving average is $136.74. The company has a quick ratio of 1.34, a current ratio of 3.11 and a debt-to-equity ratio of 0.43. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $164.73. The firm has a market cap of $23.54 billion, a P/E ratio of 21.35, a PEG ratio of 1.39 and a beta of 1.45.

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

Steel Dynamics Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have commented on STLD shares. BMO Capital Markets lifted their price objective on shares of Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $150.00 to $160.00 and gave the stock a “neutral” rating in a report on Monday, October 13th. Jefferies Financial Group boosted their target price on shares of Steel Dynamics from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Citigroup increased their price target on Steel Dynamics from $150.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Finally, UBS Group set a $165.00 price objective on Steel Dynamics in a report on Tuesday, November 4th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Steel Dynamics has a consensus rating of “Moderate Buy” and an average target price of $170.44.

Insider Activity

In other news, SVP Miguel Alvarez sold 8,251 shares of the stock in a transaction that occurred 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 transaction, the senior vice president owned 117,068 shares in the company, valued at $19,057,499.72. This trade represents a 6.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 6.30% of the stock is owned by company insiders.

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.