Janus Henderson Group PLC raised its position in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 21.3% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 20,874 shares of the basic materials company’s stock after buying an additional 3,664 shares during the quarter. Janus Henderson Group PLC’s holdings in Steel Dynamics were worth $3,758,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in STLD. NewEdge Advisors LLC boosted its holdings in Steel Dynamics by 307.5% in the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock valued at $102,000 after purchasing an additional 618 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Steel Dynamics by 82.7% in the 1st quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock valued at $435,000 after buying an additional 1,578 shares during the period. Jump Financial LLC purchased a new stake in shares of Steel Dynamics in the second quarter valued at approximately $1,019,000. Qube Research & Technologies Ltd acquired a new position in Steel Dynamics during the second quarter worth $48,746,000. Finally, Sei Investments Co. raised its position in Steel Dynamics by 7.9% in the second quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company’s stock worth $13,447,000 after acquiring an additional 7,712 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.
Steel Dynamics Stock Up 0.4%
Shares of NASDAQ STLD opened at $262.45 on Friday. The firm’s 50-day moving average is $249.51 and its two-hundred day moving average is $217.18. The company has a market capitalization of $37.62 billion, a PE ratio of 23.79, a price-to-earnings-growth ratio of 0.49 and a beta of 1.52. Steel Dynamics, Inc. has a 12-month low of $119.89 and a 12-month high of $288.74. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45.
Analyst Upgrades and Downgrades
A number of equities analysts have recently weighed in on STLD shares. JPMorgan Chase & Co. upped their price target on shares of Steel Dynamics from $256.00 to $260.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 22nd. Morgan Stanley dropped their target price on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a report on Wednesday, July 22nd. BMO Capital Markets lifted their price target on shares of Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. Citigroup boosted their price target on Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Finally, Barclays raised their price objective on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research note on Wednesday, July 22nd. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $249.00.
Read Our Latest Report on STLD
Insider Buying and Selling at Steel Dynamics
In other news, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total value of $538,453.00. Following the sale, the senior vice president directly owned 28,618 shares in the company, valued at $6,699,759.98. This represents a 7.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the sale, the senior vice president directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their position. The disclosure for this sale is available in the SEC filing. 6.60% of the stock is owned by corporate insiders.
About Steel Dynamics
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.
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