Allianz Asset Management GmbH Sells 56,702 Shares of Steel Dynamics, Inc. $STLD

Allianz Asset Management GmbH decreased its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 17.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 276,636 shares of the basic materials company’s stock after selling 56,702 shares during the quarter. Allianz Asset Management GmbH’s holdings in Steel Dynamics were worth $35,412,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in STLD. Victory Capital Management Inc. grew its stake in shares of Steel Dynamics by 433.1% in the 1st quarter. Victory Capital Management Inc. now owns 1,816,525 shares of the basic materials company’s stock worth $227,211,000 after acquiring an additional 1,475,767 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Steel Dynamics by 25.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,066,300 shares of the basic materials company’s stock worth $883,854,000 after acquiring an additional 1,437,897 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its stake in shares of Steel Dynamics by 531.0% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,191,669 shares of the basic materials company’s stock worth $149,054,000 after acquiring an additional 1,002,813 shares in the last quarter. Nuveen LLC bought a new stake in shares of Steel Dynamics in the 1st quarter worth $62,470,000. Finally, AQR Capital Management LLC grew its stake in shares of Steel Dynamics by 302.3% in the 1st quarter. AQR Capital Management LLC now owns 350,376 shares of the basic materials company’s stock worth $42,988,000 after acquiring an additional 263,278 shares in the last quarter. Institutional investors own 82.41% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on STLD. JPMorgan Chase & Co. upped their target price on shares of Steel Dynamics from $150.00 to $160.00 and gave the stock a “neutral” rating in a research note on Monday, October 13th. Wells Fargo & Company upped their target price on shares of Steel Dynamics from $143.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, September 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Steel Dynamics in a research note on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $149.89.

Insider Buying and Selling

In other Steel Dynamics news, SVP Christopher A. Graham sold 12,000 shares of the company’s stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the sale, the senior vice president directly owned 66,738 shares of the company’s stock, valued at $8,456,371.98. This represents a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 6.30% of the stock is currently owned by company insiders.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $142.75 on Friday. The company’s 50-day moving average is $135.49 and its 200 day moving average is $130.59. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 3.13. The company has a market capitalization of $21.01 billion, a P/E ratio of 20.81, a price-to-earnings-growth ratio of 1.17 and a beta of 1.40. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $155.56.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Monday, July 21st. The basic materials company reported $2.01 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.04). The company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Steel Dynamics had a return on equity of 11.88% and a net margin of 6.07%.Steel Dynamics’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period last year, the firm posted $2.72 earnings per share. On average, equities research analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.00 annualized dividend and a yield of 1.4%. Steel Dynamics’s dividend payout ratio is 29.15%.

About Steel Dynamics

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.