1832 Asset Management L.P. Lowers Position in Steel Dynamics, Inc. (NASDAQ:STLD)

1832 Asset Management L.P. cut its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 11.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,629 shares of the basic materials company’s stock after selling 2,571 shares during the period. 1832 Asset Management L.P.’s holdings in Steel Dynamics were worth $3,058,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in Steel Dynamics in the fourth quarter worth $221,817,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Steel Dynamics by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,354,525 shares of the basic materials company’s stock worth $159,969,000 after buying an additional 21,143 shares during the last quarter. Acadian Asset Management LLC grew its position in Steel Dynamics by 21.6% during the first quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock valued at $168,550,000 after buying an additional 202,312 shares during the period. Nordea Investment Management AB increased its holdings in Steel Dynamics by 2.5% during the first quarter. Nordea Investment Management AB now owns 1,034,133 shares of the basic materials company’s stock worth $153,290,000 after buying an additional 25,280 shares during the last quarter. Finally, Schroder Investment Management Group raised its position in Steel Dynamics by 15.3% in the fourth quarter. Schroder Investment Management Group now owns 743,697 shares of the basic materials company’s stock worth $87,831,000 after acquiring an additional 98,764 shares during the period. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Trading Up 2.3 %

STLD traded up $2.94 during trading on Friday, hitting $130.54. 1,064,732 shares of the stock traded hands, compared to its average volume of 1,321,850. The firm has a market capitalization of $20.51 billion, a P/E ratio of 8.97 and a beta of 1.35. Steel Dynamics, Inc. has a 12-month low of $95.53 and a 12-month high of $151.34. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19. The firm has a 50-day moving average of $128.03 and a 200 day moving average of $129.94.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.67 by $0.05. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. Steel Dynamics’s revenue was down 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.81 EPS. Equities research analysts anticipate that Steel Dynamics, Inc. will post 11.35 EPS for the current year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Sunday, June 30th were paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date was Friday, June 28th. Steel Dynamics’s payout ratio is 12.64%.

Analysts Set New Price Targets

STLD has been the subject of a number of research reports. Jefferies Financial Group started coverage on shares of Steel Dynamics in a research report on Monday, May 20th. They set a “hold” rating and a $150.00 target price for the company. BMO Capital Markets decreased their target price on Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating for the company in a research report on Tuesday, June 18th. Bank of America cut their price target on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Steel Dynamics from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $133.86.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, SVP Christopher A. Graham sold 21,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $136.81, for a total value of $2,873,010.00. Following the completion of the sale, the senior vice president now directly owns 60,415 shares in the company, valued at $8,265,376.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.00% of the stock is owned by corporate 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.