Hennessy Advisors Inc. Lowers Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Hennessy Advisors Inc. lessened its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 60.0% in the second quarter, Holdings Channel.com reports. The fund owned 23,900 shares of the basic materials company’s stock after selling 35,800 shares during the quarter. Hennessy Advisors Inc.’s holdings in Steel Dynamics were worth $3,095,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Atomi Financial Group Inc. raised its stake in Steel Dynamics by 3.1% during the first quarter. Atomi Financial Group Inc. now owns 2,667 shares of the basic materials company’s stock valued at $395,000 after buying an additional 79 shares in the last quarter. Csenge Advisory Group raised its stake in Steel Dynamics by 2.8% during the second quarter. Csenge Advisory Group now owns 2,939 shares of the basic materials company’s stock valued at $381,000 after buying an additional 81 shares in the last quarter. Greenfield Savings Bank raised its stake in Steel Dynamics by 0.7% during the first quarter. Greenfield Savings Bank now owns 11,676 shares of the basic materials company’s stock valued at $1,731,000 after buying an additional 85 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Steel Dynamics by 9.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,068 shares of the basic materials company’s stock valued at $126,000 after buying an additional 88 shares in the last quarter. Finally, Global Retirement Partners LLC raised its position in shares of Steel Dynamics by 19.2% during the 1st quarter. Global Retirement Partners LLC now owns 570 shares of the basic materials company’s stock worth $84,000 after purchasing an additional 92 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Bank of America dropped their price target on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. BMO Capital Markets lowered their target price on Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a research report on Tuesday, June 18th. Jefferies Financial Group started coverage on Steel Dynamics in a research report on Monday, May 20th. They issued a “hold” rating and a $150.00 target price on the stock. Morgan Stanley raised their target price on Steel Dynamics from $134.00 to $138.00 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. raised their target price on Steel Dynamics from $118.00 to $120.00 and gave the company an “underweight” rating in a research report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $138.14.

Steel Dynamics Stock Performance

Shares of NASDAQ STLD opened at $118.94 on Friday. The stock has a fifty day moving average price of $124.70 and a two-hundred day moving average price of $130.52. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35. The firm has a market cap of $18.35 billion, a P/E ratio of 8.17 and a beta of 1.35. Steel Dynamics, Inc. has a 1 year low of $95.53 and a 1 year high of $151.34.

Steel Dynamics (NASDAQ:STLD) last issued 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 firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The firm’s quarterly revenue was down 8.8% on a year-over-year basis. During the same period last year, the company posted $4.81 EPS. Research analysts forecast that Steel Dynamics, Inc. will post 10.74 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend is Monday, September 30th. Steel Dynamics’s dividend payout ratio is presently 12.64%.

Steel Dynamics Company 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.