Harbour Investments Inc. Cuts Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Harbour Investments Inc. lessened its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 1.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,389 shares of the basic materials company’s stock after selling 108 shares during the quarter. Harbour Investments Inc.’s holdings in Steel Dynamics were worth $1,086,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. AustralianSuper Pty Ltd boosted its stake in Steel Dynamics by 1.8% during the second quarter. AustralianSuper Pty Ltd now owns 592,255 shares of the basic materials company’s stock worth $76,697,000 after buying an additional 10,701 shares during the period. Verdence Capital Advisors LLC raised its holdings in Steel Dynamics by 8.4% during the second quarter. Verdence Capital Advisors LLC now owns 16,269 shares of the basic materials company’s stock worth $2,107,000 after purchasing an additional 1,263 shares in the last quarter. First Merchants Corp acquired a new stake in Steel Dynamics during the second quarter worth approximately $441,000. Cornerstone Wealth Group LLC grew its position in shares of Steel Dynamics by 0.6% during the second quarter. Cornerstone Wealth Group LLC now owns 23,258 shares of the basic materials company’s stock worth $3,012,000 after acquiring an additional 139 shares during the last quarter. Finally, Private Advisory Group LLC purchased a new position in shares of Steel Dynamics during the second quarter worth approximately $744,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analysts Set New Price Targets

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

Steel Dynamics Trading Down 2.4 %

STLD traded down $2.90 during midday trading on Wednesday, hitting $118.51. The company’s stock had a trading volume of 436,963 shares, compared to its average volume of 1,219,748. The company has a current ratio of 2.35, a quick ratio of 1.19 and a debt-to-equity ratio of 0.25. Steel Dynamics, Inc. has a 52-week low of $95.53 and a 52-week high of $151.34. The firm has a market cap of $18.29 billion, a P/E ratio of 8.34 and a beta of 1.35. The firm has a 50-day moving average price of $124.56 and a two-hundred day moving average price of $130.59.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. The business had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The company’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.81 EPS. On average, research analysts anticipate that Steel Dynamics, Inc. will post 10.74 earnings per share for the current year.

Steel Dynamics Dividend Announcement

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

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.