Handelsbanken Fonder AB Boosts Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Handelsbanken Fonder AB grew its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 20.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,600 shares of the basic materials company’s stock after buying an additional 7,200 shares during the period. Handelsbanken Fonder AB’s holdings in Steel Dynamics were worth $5,203,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. BFI Infinity Ltd. acquired a new position in shares of Steel Dynamics in the 1st quarter worth approximately $285,000. SG Americas Securities LLC lifted its holdings in Steel Dynamics by 1,411.1% during the 1st quarter. SG Americas Securities LLC now owns 27,381 shares of the basic materials company’s stock worth $3,425,000 after buying an additional 25,569 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Steel Dynamics by 47.9% during the 1st quarter. GAMMA Investing LLC now owns 3,579 shares of the basic materials company’s stock worth $448,000 after buying an additional 1,159 shares in the last quarter. Signet Financial Management LLC lifted its holdings in Steel Dynamics by 0.9% during the 1st quarter. Signet Financial Management LLC now owns 43,793 shares of the basic materials company’s stock worth $5,478,000 after buying an additional 392 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in Steel Dynamics by 10.4% during the 1st quarter. Farther Finance Advisors LLC now owns 1,535 shares of the basic materials company’s stock worth $190,000 after buying an additional 145 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

STLD has been the topic of a number of research reports. Wolfe Research upgraded shares of Steel Dynamics from an “underperform” rating to a “peer perform” rating in a report on Thursday, February 27th. Morgan Stanley set a $140.00 target price on shares of Steel Dynamics and gave the stock an “overweight” rating in a report on Thursday, April 24th. JPMorgan Chase & Co. increased their target price on shares of Steel Dynamics from $135.00 to $138.00 and gave the stock a “neutral” rating in a report on Thursday, April 24th. Wall Street Zen lowered shares of Steel Dynamics from a “hold” rating to a “sell” rating in a report on Friday, April 25th. Finally, UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and set a $149.00 target price on the stock in a report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $147.44.

Insider Transactions at Steel Dynamics

In other news, Director Gabriel Shaheen sold 1,254 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $134.11, for a total value of $168,173.94. Following the completion of the sale, the director now owns 81,812 shares in the company, valued at approximately $10,971,807.32. This trade represents a 1.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Miguel Alvarez sold 7,495 shares of the firm’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $135.26, for a total transaction of $1,013,773.70. Following the completion of the sale, the senior vice president now owns 125,319 shares of the company’s stock, valued at $16,950,647.94. This trade represents a 5.64% decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.30% of the company’s stock.

Steel Dynamics Trading Up 1.2%

Shares of Steel Dynamics stock opened at $133.48 on Friday. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.08 and a current ratio of 2.53. The company has a market capitalization of $19.82 billion, a P/E ratio of 13.62, a PEG ratio of 1.05 and a beta of 1.38. The company’s fifty day moving average is $127.95 and its two-hundred day moving average is $126.80.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.04. Steel Dynamics had a net margin of 8.76% and a return on equity of 17.32%. The company had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.17 billion. During the same period last year, the firm posted $3.67 EPS. Analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend is Monday, June 30th. Steel Dynamics’s dividend payout ratio (DPR) is presently 26.42%.

Steel Dynamics announced that its Board of Directors has approved a share repurchase program on Monday, February 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the basic materials company to purchase up to 7.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.