AustralianSuper Pty Ltd Reduces Stock Holdings in Steel Dynamics, Inc. $STLD

AustralianSuper Pty Ltd trimmed its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 22.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 200,711 shares of the basic materials company’s stock after selling 59,183 shares during the quarter. AustralianSuper Pty Ltd owned 0.14% of Steel Dynamics worth $25,693,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd increased its holdings in shares of Steel Dynamics by 825.5% in the second quarter. Y Intercept Hong Kong Ltd now owns 34,548 shares of the basic materials company’s stock valued at $4,422,000 after purchasing an additional 30,815 shares during the period. Bessemer Group Inc. increased its holdings in shares of Steel Dynamics by 10.4% in the second quarter. Bessemer Group Inc. now owns 1,258 shares of the basic materials company’s stock valued at $161,000 after purchasing an additional 119 shares during the period. Ashton Thomas Private Wealth LLC increased its holdings in shares of Steel Dynamics by 3.5% in the second quarter. Ashton Thomas Private Wealth LLC now owns 7,246 shares of the basic materials company’s stock valued at $931,000 after purchasing an additional 243 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of Steel Dynamics by 1.4% in the second quarter. Nisa Investment Advisors LLC now owns 36,032 shares of the basic materials company’s stock valued at $4,630,000 after purchasing an additional 499 shares during the period. Finally, Resonant Capital Advisors LLC increased its holdings in shares of Steel Dynamics by 16.6% in the second quarter. Resonant Capital Advisors LLC now owns 3,949 shares of the basic materials company’s stock valued at $507,000 after purchasing an additional 562 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Wall Street Analysts Forecast Growth

STLD has been the topic of a number of research reports. Jefferies Financial Group increased their price objective on Steel Dynamics from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Steel Dynamics in a report on Wednesday, October 8th. BMO Capital Markets increased their price objective on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. Wells Fargo & Company upped their target price on Steel Dynamics from $150.00 to $169.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 22nd. Finally, KeyCorp upped their target price on Steel Dynamics from $152.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $163.56.

Insiders Place Their Bets

In related news, SVP Christopher A. Graham sold 12,000 shares of the company’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total value of $1,520,520.00. Following the completion of the transaction, the senior vice president owned 66,738 shares of the company’s stock, valued at approximately $8,456,371.98. This represents a 15.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 6.30% of the company’s stock.

Steel Dynamics Stock Up 3.3%

Shares of STLD opened at $158.02 on Tuesday. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $158.50. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $23.26 billion, a price-to-earnings ratio of 20.93, a PEG ratio of 1.28 and a beta of 1.40. The stock’s 50-day moving average price is $138.55 and its 200-day moving average price is $132.26.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Monday, October 20th. The basic materials company reported $2.74 earnings per share for the quarter, topping analysts’ consensus estimates of $2.63 by $0.11. The company had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a return on equity of 12.93% and a net margin of 6.39%.Steel Dynamics’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.05 EPS. On average, sell-side analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were issued a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 1.3%. Steel Dynamics’s dividend payout ratio is presently 26.49%.

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.