Livforsakringsbolaget Skandia Omsesidigt Invests $9.26 Million in Steel Dynamics, Inc. $STLD

Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the 2nd quarter, Holdings Channel reports. The fund bought 40,300 shares of the basic materials company’s stock, valued at approximately $9,264,000.

A number of other institutional investors have also modified their holdings of STLD. Rakuten Investment Management Inc. bought a new stake in Steel Dynamics in the second quarter valued at $5,221,000. Glenview Trust Co acquired a new position in shares of Steel Dynamics in the 2nd quarter worth approximately $603,000. Empowered Funds LLC acquired a new stake in shares of Steel Dynamics during the second quarter worth $6,552,000. United Capital Financial Advisors LLC acquired a new stake in Steel Dynamics during the 2nd quarter worth about $1,120,000. Finally, Caitlin John LLC purchased a new position in Steel Dynamics during the 2nd quarter worth approximately $35,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Insider Buying and Selling

In related news, SVP James Stanley Anderson sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the sale, the senior vice president owned 102,837 shares of the company’s stock, valued at $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 6.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

STLD has been the subject of a number of recent research reports. KeyCorp reaffirmed an “overweight” rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. JPMorgan Chase & Co. raised their price target on Steel Dynamics from $256.00 to $260.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Weiss Ratings raised shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. The Goldman Sachs Group began coverage on Steel Dynamics in a report on Wednesday, July 29th. They issued a “buy” rating and a $300.00 price target for the company. Finally, Bank of America reduced their price objective on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $257.27.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $234.66 on Friday. The company has a market capitalization of $33.63 billion, a PE ratio of 21.27, a PEG ratio of 0.45 and a beta of 1.52. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. The stock’s fifty day simple moving average is $242.07 and its 200 day simple moving average is $223.62. Steel Dynamics, Inc. has a 12 month low of $126.88 and a 12 month high of $288.74.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The firm had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. During the same period in the previous year, the business earned $2.01 EPS. The company’s revenue was up 33.4% compared to the same quarter last year. On average, research analysts predict that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is currently 19.22%.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.