Navellier & Associates Inc. Lowers Stock Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Navellier & Associates Inc. lessened its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 24.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,146 shares of the basic materials company’s stock after selling 2,265 shares during the quarter. Navellier & Associates Inc.’s holdings in Steel Dynamics were worth $901,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Innealta Capital LLC purchased a new stake in shares of Steel Dynamics during the 2nd quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Steel Dynamics in the second quarter worth $41,000. Cullen Frost Bankers Inc. boosted its holdings in shares of Steel Dynamics by 33.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock valued at $52,000 after buying an additional 100 shares during the period. HHM Wealth Advisors LLC bought a new stake in shares of Steel Dynamics in the 2nd quarter worth approximately $52,000. Finally, Quest Partners LLC acquired a new position in shares of Steel Dynamics during the third quarter valued at $62,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Richard A. Poinsatte sold 2,000 shares of Steel Dynamics stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $138.75, for a total value of $277,500.00. Following the completion of the sale, the senior vice president now owns 21,101 shares of the company’s stock, valued at approximately $2,927,763.75. This trade represents a 8.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the transaction, the senior vice president now directly owns 146,693 shares of the company’s stock, valued at $19,523,371.37. The trade was a 10.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,591 shares of company stock valued at $3,885,938 in the last 90 days. Corporate insiders own 6.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on STLD shares. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. Morgan Stanley reduced their price target on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. BMO Capital Markets increased their price target on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a report on Friday, October 18th. Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and increased their target price for the company from $140.00 to $155.00 in a research note on Tuesday, October 1st. Finally, JPMorgan Chase & Co. raised their target price on Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $144.29.

Steel Dynamics Stock Performance

Shares of STLD opened at $145.54 on Friday. The stock has a market capitalization of $22.16 billion, a price-to-earnings ratio of 13.17 and a beta of 1.31. The firm has a fifty day simple moving average of $131.63 and a 200 day simple moving average of $127.42. The company has a current ratio of 2.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.31. Steel Dynamics, Inc. has a 12 month low of $104.60 and a 12 month high of $155.56.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, beating the consensus estimate of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The firm had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.18 billion. During the same period in the previous year, the company earned $3.47 earnings per share. The company’s quarterly revenue was down 5.4% on a year-over-year basis. Research analysts forecast that Steel Dynamics, Inc. will post 10.1 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a $0.46 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.26%. Steel Dynamics’s dividend payout ratio (DPR) is currently 16.65%.

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.