Steel Dynamics, Inc. (NASDAQ:STLD) Short Interest Update

Steel Dynamics, Inc. (NASDAQ:STLD) saw a large increase in short interest in December. As of December 31st, there was short interest totaling 4,101,431 shares, an increase of 30.5% from the December 15th total of 3,142,490 shares. Approximately 3.0% of the company’s shares are short sold. Based on an average daily volume of 1,243,292 shares, the short-interest ratio is currently 3.3 days. Based on an average daily volume of 1,243,292 shares, the short-interest ratio is currently 3.3 days. Approximately 3.0% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several analysts have commented on STLD shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Steel Dynamics in a research note on Monday, December 29th. The Goldman Sachs Group set a $172.00 price objective on Steel Dynamics and gave the stock a “neutral” rating in a report on Friday, October 31st. Citigroup lifted their price objective on Steel Dynamics from $150.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Morgan Stanley reiterated an “equal weight” rating and set a $194.00 target price (up from $173.00) on shares of Steel Dynamics in a research report on Friday, January 9th. Finally, BMO Capital Markets upped their price target on shares of Steel Dynamics from $155.00 to $167.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $182.00.

Steel Dynamics Trading Down 0.9%

NASDAQ STLD traded down $1.53 during mid-day trading on Friday, hitting $173.58. The company’s stock had a trading volume of 1,022,038 shares, compared to its average volume of 1,109,933. The firm has a market capitalization of $25.35 billion, a P/E ratio of 22.99, a price-to-earnings-growth ratio of 0.72 and a beta of 1.48. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.11 and a quick ratio of 1.47. Steel Dynamics has a 52-week low of $103.17 and a 52-week high of $178.36. The stock’s fifty day simple moving average is $167.46 and its two-hundred day simple moving average is $147.52.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.63 by $0.11. The company had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.74 billion. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.05 earnings per share. Research analysts expect that Steel Dynamics will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Wednesday, December 31st. Steel Dynamics’s payout ratio is currently 26.49%.

Insider Activity

In other news, SVP Miguel Alvarez sold 8,251 shares of Steel Dynamics stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the completion of the sale, the senior vice president directly owned 117,068 shares in the company, valued at $19,057,499.72. The trade was a 6.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 6.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Steel Dynamics

Several hedge funds have recently modified their holdings of STLD. State Street Corp boosted its holdings in Steel Dynamics by 3.3% in the 2nd quarter. State Street Corp now owns 7,300,813 shares of the basic materials company’s stock worth $938,196,000 after acquiring an additional 230,582 shares during the period. Norges Bank acquired a new position in shares of Steel Dynamics during the second quarter worth $339,769,000. Nordea Investment Management AB boosted its stake in shares of Steel Dynamics by 12.1% in the third quarter. Nordea Investment Management AB now owns 2,340,480 shares of the basic materials company’s stock valued at $322,518,000 after purchasing an additional 252,108 shares during the period. Robeco Institutional Asset Management B.V. grew its holdings in Steel Dynamics by 15.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,936,077 shares of the basic materials company’s stock valued at $269,947,000 after purchasing an additional 260,104 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Steel Dynamics by 0.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,410,983 shares of the basic materials company’s stock worth $180,620,000 after buying an additional 5,317 shares during the period. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

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.