Steel Dynamics, Inc. $STLD Shares Sold by Korea Investment CORP

Korea Investment CORP lessened its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 68.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 42,936 shares of the basic materials company’s stock after selling 91,039 shares during the quarter. Korea Investment CORP’s holdings in Steel Dynamics were worth $5,987,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Lingohr Asset Management GmbH increased its holdings in shares of Steel Dynamics by 1,284.8% in the 3rd quarter. Lingohr Asset Management GmbH now owns 40,423 shares of the basic materials company’s stock valued at $5,636,000 after acquiring an additional 37,504 shares during the period. Ninety One UK Ltd raised its position in Steel Dynamics by 33.5% in the 3rd quarter. Ninety One UK Ltd now owns 119,863 shares of the basic materials company’s stock valued at $16,712,000 after purchasing an additional 30,102 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in Steel Dynamics during the 3rd quarter worth $8,592,000. Forvis Mazars Wealth Advisors LLC purchased a new position in Steel Dynamics during the 3rd quarter worth $1,047,000. Finally, Mediolanum International Funds Ltd grew its position in Steel Dynamics by 157.2% during the 3rd quarter. Mediolanum International Funds Ltd now owns 206,140 shares of the basic materials company’s stock worth $28,629,000 after purchasing an additional 125,981 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Stock Performance

NASDAQ STLD opened at $175.10 on Friday. The stock has a market capitalization of $25.37 billion, a price-to-earnings ratio of 21.86, a PEG ratio of 0.50 and a beta of 1.43. The business’s 50 day moving average is $184.92 and its two-hundred day moving average is $163.56. Steel Dynamics, Inc. has a 12-month low of $103.17 and a 12-month high of $208.47. The company has a current ratio of 3.06, a quick ratio of 1.29 and a debt-to-equity ratio of 0.48.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, January 27th. The basic materials company reported $1.82 EPS for the quarter, beating the consensus estimate of $1.72 by $0.10. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.62 billion. During the same period last year, the firm earned $1.36 EPS. The company’s quarterly revenue was up 14.0% compared to the same quarter last year. Research analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.2%. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Tuesday, March 31st. Steel Dynamics’s dividend payout ratio is 24.97%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on STLD shares. Morgan Stanley reaffirmed an “equal weight” rating and issued a $194.00 target price (up from $173.00) on shares of Steel Dynamics in a report on Friday, January 9th. Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. JPMorgan Chase & Co. boosted their price target on Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. KeyCorp reaffirmed an “overweight” rating and set a $190.00 price objective on shares of Steel Dynamics in a research note on Wednesday, January 7th. Finally, Jefferies Financial Group increased their price objective on Steel Dynamics from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 10th. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Steel Dynamics presently has an average rating of “Moderate Buy” and a consensus price target of $184.22.

Steel Dynamics 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.