Steel Dynamics, Inc. (NASDAQ:STLD) Shares Sold by Fmr LLC

Fmr LLC reduced its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 48.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,949,547 shares of the basic materials company’s stock after selling 2,794,129 shares during the quarter. Fmr LLC’s holdings in Steel Dynamics were worth $371,879,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. National Bank of Canada FI lifted its position in Steel Dynamics by 481.2% during the 2nd quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock worth $42,461,000 after acquiring an additional 272,226 shares during the period. Skandinaviska Enskilda Banken AB publ grew its position in Steel Dynamics by 65.3% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 571,787 shares of the basic materials company’s stock valued at $74,064,000 after buying an additional 225,832 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Steel Dynamics in the 2nd quarter valued at $24,670,000. Ninety One UK Ltd lifted its stake in shares of Steel Dynamics by 148.2% in the 2nd quarter. Ninety One UK Ltd now owns 253,828 shares of the basic materials company’s stock worth $32,871,000 after acquiring an additional 151,546 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in shares of Steel Dynamics by 7.0% in the second quarter. Pacer Advisors Inc. now owns 2,138,157 shares of the basic materials company’s stock valued at $276,891,000 after acquiring an additional 140,042 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Trading Up 1.0 %

Shares of STLD stock opened at $145.27 on Friday. Steel Dynamics, Inc. has a fifty-two week low of $104.60 and a fifty-two week high of $155.56. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. The business has a fifty day simple moving average of $135.06 and a 200-day simple moving average of $127.87. The stock has a market cap of $22.12 billion, a P/E ratio of 13.15 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $0.07. The company had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.18 billion. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.47 earnings per share. On average, analysts forecast that Steel Dynamics, Inc. will post 10.1 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics’s payout ratio is 16.65%.

Analysts Set New Price Targets

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

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 transaction of $277,500.00. Following the completion of the sale, the senior vice president now owns 21,101 shares in the company, valued at approximately $2,927,763.75. This trade represents a 8.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Miguel Alvarez sold 6,650 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $143.00, for a total transaction of $950,950.00. Following the completion of the transaction, the senior vice president now owns 116,949 shares in the company, valued at approximately $16,723,707. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,591 shares of company stock valued at $3,885,938. Corporate insiders own 6.00% of the company’s stock.

Steel Dynamics 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.