Steel Dynamics, Inc. (NASDAQ:STLD) Shares Sold by Handelsinvest Investeringsforvaltning

Handelsinvest Investeringsforvaltning lowered its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 34.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,350 shares of the basic materials company’s stock after selling 1,739 shares during the quarter. Handelsinvest Investeringsforvaltning’s holdings in Steel Dynamics were worth $497,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in Steel Dynamics in the fourth quarter valued at approximately $221,817,000. Ameriprise Financial Inc. increased its stake in Steel Dynamics by 165.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,014,956 shares of the basic materials company’s stock worth $212,447,000 after buying an additional 1,255,751 shares during the period. Sapient Capital LLC acquired a new position in Steel Dynamics in the 4th quarter worth $38,644,000. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of Steel Dynamics during the fourth quarter valued at about $14,762,000. Finally, Schroder Investment Management Group grew its stake in shares of Steel Dynamics by 15.3% during the fourth quarter. Schroder Investment Management Group now owns 743,697 shares of the basic materials company’s stock valued at $87,831,000 after acquiring an additional 98,764 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on STLD shares. Bank of America cut their price target on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Citigroup increased their target price on Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, March 13th. Jefferies Financial Group assumed coverage on shares of Steel Dynamics in a research note on Monday, May 20th. They issued a “hold” rating and a $150.00 price target for the company. BMO Capital Markets reduced their price objective on shares of Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a research note on Tuesday, June 18th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Steel Dynamics from $100.00 to $118.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 16th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $129.63.

Steel Dynamics Stock Up 1.1 %

Shares of NASDAQ:STLD opened at $129.76 on Wednesday. The company’s fifty day moving average is $130.00 and its two-hundred day moving average is $128.93. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.55 and a current ratio of 2.87. Steel Dynamics, Inc. has a 1-year low of $95.53 and a 1-year high of $151.34. The stock has a market capitalization of $20.39 billion, a price-to-earnings ratio of 8.81 and a beta of 1.35.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share for the quarter, topping the consensus estimate of $3.54 by $0.13. Steel Dynamics had a net margin of 12.89% and a return on equity of 27.62%. The firm had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.74 billion. During the same quarter in the prior year, the business earned $4.01 earnings per share. Steel Dynamics’s quarterly revenue was down 4.1% on a year-over-year basis. Equities analysts anticipate that Steel Dynamics, Inc. will post 11.64 EPS for the current year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Sunday, June 30th will be given a dividend of $0.46 per share. The ex-dividend date is Friday, June 28th. This represents a $1.84 dividend on an annualized basis and a yield of 1.42%. Steel Dynamics’s dividend payout ratio is currently 12.64%.

Insider Buying and Selling

In other Steel Dynamics news, SVP Christopher A. Graham sold 21,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $136.81, for a total value of $2,873,010.00. Following the sale, the senior vice president now directly owns 60,415 shares in the company, valued at $8,265,376.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.10% of the stock is owned by company insiders.

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.