Bornite Capital Management LP Cuts Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Bornite Capital Management LP lessened its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 97.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,400 shares of the basic materials company’s stock after selling 125,000 shares during the period. Bornite Capital Management LP’s holdings in Steel Dynamics were worth $504,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of STLD. Norges Bank bought a new position in shares of Steel Dynamics in the 4th quarter valued at about $221,817,000. Sapient Capital LLC bought a new stake in Steel Dynamics in the fourth quarter worth about $38,644,000. Acadian Asset Management LLC lifted its stake in Steel Dynamics by 21.6% in the first quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock worth $168,550,000 after purchasing an additional 202,312 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Steel Dynamics by 4.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,604,492 shares of the basic materials company’s stock worth $534,295,000 after purchasing an additional 152,254 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in shares of Steel Dynamics by 43.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 477,446 shares of the basic materials company’s stock worth $70,772,000 after acquiring an additional 143,879 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Performance

STLD traded down $0.02 on Monday, reaching $130.52. The stock had a trading volume of 1,077,029 shares, compared to its average volume of 1,243,027. The company has a market cap of $20.51 billion, a P/E ratio of 8.96 and a beta of 1.35. The business’s 50-day moving average price is $127.98 and its two-hundred day moving average price is $130.18. The company has a current ratio of 2.35, a quick ratio of 1.19 and a debt-to-equity ratio of 0.25. Steel Dynamics, Inc. has a 12-month low of $95.53 and a 12-month high of $151.34.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. The business had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The company’s quarterly revenue was down 8.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.81 earnings per share. Sell-side analysts forecast that Steel Dynamics, Inc. will post 11.35 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Sunday, June 30th were paid a dividend of $0.46 per share. The ex-dividend date was Friday, June 28th. This represents a $1.84 annualized dividend and a yield of 1.41%. Steel Dynamics’s dividend payout ratio is presently 12.64%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on STLD shares. BMO Capital Markets cut 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 report on Tuesday, June 18th. JPMorgan Chase & Co. lifted their price objective on shares of Steel Dynamics from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Tuesday, July 16th. Jefferies Financial Group initiated coverage on shares of Steel Dynamics in a report on Monday, May 20th. They set a “hold” rating and a $150.00 price objective on the stock. Finally, Bank of America lowered their target price on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Steel Dynamics currently has an average rating of “Hold” and a consensus target price of $133.86.

Insider Activity at Steel Dynamics

In related news, SVP Christopher A. Graham sold 21,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $136.81, for a total transaction of $2,873,010.00. Following the completion of the sale, the senior vice president now owns 60,415 shares of the company’s stock, valued at approximately $8,265,376.15. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 6.00% of the stock is owned by corporate 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.