Fisher Funds Management LTD Makes New Investment in Steel Dynamics, Inc. (NASDAQ:STLD)

Fisher Funds Management LTD purchased a new position in Steel Dynamics, Inc. (NASDAQ:STLD) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 116,156 shares of the basic materials company’s stock, valued at approximately $13,283,000. Fisher Funds Management LTD owned 0.08% of Steel Dynamics at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of STLD. Holocene Advisors LP boosted its position in shares of Steel Dynamics by 85.8% in the third quarter. Holocene Advisors LP now owns 2,295,365 shares of the basic materials company’s stock worth $289,400,000 after purchasing an additional 1,060,007 shares during the period. Lord Abbett & CO. LLC boosted its position in shares of Steel Dynamics by 116.5% in the third quarter. Lord Abbett & CO. LLC now owns 1,018,668 shares of the basic materials company’s stock worth $128,434,000 after purchasing an additional 548,086 shares during the period. Nordea Investment Management AB boosted its position in shares of Steel Dynamics by 22.4% in the fourth quarter. Nordea Investment Management AB now owns 1,384,526 shares of the basic materials company’s stock worth $158,487,000 after purchasing an additional 253,802 shares during the period. AEGON ASSET MANAGEMENT UK Plc boosted its position in shares of Steel Dynamics by 192.4% in the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 250,621 shares of the basic materials company’s stock worth $28,577,000 after purchasing an additional 164,895 shares during the period. Finally, World Investment Advisors LLC bought a new position in shares of Steel Dynamics in the third quarter worth approximately $15,880,000. 82.41% of the stock is currently owned by institutional investors.

Insider Activity at Steel Dynamics

In other news, SVP Glenn Pushis sold 23,649 shares of the stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $134.67, for a total value of $3,184,810.83. Following the sale, the senior vice president now owns 122,140 shares of the company’s stock, valued at approximately $16,448,593.80. This represents a 16.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Morgan Stanley upped their price target on shares of Steel Dynamics from $131.00 to $145.00 and gave the stock an “equal weight” rating in a research report on Monday, February 3rd. The Goldman Sachs Group began coverage on shares of Steel Dynamics in a research report on Monday, December 2nd. They set a “neutral” rating and a $155.00 target price for the company. KeyCorp upgraded shares of Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $155.00 target price for the company in a research report on Tuesday, February 11th. Citigroup dropped their target price on shares of Steel Dynamics from $160.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Steel Dynamics from $134.00 to $132.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $146.22.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $130.71 on Friday. The company has a market cap of $19.90 billion, a price-to-earnings ratio of 13.34, a PEG ratio of 1.05 and a beta of 1.35. The firm’s fifty day moving average is $123.78 and its 200 day moving average is $126.83. The company has a quick ratio of 1.08, a current ratio of 2.53 and a debt-to-equity ratio of 0.32. Steel Dynamics, Inc. has a 52-week low of $104.60 and a 52-week high of $155.56.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.33). Steel Dynamics had a net margin of 8.76% and a return on equity of 17.32%. During the same quarter in the previous year, the company posted $2.61 EPS. Sell-side analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Company 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.