Lord Abbett & CO. LLC Has $133.18 Million Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Lord Abbett & CO. LLC lessened its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 10.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,064,760 shares of the basic materials company’s stock after selling 127,792 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.71% of Steel Dynamics worth $133,180,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Steel Dynamics by 493.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 163 shares in the last quarter. Financial Gravity Asset Management Inc. bought a new position in shares of Steel Dynamics in the 1st quarter valued at $25,000. Zions Bancorporation National Association UT bought a new position in shares of Steel Dynamics in the 1st quarter valued at $32,000. Grove Bank & Trust increased its stake in shares of Steel Dynamics by 194.7% in the 1st quarter. Grove Bank & Trust now owns 277 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 183 shares during the last quarter. Finally, Wayfinding Financial LLC bought a new position in shares of Steel Dynamics in the 1st quarter valued at $36,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on STLD shares. JPMorgan Chase & Co. lifted their price target on Steel Dynamics from $138.00 to $150.00 and gave the company a “neutral” rating in a research note on Monday, July 14th. Wells Fargo & Company started coverage on Steel Dynamics in a research note on Wednesday. They issued an “overweight” rating on the stock. Morgan Stanley lifted their price target on Steel Dynamics from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Friday, June 20th. Finally, Wall Street Zen lowered Steel Dynamics from a “hold” rating to a “sell” rating in a research note on Friday, April 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.33.

Steel Dynamics Stock Up 2.9%

Shares of STLD opened at $129.24 on Thursday. The company has a market capitalization of $19.03 billion, a PE ratio of 18.84, a PEG ratio of 1.02 and a beta of 1.38. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $155.56. The stock’s 50-day moving average price is $129.86 and its two-hundred day moving average price is $128.21. The company has a current ratio of 3.13, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Monday, July 21st. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.04). The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.82 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.72 earnings per share. On average, analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Insider Activity

In other news, SVP Miguel Alvarez sold 7,495 shares of the business’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $135.26, for a total value of $1,013,773.70. Following the transaction, the senior vice president directly owned 125,319 shares of the company’s stock, valued at $16,950,647.94. The trade was a 5.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gabriel Shaheen sold 1,254 shares of the business’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $134.11, for a total value of $168,173.94. Following the completion of the transaction, the director directly owned 81,812 shares in the company, valued at $10,971,807.32. This represents a 1.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,749 shares of company stock valued at $2,702,468 in the last ninety days. 6.30% of the stock is owned by company insiders.

About Steel Dynamics

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.