Hsbc Holdings PLC Cuts Position in Steel Dynamics, Inc. $STLD

Hsbc Holdings PLC reduced its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 11.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 660,286 shares of the basic materials company’s stock after selling 87,882 shares during the quarter. Hsbc Holdings PLC owned 0.44% of Steel Dynamics worth $82,455,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Financial Gravity Asset Management Inc. purchased a new stake in Steel Dynamics during the 1st quarter worth $25,000. Cary Street Partners Investment Advisory LLC grew its stake in shares of Steel Dynamics by 493.9% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 163 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of Steel Dynamics during the first quarter worth about $32,000. Grove Bank & Trust increased its position in shares of Steel Dynamics by 194.7% during the first quarter. Grove Bank & Trust now owns 277 shares of the basic materials company’s stock worth $35,000 after acquiring an additional 183 shares during the last quarter. Finally, Wayfinding Financial LLC acquired a new position in shares of Steel Dynamics in the first quarter worth about $36,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Insider Activity

In other news, Director Gabriel Shaheen sold 1,254 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $134.11, for a total transaction of $168,173.94. Following the sale, the director directly owned 81,812 shares in the company, valued at approximately $10,971,807.32. This represents a 1.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Christopher A. Graham sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total value of $1,520,520.00. Following the completion of the sale, the senior vice president directly owned 66,738 shares in the company, valued at approximately $8,456,371.98. This trade represents a 15.24% decrease in their position. The disclosure for this sale can be found here. 6.30% of the stock is owned by corporate insiders.

Steel Dynamics Stock Performance

STLD stock opened at $125.45 on Thursday. The company has a current ratio of 3.13, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43. The firm has a market cap of $18.47 billion, a P/E ratio of 18.29, a P/E/G ratio of 1.04 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 simple moving average is $129.27 and its 200 day simple moving average is $128.18.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Monday, July 21st. The basic materials company reported $2.01 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 return on equity of 11.88% and a net margin of 6.07%.The business’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 EPS. As a group, equities research analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.50 per share. The ex-dividend date is Tuesday, September 30th. This represents a $2.00 annualized dividend and a yield of 1.6%. Steel Dynamics’s dividend payout ratio is 29.15%.

Wall Street Analysts Forecast Growth

STLD has been the subject of a number of recent analyst reports. Morgan Stanley raised their price objective on Steel Dynamics from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Friday, June 20th. JPMorgan Chase & Co. increased their target price 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 upgraded shares of Steel Dynamics to a “strong-buy” rating in a research note on Thursday, August 14th. Finally, Wall Street Zen cut shares of Steel Dynamics from a “hold” rating to a “sell” rating in a report on Friday, April 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $148.70.

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.