Mediolanum International Funds Ltd Lowers Stake in Steel Dynamics, Inc. $STLD

Mediolanum International Funds Ltd decreased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 4.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 80,159 shares of the basic materials company’s stock after selling 3,360 shares during the period. Mediolanum International Funds Ltd owned 0.05% of Steel Dynamics worth $10,518,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. MAI Capital Management raised its holdings in Steel Dynamics by 40.6% in the 2nd quarter. MAI Capital Management now owns 1,728 shares of the basic materials company’s stock valued at $221,000 after acquiring an additional 499 shares during the last quarter. Magnetar Financial LLC purchased a new stake in shares of Steel Dynamics in the second quarter valued at $3,129,000. Swiss National Bank increased its stake in Steel Dynamics by 5.7% in the second quarter. Swiss National Bank now owns 431,100 shares of the basic materials company’s stock valued at $55,185,000 after purchasing an additional 23,200 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its position in Steel Dynamics by 21.9% during the second quarter. Nomura Asset Management Co. Ltd. now owns 88,558 shares of the basic materials company’s stock worth $11,336,000 after buying an additional 15,931 shares during the period. Finally, Raiffeisen Bank International AG acquired a new stake in Steel Dynamics in the 2nd quarter worth about $7,770,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $158.16 on Friday. The firm has a fifty day moving average of $147.87 and a 200-day moving average of $136.44. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $164.73. The company has a quick ratio of 1.34, a current ratio of 3.11 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $23.10 billion, a P/E ratio of 20.95, a PEG ratio of 1.39 and a beta of 1.45.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share for the quarter, topping analysts’ consensus estimates of $2.63 by $0.11. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The firm had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.74 billion. During the same period in the prior year, the company earned $2.05 EPS. The firm’s revenue was up 11.2% on a year-over-year basis. As a group, analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Wednesday, December 31st. Steel Dynamics’s dividend payout ratio is currently 26.49%.

Insider Buying and Selling at Steel Dynamics

In related news, SVP Miguel Alvarez sold 8,251 shares of the firm’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the completion of the sale, the senior vice president directly owned 117,068 shares of the company’s stock, valued at approximately $19,057,499.72. This trade represents a 6.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.30% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. BMO Capital Markets upped their price objective on shares of Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Wells Fargo & Company boosted their target price on shares of Steel Dynamics from $169.00 to $172.00 and gave the company an “overweight” rating in a report on Friday, November 14th. Citigroup upped their price target on shares of Steel Dynamics from $150.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Morgan Stanley lifted their price target on shares of Steel Dynamics from $145.00 to $173.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Finally, Jefferies Financial Group upped their price objective on Steel Dynamics from $165.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $170.44.

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.