Pictet Asset Management Holding SA Cuts Position in Steel Dynamics, Inc. $STLD

Pictet Asset Management Holding SA decreased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 5.0% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 78,948 shares of the basic materials company’s stock after selling 4,191 shares during the period. Pictet Asset Management Holding SA owned approximately 0.05% of Steel Dynamics worth $13,378,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of STLD. Cornerstone Planning Group LLC raised its holdings in Steel Dynamics by 1,636.4% in the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock valued at $27,000 after buying an additional 180 shares during the period. Sound Income Strategies LLC raised its holdings in Steel Dynamics by 1,500.0% in the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after buying an additional 150 shares during the period. Covestor Ltd raised its holdings in Steel Dynamics by 44.3% in the third quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock valued at $42,000 after buying an additional 93 shares during the period. Nvest Wealth Strategies Inc. purchased a new position in Steel Dynamics in the fourth quarter valued at approximately $42,000. Finally, CNB Bank purchased a new position in Steel Dynamics in the third quarter valued at approximately $43,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Morgan Stanley reaffirmed an “underperform” rating and issued a $190.00 price objective on shares of Steel Dynamics in a research report on Tuesday, March 17th. Bank of America downgraded shares of Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 price objective for the company. in a research report on Thursday. Weiss Ratings raised shares of Steel Dynamics from a “hold (c)” rating to a “buy (b-)” rating in a research report on Wednesday. Wells Fargo & Company increased their price objective on shares of Steel Dynamics from $207.00 to $235.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. Finally, KeyCorp increased their price objective on shares of Steel Dynamics from $190.00 to $241.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Steel Dynamics presently has an average rating of “Hold” and an average target price of $214.30.

Steel Dynamics Stock Up 0.3%

Shares of NASDAQ STLD opened at $229.27 on Friday. Steel Dynamics, Inc. has a 1 year low of $119.89 and a 1 year high of $230.94. The firm has a market cap of $33.06 billion, a price-to-earnings ratio of 24.52, a PEG ratio of 0.58 and a beta of 1.48. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. The stock’s 50-day simple moving average is $190.61 and its 200-day simple moving average is $176.78.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.01). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The business had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.39 billion. During the same quarter last year, the company posted $1.44 earnings per share. The business’s quarterly revenue was up 19.1% compared to the same quarter last year. As a group, equities analysts anticipate that Steel Dynamics, Inc. will post 14.47 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.50. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. Steel Dynamics’s dividend payout ratio is 22.67%.

Insider Buying and Selling

In other news, Director Kenneth W. Cornew sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the sale, the director owned 31,299 shares of the company’s stock, valued at approximately $7,038,206.13. This trade represents a 13.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Miguel Alvarez sold 4,825 shares of the company’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the completion of the sale, the senior vice president owned 122,257 shares in the company, valued at approximately $27,578,734.06. This trade represents a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.60% of the stock is currently owned by company insiders.

Steel Dynamics Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.