National Pension Service Reduces Stock Holdings in Steel Dynamics, Inc. $STLD

National Pension Service lowered its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 1.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,856 shares of the basic materials company’s stock after selling 560 shares during the quarter. National Pension Service’s holdings in Steel Dynamics were worth $4,846,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vise Technologies Inc. acquired a new stake in Steel Dynamics during the 2nd quarter worth about $720,000. Allworth Financial LP boosted its stake in shares of Steel Dynamics by 119.3% in the second quarter. Allworth Financial LP now owns 11,012 shares of the basic materials company’s stock worth $1,410,000 after buying an additional 5,991 shares during the last quarter. ProShare Advisors LLC grew its holdings in Steel Dynamics by 5.0% during the second quarter. ProShare Advisors LLC now owns 27,944 shares of the basic materials company’s stock worth $3,577,000 after acquiring an additional 1,333 shares during the period. Bornite Capital Management LP purchased a new position in Steel Dynamics during the second quarter valued at approximately $12,801,000. Finally, 1ST Source Bank purchased a new position in Steel Dynamics during the second quarter valued at approximately $200,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insider Activity at Steel Dynamics

In related news, SVP Miguel Alvarez sold 8,251 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The stock was 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 in the company, valued at approximately $19,057,499.72. The trade was a 6.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.30% of the company’s stock.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $155.41 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 3.11. The stock has a market capitalization of $22.70 billion, a PE ratio of 20.58, a P/E/G ratio of 1.39 and a beta of 1.45. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $164.73. The company has a fifty day moving average of $145.58 and a two-hundred day moving average of $135.65.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $4.74 billion. During the same period last year, the company posted $2.05 EPS. Steel Dynamics’s quarterly revenue was up 11.2% compared to the same quarter last year. As a group, research analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

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

Analyst Upgrades and Downgrades

STLD has been the topic of several recent research reports. The Goldman Sachs Group set a $172.00 price objective on Steel Dynamics and gave the stock a “neutral” rating in a research report on Friday, October 31st. BMO Capital Markets boosted their target price 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. Weiss Ratings restated a “hold (c+)” rating on shares of Steel Dynamics in a research report on Thursday. Jefferies Financial Group lifted their price objective on shares of Steel Dynamics from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Finally, KeyCorp upped their price objective on shares of Steel Dynamics from $152.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Steel Dynamics currently has an average rating of “Moderate Buy” and an average price target of $170.44.

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.