O Shaughnessy Asset Management LLC Cuts Stock Holdings in Steel Dynamics, Inc. $STLD

O Shaughnessy Asset Management LLC decreased its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 55.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 56,216 shares of the basic materials company’s stock after selling 70,452 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Steel Dynamics were worth $9,526,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in STLD. NewEdge Advisors LLC lifted its position in Steel Dynamics by 307.5% during the first quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock valued at $102,000 after purchasing an additional 618 shares during the period. Acadian Asset Management LLC lifted its position in Steel Dynamics by 82.7% during the first quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock valued at $435,000 after purchasing an additional 1,578 shares during the period. Jump Financial LLC bought a new position in Steel Dynamics during the second quarter valued at approximately $1,019,000. Qube Research & Technologies Ltd bought a new position in Steel Dynamics during the second quarter valued at approximately $48,746,000. Finally, Sei Investments Co. lifted its position in Steel Dynamics by 7.9% during the second quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company’s stock valued at $13,447,000 after purchasing an additional 7,712 shares during the period. Institutional investors own 82.41% of the company’s stock.

Wall Street Analysts Forecast Growth

STLD has been the topic of a number of research analyst reports. Wells Fargo & Company increased their price objective on shares of Steel Dynamics from $235.00 to $293.00 and gave the company an “overweight” rating in a research report on Thursday, June 4th. Bank of America downgraded shares of Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 price objective on the stock. in a research report on Thursday, April 30th. Citigroup increased their price objective on shares of Steel Dynamics from $180.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Weiss Ratings upgraded shares of Steel Dynamics from a “hold (c)” rating to a “buy (b-)” rating in a research report on Wednesday, April 29th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $224.64.

Insider Buying and Selling

In other news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the transaction, the senior vice president directly owned 102,837 shares of the company’s stock, valued at $27,632,301.90. The trade was a 8.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth W. Cornew sold 5,000 shares of Steel Dynamics stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total value of $1,124,350.00. Following the transaction, the director directly owned 31,299 shares in the company, valued at approximately $7,038,206.13. The trade was a 13.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 22,125 shares of company stock valued at $5,438,227 in the last 90 days. Corporate insiders own 6.60% of the company’s stock.

Steel Dynamics Stock Down 0.5%

STLD opened at $268.34 on Thursday. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46. Steel Dynamics, Inc. has a 1-year low of $119.89 and a 1-year high of $280.49. The company has a market capitalization of $38.83 billion, a PE ratio of 28.70, a PEG ratio of 0.57 and a beta of 1.50. The firm’s 50 day simple moving average is $226.75 and its two-hundred day simple moving average is $195.23.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.01). The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. Steel Dynamics’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.44 earnings per share. As a group, equities analysts forecast that Steel Dynamics, Inc. will post 14.77 EPS for the current year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Steel Dynamics’s payout ratio is presently 22.67%.

Steel Dynamics Company 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.