Steel Dynamics, Inc. (NASDAQ:STLD) Stock Position Reduced by Swiss National Bank

Swiss National Bank trimmed its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 0.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 443,100 shares of the basic materials company’s stock after selling 1,700 shares during the quarter. Swiss National Bank’s holdings in Steel Dynamics were worth $55,866,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Csenge Advisory Group increased its stake in Steel Dynamics by 2.8% during the second quarter. Csenge Advisory Group now owns 2,939 shares of the basic materials company’s stock valued at $381,000 after purchasing an additional 81 shares during the last quarter. Covestor Ltd raised its stake in Steel Dynamics by 10.8% during the third quarter. Covestor Ltd now owns 951 shares of the basic materials company’s stock worth $120,000 after acquiring an additional 93 shares during the period. Dorsey Wright & Associates lifted its holdings in Steel Dynamics by 0.4% in the second quarter. Dorsey Wright & Associates now owns 23,551 shares of the basic materials company’s stock worth $3,050,000 after acquiring an additional 96 shares during the last quarter. Greenleaf Trust boosted its stake in Steel Dynamics by 2.1% in the third quarter. Greenleaf Trust now owns 4,621 shares of the basic materials company’s stock valued at $583,000 after acquiring an additional 96 shares during the period. Finally, Stiles Financial Services Inc boosted its stake in Steel Dynamics by 0.5% in the second quarter. Stiles Financial Services Inc now owns 18,753 shares of the basic materials company’s stock valued at $2,429,000 after acquiring an additional 99 shares during the period. 82.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

STLD has been the topic of several recent research reports. JPMorgan Chase & Co. raised their price target on Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Morgan Stanley reduced their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Bank of America raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $140.00 to $155.00 in a report on Tuesday, October 1st. BMO Capital Markets upped their target price on shares of Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research report on Friday, October 18th. Finally, UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price target for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Steel Dynamics currently has a consensus rating of “Hold” and an average target price of $144.29.

Steel Dynamics Stock Down 0.3 %

STLD stock opened at $140.24 on Wednesday. The firm’s 50-day moving average is $130.21 and its two-hundred day moving average is $127.18. The company has a market capitalization of $21.35 billion, a price-to-earnings ratio of 12.69 and a beta of 1.31. Steel Dynamics, Inc. has a 52 week low of $104.60 and a 52 week high of $155.56. The company has a current ratio of 2.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.31.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.07. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The firm had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.18 billion. During the same period in the prior year, the firm posted $3.47 earnings per share. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, analysts forecast that Steel Dynamics, Inc. will post 10.1 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics’s payout ratio is currently 16.65%.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the transaction, the senior vice president now owns 146,693 shares in the company, valued at approximately $19,523,371.37. The trade was a 10.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Chad Bickford sold 2,000 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $134.86, for a total value of $269,720.00. Following the sale, the vice president now owns 17,100 shares of the company’s stock, valued at $2,306,106. This trade represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,591 shares of company stock worth $3,885,938. 6.10% of the stock is owned by corporate insiders.

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.