Amalgamated Bank Trims Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Amalgamated Bank trimmed its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 7.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,774 shares of the basic materials company’s stock after selling 3,803 shares during the quarter. Amalgamated Bank’s holdings in Steel Dynamics were worth $5,928,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. National Bank of Canada FI lifted its position in Steel Dynamics by 481.2% during the second quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock valued at $42,461,000 after purchasing an additional 272,226 shares in the last quarter. Swedbank AB purchased a new stake in shares of Steel Dynamics in the first quarter worth $32,178,000. Acadian Asset Management LLC raised its position in shares of Steel Dynamics by 21.6% during the 1st quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock valued at $168,550,000 after purchasing an additional 202,312 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Steel Dynamics during the 2nd quarter valued at $24,670,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Steel Dynamics by 4.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,604,492 shares of the basic materials company’s stock valued at $534,295,000 after acquiring an additional 152,254 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Bank of America decreased their target price on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. JPMorgan Chase & Co. raised shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and raised their target price for the company from $120.00 to $131.00 in a research note on Monday, September 9th. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. Morgan Stanley reduced their target price on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, BMO Capital Markets cut their price target on Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a report on Tuesday. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $141.29.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $119.83 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35. The stock’s fifty day moving average is $120.30 and its 200 day moving average is $129.08. The firm has a market capitalization of $18.83 billion, a PE ratio of 8.23 and a beta of 1.32. Steel Dynamics, Inc. has a fifty-two week low of $98.25 and a fifty-two week high of $151.34.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The firm had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.43 billion. During the same period in the previous year, the company earned $4.81 EPS. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Steel Dynamics, Inc. will post 10.57 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date is Monday, September 30th. Steel Dynamics’s dividend payout ratio is currently 12.64%.

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.