Steel Dynamics, Inc. (NASDAQ:STLD) Shares Sold by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co cut its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 6.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,111 shares of the basic materials company’s stock after selling 935 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Steel Dynamics were worth $1,698,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in STLD. Vanguard Personalized Indexing Management LLC raised its stake in shares of Steel Dynamics by 11.0% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 19,271 shares of the basic materials company’s stock worth $2,496,000 after purchasing an additional 1,902 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its position in Steel Dynamics by 46.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 67,503 shares of the basic materials company’s stock worth $8,976,000 after buying an additional 21,563 shares during the last quarter. Denali Advisors LLC lifted its stake in shares of Steel Dynamics by 565.3% in the 2nd quarter. Denali Advisors LLC now owns 3,413 shares of the basic materials company’s stock worth $442,000 after acquiring an additional 2,900 shares during the period. Edgestream Partners L.P. purchased a new stake in shares of Steel Dynamics in the second quarter valued at about $1,498,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Steel Dynamics during the second quarter worth about $24,670,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Trading Down 0.2 %

NASDAQ:STLD opened at $119.83 on Friday. Steel Dynamics, Inc. has a 52-week low of $98.25 and a 52-week high of $151.34. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. The stock has a fifty day simple moving average of $120.30 and a 200-day simple moving average of $129.08. The company has a market capitalization of $18.83 billion, a PE ratio of 8.23 and a beta of 1.32.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.67 by $0.05. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The company’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.81 earnings per share. On average, equities research analysts expect that Steel Dynamics, Inc. will post 10.57 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

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

Analyst Upgrades and Downgrades

STLD has been the topic of a number of analyst reports. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. JPMorgan Chase & Co. raised Steel Dynamics from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $120.00 to $131.00 in a report on Monday, September 9th. BMO Capital Markets reduced their target price on Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a report on Tuesday. Morgan Stanley lowered their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Finally, Bank of America reduced their price objective on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $141.29.

About Steel Dynamics

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.