Ensign Peak Advisors Inc Trims Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Ensign Peak Advisors Inc lowered its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 9.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 95,626 shares of the basic materials company’s stock after selling 10,455 shares during the quarter. Ensign Peak Advisors Inc owned approximately 0.06% of Steel Dynamics worth $12,384,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Atomi Financial Group Inc. raised its holdings in shares of Steel Dynamics by 3.1% in the first quarter. Atomi Financial Group Inc. now owns 2,667 shares of the basic materials company’s stock valued at $395,000 after acquiring an additional 79 shares in the last quarter. Csenge Advisory Group lifted its position in shares of Steel Dynamics by 2.8% in the 2nd quarter. Csenge Advisory Group now owns 2,939 shares of the basic materials company’s stock worth $381,000 after purchasing an additional 81 shares during the period. Greenfield Savings Bank boosted its stake in shares of Steel Dynamics by 0.7% during the first quarter. Greenfield Savings Bank now owns 11,676 shares of the basic materials company’s stock valued at $1,731,000 after purchasing an additional 85 shares in the last quarter. Stiles Financial Services Inc lifted its holdings in Steel Dynamics by 0.5% during the second quarter. Stiles Financial Services Inc now owns 18,753 shares of the basic materials company’s stock worth $2,429,000 after buying an additional 99 shares during the period. Finally, Resonant Capital Advisors LLC boosted its position in Steel Dynamics by 3.4% during the 2nd quarter. Resonant Capital Advisors LLC now owns 3,046 shares of the basic materials company’s stock valued at $396,000 after acquiring an additional 99 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on STLD. JPMorgan Chase & Co. upgraded 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 research note on Monday, September 9th. Morgan Stanley decreased 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 research report on Wednesday, September 18th. BMO Capital Markets cut their price objective on shares of Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating on the stock in a research report on Tuesday, September 17th. Bank of America decreased their target price on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Finally, UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Steel Dynamics has an average rating of “Hold” and a consensus target price of $141.29.

Steel Dynamics Trading Up 0.9 %

NASDAQ:STLD opened at $120.96 on Tuesday. The company has a market capitalization of $19.01 billion, a PE ratio of 8.31 and a beta of 1.32. Steel Dynamics, Inc. has a 52-week low of $98.25 and a 52-week high of $151.34. The stock’s 50 day moving average price is $119.89 and its 200 day moving average price is $128.93. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25.

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

Steel Dynamics Announces Dividend

The company also recently announced 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. The ex-dividend date is Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a yield of 1.52%. Steel Dynamics’s payout ratio is 12.64%.

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.