Waycross Investment Management Co Sells 2,045 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Waycross Investment Management Co lowered its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 12.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,164 shares of the basic materials company’s stock after selling 2,045 shares during the period. Steel Dynamics comprises about 1.6% of Waycross Investment Management Co’s portfolio, making the stock its 16th largest position. Waycross Investment Management Co’s holdings in Steel Dynamics were worth $1,786,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Larson Financial Group LLC purchased a new position in Steel Dynamics in the first quarter worth $25,000. LifeSteps Financial Inc. purchased a new position in shares of Steel Dynamics in the 1st quarter worth about $26,000. Security National Bank bought a new position in Steel Dynamics during the fourth quarter valued at about $30,000. Innealta Capital LLC bought a new position in Steel Dynamics during the second quarter valued at about $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Steel Dynamics during the second quarter worth about $41,000. 82.41% of the stock is owned by institutional investors.

Steel Dynamics Price Performance

STLD traded up $0.68 during trading on Friday, reaching $128.22. 800,427 shares of the company were exchanged, compared to its average volume of 1,684,989. The company’s 50-day moving average is $119.53 and its two-hundred day moving average is $128.53. 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, Inc. has a 12-month low of $98.25 and a 12-month high of $151.34. The company has a market cap of $19.78 billion, a price-to-earnings ratio of 8.81 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $4.43 billion. During the same quarter last year, the business posted $4.81 earnings per share. The firm’s revenue was down 8.8% compared to the same quarter last year. Research analysts forecast that Steel Dynamics, Inc. will post 10.36 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 1.44%. The ex-dividend date is Monday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is 12.64%.

Wall Street Analyst Weigh In

STLD has been the topic of a number of research analyst reports. Morgan Stanley dropped their target price 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, September 18th. BMO Capital Markets reduced their price objective on Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a report on Tuesday, September 17th. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price target for the company from $140.00 to $155.00 in a research report on Tuesday. Finally, JPMorgan Chase & Co. raised Steel Dynamics from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $120.00 to $131.00 in a report on Monday, September 9th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $142.71.

Steel Dynamics Company 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.