nVerses Capital LLC Sells 4,800 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

nVerses Capital LLC cut its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 84.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 900 shares of the basic materials company’s stock after selling 4,800 shares during the quarter. nVerses Capital LLC’s holdings in Steel Dynamics were worth $113,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in STLD. National Bank of Canada FI boosted its holdings in Steel Dynamics by 481.2% in the second quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock worth $42,461,000 after acquiring an additional 272,226 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its holdings in Steel Dynamics by 65.3% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 571,787 shares of the basic materials company’s stock worth $74,064,000 after acquiring an additional 225,832 shares in the last quarter. Swedbank AB bought a new stake in Steel Dynamics in the first quarter worth $32,178,000. Acadian Asset Management LLC boosted its holdings in Steel Dynamics by 21.6% in the first quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock worth $168,550,000 after acquiring an additional 202,312 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Steel Dynamics in the second quarter worth $24,670,000. 82.41% of the stock is owned by institutional investors.

Steel Dynamics Trading Up 1.1 %

Shares of Steel Dynamics stock opened at $136.57 on Monday. The company’s fifty day simple moving average is $120.79 and its 200-day simple moving average is $127.37. The stock has a market capitalization of $21.46 billion, a PE ratio of 9.38 and a beta of 1.31. Steel Dynamics, Inc. has a 1-year low of $98.25 and a 1-year high of $151.34. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.07. The business had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.18 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The company’s revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the company posted $3.47 EPS. As a group, equities analysts anticipate that Steel Dynamics, Inc. will post 10.12 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date was Monday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is 12.64%.

Wall Street Analysts Forecast Growth

Several research firms have commented on STLD. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $140.00 to $155.00 in a report on Tuesday, October 1st. BMO Capital Markets increased their price objective on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research report on Friday. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. raised their price target on shares of Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a report on Friday. Finally, Morgan Stanley decreased their price objective 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. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Steel Dynamics currently has a consensus rating of “Hold” and a consensus price target of $144.29.

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.