K2 Principal Fund L.P. Sells 3,500 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

K2 Principal Fund L.P. trimmed its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 22.4% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 12,100 shares of the basic materials company’s stock after selling 3,500 shares during the period. K2 Principal Fund L.P.’s holdings in Steel Dynamics were worth $1,567,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. National Bank of Canada FI boosted its holdings in shares of Steel Dynamics by 481.2% in the 2nd quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock worth $42,461,000 after buying an additional 272,226 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its stake 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 valued at $74,064,000 after acquiring an additional 225,832 shares during the last quarter. Swedbank AB bought a new position in shares of Steel Dynamics during the 1st quarter valued at approximately $32,178,000. Acadian Asset Management LLC increased its stake 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 worth $168,550,000 after purchasing an additional 202,312 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Steel Dynamics in the 2nd quarter worth approximately $24,670,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on STLD. Bank of America decreased their target price on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price objective for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. JPMorgan Chase & Co. upgraded shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $120.00 to $131.00 in a research note on Monday, September 9th. BMO Capital Markets dropped their price target on shares of Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating on the stock in a research note on Tuesday, September 17th. Finally, Morgan Stanley reduced their price target on 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. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $141.29.

Steel Dynamics Stock Up 0.9 %

Shares of NASDAQ STLD opened at $120.96 on Tuesday. The business has a 50-day moving average of $119.89 and a 200-day moving average of $128.93. The firm has a market capitalization of $19.01 billion, a price-to-earnings ratio of 8.31 and a beta of 1.32. The company has a current ratio of 2.35, a quick ratio of 1.19 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.

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, beating the consensus estimate of $2.67 by $0.05. The firm had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The business’s quarterly revenue was down 8.8% on a year-over-year basis. During the same quarter last year, the company posted $4.81 EPS. Sell-side analysts expect that Steel Dynamics, Inc. will post 10.57 earnings per share for the current fiscal 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 paid a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 1.52%. The ex-dividend date is Monday, September 30th. Steel Dynamics’s dividend payout ratio is currently 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.