Allspring Global Investments Holdings LLC Cuts Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Allspring Global Investments Holdings LLC cut its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 22.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,272 shares of the basic materials company’s stock after selling 3,869 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Steel Dynamics were worth $1,673,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Atomi Financial Group Inc. grew its stake 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 worth $395,000 after acquiring an additional 79 shares during the period. Csenge Advisory Group raised its stake in Steel Dynamics by 2.8% during the 2nd quarter. Csenge Advisory Group now owns 2,939 shares of the basic materials company’s stock valued at $381,000 after buying an additional 81 shares during the last quarter. Dorsey Wright & Associates lifted its holdings in shares of Steel Dynamics by 0.4% during the 2nd quarter. Dorsey Wright & Associates now owns 23,551 shares of the basic materials company’s stock valued at $3,050,000 after buying an additional 96 shares during the period. Stiles Financial Services Inc boosted its stake in shares of Steel Dynamics by 0.5% in the 2nd 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 last quarter. Finally, Resonant Capital Advisors LLC grew its holdings in shares of Steel Dynamics by 3.4% in the second quarter. Resonant Capital Advisors LLC now owns 3,046 shares of the basic materials company’s stock worth $396,000 after acquiring an additional 99 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insider Buying and Selling at Steel Dynamics

In other news, VP Chad Bickford sold 2,000 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $134.86, for a total value of $269,720.00. Following the sale, the vice president now directly owns 17,100 shares in the company, valued at $2,306,106. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Glenn Pushis sold 17,941 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the sale, the senior vice president now owns 146,693 shares in the company, valued at approximately $19,523,371.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Chad Bickford sold 2,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $134.86, for a total value of $269,720.00. Following the completion of the sale, the vice president now owns 17,100 shares of the company’s stock, valued at approximately $2,306,106. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on STLD shares. Morgan Stanley cut their target price 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. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and raised their target price for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. BMO Capital Markets boosted their price target on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a report on Friday, October 18th. JPMorgan Chase & Co. raised their price objective on Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $140.00 to $155.00 in a research note on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Steel Dynamics has a consensus rating of “Hold” and a consensus price target of $144.29.

Steel Dynamics Price Performance

Shares of Steel Dynamics stock opened at $132.77 on Thursday. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. Steel Dynamics, Inc. has a 52 week low of $104.08 and a 52 week high of $151.34. The stock’s 50-day simple moving average is $123.25 and its 200-day simple moving average is $126.61. The company has a market capitalization of $20.49 billion, a price-to-earnings ratio of 12.02 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.07. The company had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.18 billion. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. Steel Dynamics’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period last year, the company posted $3.47 earnings per share. As a group, analysts expect that Steel Dynamics, Inc. will post 10.22 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend was Monday, September 30th. Steel Dynamics’s dividend payout ratio is presently 16.65%.

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.