JPMorgan Chase & Co. Sells 558,780 Shares of Steel Dynamics, Inc. $STLD

JPMorgan Chase & Co. decreased its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 34.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,059,260 shares of the basic materials company’s stock after selling 558,780 shares during the period. JPMorgan Chase & Co. owned approximately 0.73% of Steel Dynamics worth $147,693,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Cornerstone Planning Group LLC lifted its holdings in Steel Dynamics by 1,636.4% in the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after buying an additional 180 shares during the period. True Wealth Design LLC raised its position in shares of Steel Dynamics by 120.4% in the 2nd quarter. True Wealth Design LLC now owns 324 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 177 shares in the last quarter. Toth Financial Advisory Corp lifted its stake in shares of Steel Dynamics by 50.0% in the 3rd quarter. Toth Financial Advisory Corp now owns 300 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 100 shares during the period. Covestor Ltd boosted its position in shares of Steel Dynamics by 44.3% during the third quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 93 shares in the last quarter. Finally, CNB Bank purchased a new stake in Steel Dynamics in the third quarter worth $43,000. 82.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on STLD shares. The Goldman Sachs Group set a $172.00 price objective on Steel Dynamics and gave the company a “neutral” rating in a research report on Friday, October 31st. Morgan Stanley reissued an “equal weight” rating and set a $194.00 price target (up from $173.00) on shares of Steel Dynamics in a research report on Friday, January 9th. Wells Fargo & Company boosted their price objective on shares of Steel Dynamics from $172.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, December 15th. JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday, December 5th. Finally, Wall Street Zen upgraded shares of Steel Dynamics from a “hold” rating to a “strong-buy” rating in a report on Saturday, January 31st. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Steel Dynamics has a consensus rating of “Hold” and an average target price of $182.00.

Steel Dynamics Stock Up 1.5%

NASDAQ:STLD opened at $193.39 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06. The firm has a market cap of $28.24 billion, a P/E ratio of 24.14, a P/E/G ratio of 0.52 and a beta of 1.46. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $208.47. The firm has a 50-day simple moving average of $180.30 and a two-hundred day simple moving average of $157.60.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, January 27th. The basic materials company reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.10. The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.62 billion. Steel Dynamics had a net margin of 6.52% and a return on equity of 13.56%. The business’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.36 earnings per share. Analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.