Citigroup Inc. Cuts Stock Holdings in Steel Dynamics, Inc. $STLD

Citigroup Inc. lessened its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 16.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 138,090 shares of the basic materials company’s stock after selling 28,139 shares during the quarter. Citigroup Inc.’s holdings in Steel Dynamics were worth $19,254,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in STLD. Versant Capital Management Inc raised its position in shares of Steel Dynamics by 13.2% in the 3rd quarter. Versant Capital Management Inc now owns 548 shares of the basic materials company’s stock worth $76,000 after buying an additional 64 shares during the period. Bartlett & CO. Wealth Management LLC raised its holdings in shares of Steel Dynamics by 24.8% in the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 377 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 75 shares during the period. Bessemer Group Inc. lifted its stake in shares of Steel Dynamics by 6.4% in the 3rd quarter. Bessemer Group Inc. now owns 1,339 shares of the basic materials company’s stock valued at $187,000 after purchasing an additional 81 shares in the last quarter. Wright Investors Service Inc. grew its holdings in shares of Steel Dynamics by 1.5% during the 3rd quarter. Wright Investors Service Inc. now owns 5,491 shares of the basic materials company’s stock worth $766,000 after purchasing an additional 82 shares during the period. Finally, Crestwood Advisors Group LLC increased its position in Steel Dynamics by 2.1% during the 3rd quarter. Crestwood Advisors Group LLC now owns 4,330 shares of the basic materials company’s stock worth $604,000 after purchasing an additional 91 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group set a $172.00 price objective on shares of Steel Dynamics and gave the stock a “neutral” rating in a research report on Friday, October 31st. UBS Group set a $165.00 price objective on Steel Dynamics in a research note on Tuesday, November 4th. JPMorgan Chase & Co. increased their target price on Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday, December 5th. KeyCorp reiterated an “overweight” rating and set a $190.00 target price on shares of Steel Dynamics in a report on Wednesday, January 7th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $182.00.

Steel Dynamics Stock Performance

Steel Dynamics stock opened at $192.52 on Friday. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $208.47. The company has a current ratio of 3.06, a quick ratio of 1.29 and a debt-to-equity ratio of 0.48. The stock has a market cap of $28.12 billion, a P/E ratio of 24.03, a price-to-earnings-growth ratio of 0.52 and a beta of 1.46. The stock has a 50 day moving average of $182.01 and a 200-day moving average of $159.31.

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

Steel Dynamics Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a dividend yield of 1.1%. Steel Dynamics’s dividend payout ratio is 24.97%.

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.