Hudson Bay Capital Management LP Cuts Stock Position in Steel Dynamics, Inc. $STLD

Hudson Bay Capital Management LP cut its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 66.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 10,089 shares of the basic materials company’s stock after selling 19,966 shares during the period. Hudson Bay Capital Management LP’s holdings in Steel Dynamics were worth $1,407,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its position in shares of Steel Dynamics by 307.5% in the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock valued at $102,000 after buying an additional 618 shares during the last quarter. Acadian Asset Management LLC lifted its position in Steel Dynamics by 82.7% in the first quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock valued at $435,000 after acquiring an additional 1,578 shares during the last quarter. Cetera Investment Advisers boosted its stake in Steel Dynamics by 4.0% in the second quarter. Cetera Investment Advisers now owns 21,800 shares of the basic materials company’s stock valued at $2,791,000 after acquiring an additional 843 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in Steel Dynamics by 11.2% in the second quarter. Rockefeller Capital Management L.P. now owns 21,695 shares of the basic materials company’s stock valued at $2,777,000 after acquiring an additional 2,181 shares in the last quarter. Finally, Swiss National Bank grew its holdings in shares of Steel Dynamics by 5.7% during the second quarter. Swiss National Bank now owns 431,100 shares of the basic materials company’s stock worth $55,185,000 after purchasing an additional 23,200 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Trading Down 2.2%

NASDAQ:STLD opened at $163.95 on Monday. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $208.47. 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 stock has a fifty day moving average price of $184.68 and a two-hundred day moving average price of $165.64. The stock has a market capitalization of $23.75 billion, a price-to-earnings ratio of 20.47, a PEG ratio of 0.45 and a beta of 1.43.

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

Steel Dynamics Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.53 per share. The ex-dividend date is Tuesday, March 31st. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a yield of 1.3%. Steel Dynamics’s dividend payout ratio (DPR) is currently 24.97%.

Analyst Upgrades and Downgrades

STLD has been the topic of several research analyst reports. Jefferies Financial Group reaffirmed a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. Wells Fargo & Company lowered their target price on shares of Steel Dynamics from $210.00 to $196.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 18th. Wall Street Zen downgraded shares of Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 7th. JPMorgan Chase & Co. decreased their price target on shares of Steel Dynamics from $194.00 to $192.00 and set a “neutral” rating for the company in a research note on Wednesday, March 18th. Finally, Morgan Stanley reissued an “underperform” rating and set a $190.00 price objective on shares of Steel Dynamics in a research report on Tuesday, March 17th. Five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Steel Dynamics has a consensus rating of “Hold” and a consensus price target of $182.44.

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.