Steel Dynamics, Inc. $STLD Shares Sold by Fisher Funds Management LTD

Fisher Funds Management LTD lessened its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 15.4% during the 1st quarter, Holdings Channel.com reports. The fund owned 88,464 shares of the basic materials company’s stock after selling 16,077 shares during the period. Fisher Funds Management LTD’s holdings in Steel Dynamics were worth $15,924,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in STLD. NewEdge Advisors LLC raised its holdings in Steel Dynamics by 307.5% during the first quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock worth $102,000 after purchasing an additional 618 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Steel Dynamics by 82.7% in the 1st quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock valued at $435,000 after buying an additional 1,578 shares in the last quarter. Jump Financial LLC purchased a new position in shares of Steel Dynamics in the 2nd quarter valued at $1,019,000. Qube Research & Technologies Ltd purchased a new position in shares of Steel Dynamics in the 2nd quarter valued at $48,746,000. Finally, Sei Investments Co. raised its stake in Steel Dynamics by 7.9% during the 2nd quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company’s stock worth $13,447,000 after acquiring an additional 7,712 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Performance

NASDAQ STLD opened at $249.91 on Monday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. The firm has a market cap of $36.17 billion, a PE ratio of 26.73, a P/E/G ratio of 0.52 and a beta of 1.50. Steel Dynamics, Inc. has a one year low of $119.89 and a one year high of $288.74. The firm’s fifty day moving average is $239.04 and its two-hundred day moving average is $200.34.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.39 billion. During the same period in the previous year, the company posted $1.44 earnings per share. Steel Dynamics’s quarterly revenue was up 19.1% on a year-over-year basis. Analysts expect that Steel Dynamics, Inc. will post 15.67 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.12 annualized dividend and a yield of 0.8%. Steel Dynamics’s dividend payout ratio is currently 22.67%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on STLD. BMO Capital Markets boosted their price target on shares of Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. Wells Fargo & Company cut their target price on Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating on the stock in a research report on Thursday. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday. Jefferies Financial Group reissued a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. Finally, Wall Street Zen raised Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Steel Dynamics presently has an average rating of “Moderate Buy” and a consensus price target of $227.18.

Insider Buying and Selling

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the sale, the senior vice president directly owned 102,837 shares of the company’s stock, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kenneth W. Cornew sold 5,000 shares of Steel Dynamics stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total value of $1,124,350.00. Following the completion of the transaction, the director owned 31,299 shares in the company, valued at $7,038,206.13. This trade represents a 13.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 22,125 shares of company stock valued at $5,438,226 over the last 90 days. Insiders own 6.60% of the company’s stock.

About Steel Dynamics

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.