Assetmark Inc. Trims Stock Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Assetmark Inc. lowered its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 0.9% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 721,537 shares of the basic materials company's stock after selling 6,747 shares during the period. Assetmark Inc. owned 0.47% of Steel Dynamics worth $90,971,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its stake in shares of Steel Dynamics by 9.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 20,779 shares of the basic materials company's stock worth $3,080,000 after acquiring an additional 1,845 shares during the last quarter. Larson Financial Group LLC acquired a new stake in shares of Steel Dynamics in the 1st quarter worth $25,000. Empirical Finance LLC increased its stake in shares of Steel Dynamics by 2.8% in the 1st quarter. Empirical Finance LLC now owns 6,686 shares of the basic materials company's stock worth $991,000 after acquiring an additional 181 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of Steel Dynamics by 5.5% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 2,938 shares of the basic materials company's stock worth $436,000 after acquiring an additional 153 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Steel Dynamics by 1,498.4% in the 1st quarter. SG Americas Securities LLC now owns 29,730 shares of the basic materials company's stock worth $4,407,000 after acquiring an additional 27,870 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company's stock.

Steel Dynamics Stock Up 0.4 %

STLD stock traded up $0.60 during trading on Friday, hitting $148.55. 1,073,793 shares of the company's stock were exchanged, compared to its average volume of 1,272,091. The business has a 50-day moving average price of $126.13 and a two-hundred day moving average price of $126.80. The stock has a market capitalization of $22.92 billion, a price-to-earnings ratio of 13.44 and a beta of 1.31. Steel Dynamics, Inc. has a 52-week low of $104.60 and a 52-week high of $155.56. The company has a current ratio of 2.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.31.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.07. The firm had revenue of $4.34 billion during the quarter, compared to analysts' expectations of $4.18 billion. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The firm's revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.47 earnings per share. As a group, equities research analysts expect that Steel Dynamics, Inc. will post 10.22 EPS for the current year.

Steel Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.24%. Steel Dynamics's dividend payout ratio (DPR) is 16.65%.

Analyst Ratings Changes

A number of brokerages recently issued reports on STLD. Bank of America raised Steel Dynamics from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $140.00 to $155.00 in a research report on Tuesday, October 1st. UBS Group raised Steel Dynamics from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Morgan Stanley cut their price objective on 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. 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 report on Friday, October 18th. Finally, BMO Capital Markets lifted their target price on Steel Dynamics from $130.00 to $135.00 and gave the company a "market perform" rating in a research report on Friday, October 18th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $144.29.

Insiders Place Their Bets

In other news, VP Chad Bickford sold 2,000 shares of the business's stock in a transaction that occurred 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 transaction, the vice president now owns 17,100 shares of the company's stock, valued at approximately $2,306,106. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP Chad Bickford sold 2,000 shares of the business's stock in a transaction that occurred 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 transaction, the vice president now owns 17,100 shares of the company's stock, valued at approximately $2,306,106. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Glenn Pushis sold 17,941 shares of the business's stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the transaction, the senior vice president now directly owns 146,693 shares in the company, valued at approximately $19,523,371.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by corporate insiders.

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.