Investment Management Corp of Ontario Cuts Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Investment Management Corp of Ontario lowered its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 53.9% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 11,915 shares of the basic materials company's stock after selling 13,906 shares during the period. Investment Management Corp of Ontario's holdings in Steel Dynamics were worth $1,502,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Holocene Advisors LP increased its position in shares of Steel Dynamics by 85.8% during the 3rd quarter. Holocene Advisors LP now owns 2,295,365 shares of the basic materials company's stock valued at $289,400,000 after purchasing an additional 1,060,007 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Steel Dynamics by 7.0% during the 2nd quarter. Pacer Advisors Inc. now owns 2,138,157 shares of the basic materials company's stock valued at $276,891,000 after purchasing an additional 140,042 shares during the last quarter. Thrivent Financial for Lutherans increased its position in shares of Steel Dynamics by 1.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,768,333 shares of the basic materials company's stock valued at $228,999,000 after purchasing an additional 22,390 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Steel Dynamics by 6.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,546,104 shares of the basic materials company's stock valued at $194,933,000 after purchasing an additional 96,122 shares during the last quarter. Finally, LSV Asset Management increased its position in shares of Steel Dynamics by 3.9% during the 2nd quarter. LSV Asset Management now owns 1,410,070 shares of the basic materials company's stock valued at $182,604,000 after purchasing an additional 53,532 shares during the last quarter. Institutional investors own 82.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Bank of America raised shares of Steel Dynamics from a "neutral" rating to a "buy" rating and upped their price target for the company from $140.00 to $155.00 in a research report on Tuesday, October 1st. The Goldman Sachs Group assumed coverage on shares of Steel Dynamics in a report on Monday. They issued a "neutral" rating and a $155.00 target price for the company. BMO Capital Markets increased their target price on shares of Steel Dynamics from $130.00 to $135.00 and gave the stock a "market perform" rating in a report on Friday, October 18th. JPMorgan Chase & Co. increased their target price on shares of Steel Dynamics from $129.00 to $134.00 and gave the stock a "neutral" rating in a report on Friday, October 18th. Finally, Morgan Stanley reduced their target price on shares of Steel Dynamics from $138.00 to $131.00 and set an "equal weight" rating for the company in a report on Wednesday, September 18th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Steel Dynamics currently has a consensus rating of "Hold" and a consensus target price of $145.63.

Steel Dynamics Price Performance

Shares of NASDAQ STLD traded down $1.80 during midday trading on Friday, reaching $136.90. 1,273,870 shares of the stock traded hands, compared to its average volume of 1,275,524. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.39 and a quick ratio of 1.26. The stock has a market capitalization of $20.84 billion, a PE ratio of 12.48 and a beta of 1.31. Steel Dynamics, Inc. has a one year low of $104.60 and a one year high of $155.56. The company's 50 day moving average is $136.54 and its 200 day moving average is $128.06.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, beating analysts' consensus estimates of $1.98 by $0.07. The firm had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.18 billion. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The company's quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the company earned $3.47 EPS. On average, equities research analysts anticipate that Steel Dynamics, Inc. will post 10.1 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a $0.46 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.84 dividend on an annualized basis and a yield of 1.34%. Steel Dynamics's dividend payout ratio is presently 16.65%.

Insider Buying and Selling

In other news, VP Chad Bickford sold 2,000 shares of Steel Dynamics stock in a transaction on Monday, October 28th. The stock was sold at an average price of $134.86, for a total transaction of $269,720.00. Following the completion of the sale, the vice president now directly owns 17,100 shares in the company, valued at approximately $2,306,106. This trade represents a 10.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Miguel Alvarez sold 6,650 shares of Steel Dynamics stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $143.00, for a total value of $950,950.00. Following the sale, the senior vice president now owns 116,949 shares of the company's stock, valued at approximately $16,723,707. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,591 shares of company stock worth $3,885,938 over the last three months. 6.00% of the stock is owned by insiders.

Steel Dynamics 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.