Steel Dynamics, Inc. (NASDAQ:STLD) Shares Sold by State Street Corp

State Street Corp trimmed its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 1.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,184,512 shares of the basic materials company's stock after selling 71,133 shares during the quarter. State Street Corp owned approximately 4.72% of Steel Dynamics worth $909,056,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of STLD. Holocene Advisors LP raised its holdings in Steel Dynamics by 85.8% during the third quarter. Holocene Advisors LP now owns 2,295,365 shares of the basic materials company's stock worth $289,400,000 after purchasing an additional 1,060,007 shares in the last quarter. National Bank of Canada FI grew its position in shares of Steel Dynamics by 481.2% in the 2nd quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company's stock valued at $42,461,000 after buying an additional 272,226 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its position in Steel Dynamics by 65.3% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 571,787 shares of the basic materials company's stock valued at $74,064,000 after acquiring an additional 225,832 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Steel Dynamics in the second quarter valued at $24,670,000. Finally, Ninety One UK Ltd boosted its stake in Steel Dynamics by 148.2% in the second quarter. Ninety One UK Ltd now owns 253,828 shares of the basic materials company's stock valued at $32,871,000 after acquiring an additional 151,546 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP Glenn Pushis sold 17,941 shares of the firm'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 transaction of $2,387,767.69. Following the completion of the transaction, the senior vice president now directly owns 146,693 shares of the company's stock, valued at $19,523,371.37. This trade represents a 10.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Chad Bickford sold 2,000 shares of the company's stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $134.86, for a total value 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. The trade was a 10.47 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,591 shares of company stock valued at $3,885,938. 6.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on STLD shares. BMO Capital Markets boosted their target price on Steel Dynamics from $130.00 to $135.00 and gave the company a "market perform" rating in a report on Friday, October 18th. The Goldman Sachs Group began coverage on shares of Steel Dynamics in a report on Monday, December 2nd. They issued a "neutral" rating and a $155.00 target price on the stock. Morgan Stanley decreased their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an "equal weight" rating for the company in a research note on Wednesday, September 18th. UBS Group upgraded shares of Steel Dynamics from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Finally, Bank of America upgraded shares of Steel Dynamics from a "neutral" rating to a "buy" rating and increased their target price for the stock from $140.00 to $155.00 in a research note on Tuesday, October 1st. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $145.63.

Steel Dynamics Price Performance

NASDAQ:STLD traded down $1.80 during trading hours on Friday, hitting $136.90. The company's stock had a trading volume of 1,273,870 shares, compared to its average volume of 1,255,742. The company has a market capitalization of $20.84 billion, a PE ratio of 12.39 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 business's 50-day moving average is $136.76 and its two-hundred day moving average is $128.04. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39.

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

Steel Dynamics Dividend Announcement

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

About Steel Dynamics

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.