Janney Montgomery Scott LLC lessened its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 18.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,017 shares of the basic materials company's stock after selling 3,931 shares during the period. Janney Montgomery Scott LLC's holdings in Steel Dynamics were worth $2,146,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the business. Envestnet Portfolio Solutions Inc. grew its position in 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 purchasing an additional 153 shares during the last quarter. Sei Investments Co. grew its position in Steel Dynamics by 6.1% in the 1st quarter. Sei Investments Co. now owns 108,112 shares of the basic materials company's stock worth $16,026,000 after purchasing an additional 6,263 shares during the last quarter. Meeder Advisory Services Inc. bought a new position in Steel Dynamics in the 1st quarter worth about $257,000. Russell Investments Group Ltd. grew its position in Steel Dynamics by 11.2% in the 1st quarter. Russell Investments Group Ltd. now owns 264,378 shares of the basic materials company's stock worth $39,075,000 after purchasing an additional 26,538 shares during the last quarter. Finally, Avantax Advisory Services Inc. grew its position in Steel Dynamics by 11.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 3,466 shares of the basic materials company's stock worth $514,000 after purchasing an additional 365 shares during the last quarter. Institutional investors own 82.41% of the company's stock.
Steel Dynamics Trading Down 1.7 %
Shares of STLD stock traded down $2.45 during trading hours on Wednesday, reaching $141.90. 1,159,369 shares of the stock traded hands, compared to its average volume of 1,267,452. Steel Dynamics, Inc. has a 1-year low of $104.60 and a 1-year high of $155.56. The business has a fifty day moving average price of $127.88 and a 200 day moving average price of $127.01. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $21.60 billion, a PE ratio of 12.84 and a beta of 1.31.
Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, beating 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 business had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.18 billion. During the same quarter in the previous year, the business earned $3.47 earnings per share. The firm's revenue was down 5.4% compared to the same quarter last year. On average, equities research analysts forecast that Steel Dynamics, Inc. will post 10.18 EPS for the current year.
Steel Dynamics Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a $0.46 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.84 annualized dividend and a yield of 1.30%. Steel Dynamics's dividend payout ratio is presently 16.65%.
Analysts Set New Price Targets
Several research analysts have commented on STLD shares. JPMorgan Chase & Co. upped their target price on shares of Steel Dynamics from $129.00 to $134.00 and gave the stock a "neutral" rating in a research report on Friday, October 18th. Bank of America raised shares of Steel Dynamics from a "neutral" rating to a "buy" rating and upped their price target for the stock from $140.00 to $155.00 in a research note on Tuesday, October 1st. BMO Capital Markets upped their price target on shares of Steel Dynamics from $130.00 to $135.00 and gave the stock a "market perform" rating in a research note on Friday, October 18th. UBS Group raised shares of Steel Dynamics from a "neutral" rating to a "buy" rating and increased their target price for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Finally, Morgan Stanley cut 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 research note on Wednesday, September 18th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Steel Dynamics presently has a consensus rating of "Hold" and an average price target of $144.29.
View Our Latest Analysis on STLD
Insider Buying and Selling at Steel Dynamics
In other Steel Dynamics news, 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 transaction, the vice president now owns 17,100 shares in the company, valued at approximately $2,306,106. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Miguel Alvarez sold 6,650 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $143.00, for a total transaction of $950,950.00. Following the transaction, the senior vice president now owns 116,949 shares in the company, valued at $16,723,707. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Chad Bickford sold 2,000 shares of the 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 transaction, the vice president now owns 17,100 shares in the company, valued at approximately $2,306,106. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,591 shares of company stock worth $3,608,438. 6.00% of the stock is currently owned by company insiders.
Steel Dynamics Profile
(
Free Report)
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.
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