BlackRock Inc. Cuts Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

BlackRock Inc. cut its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 7.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,037,008 shares of the basic materials company’s stock after selling 1,904,762 shares during the quarter. BlackRock Inc. owned about 12.62% of Steel Dynamics worth $1,464,164,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Steel Dynamics during the third quarter worth about $25,000. Capital Analysts LLC increased its position in shares of Steel Dynamics by 97.3% during the third quarter. Capital Analysts LLC now owns 446 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 220 shares during the last quarter. Tobam purchased a new stake in shares of Steel Dynamics during the second quarter worth about $41,000. O Shaughnessy Asset Management LLC increased its position in shares of Steel Dynamics by 91.1% during the second quarter. O Shaughnessy Asset Management LLC now owns 818 shares of the basic materials company’s stock worth $49,000 after acquiring an additional 390 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd increased its position in shares of Steel Dynamics by 164.9% during the second quarter. Harvest Fund Management Co. Ltd now owns 861 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 536 shares during the last quarter. 78.67% of the stock is currently owned by institutional investors.

Shares of STLD stock opened at $62.21 on Friday. The company has a quick ratio of 1.51, a current ratio of 2.91 and a debt-to-equity ratio of 0.56. The business has a 50 day moving average of $62.63 and a two-hundred day moving average of $63.16. Steel Dynamics, Inc. has a 52 week low of $33.77 and a 52 week high of $74.37. The company has a market cap of $12.35 billion, a P/E ratio of 5.61 and a beta of 1.49.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Sunday, October 17th. The basic materials company reported $4.96 EPS for the quarter, beating the Zacks’ consensus estimate of $4.47 by $0.49. Steel Dynamics had a return on equity of 50.02% and a net margin of 14.72%. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.10 billion. During the same period in the previous year, the firm posted $0.51 earnings per share. Steel Dynamics’s quarterly revenue was up 118.3% compared to the same quarter last year. Analysts expect that Steel Dynamics, Inc. will post 16.42 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, January 14th. Shareholders of record on Friday, December 31st were paid a $0.26 dividend. The ex-dividend date was Thursday, December 30th. This represents a $1.04 dividend on an annualized basis and a yield of 1.67%. Steel Dynamics’s payout ratio is currently 9.38%.

A number of analysts have recently issued reports on STLD shares. Morgan Stanley lowered Steel Dynamics from an “overweight” rating to an “equal weight” rating and set a $62.00 target price on the stock. in a research report on Monday, October 18th. Wolfe Research lowered Steel Dynamics from a “peer perform” rating to an “underperform” rating and set a $60.00 target price on the stock. in a research report on Tuesday. Zacks Investment Research upgraded Steel Dynamics from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research note on Monday, December 6th. Finally, The Goldman Sachs Group decreased their price target on Steel Dynamics from $87.00 to $72.00 and set a “buy” rating for the company in a research note on Wednesday, October 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $70.00.

In other news, SVP Miguel Alvarez sold 8,220 shares of the business’s stock in a transaction that occurred on Tuesday, October 26th. The stock was sold at an average price of $67.60, for a total transaction of $555,672.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 5.20% of the company’s stock.

Steel Dynamics Profile

Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel; long products including structural steel beams, pilings, and standard and premium grade rail; and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.

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Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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