Balyasny Asset Management LLC Has $1.79 Million Holdings in Steel Dynamics, Inc. (STLD)

Balyasny Asset Management LLC reduced its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 71.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,000 shares of the basic materials company’s stock after selling 125,005 shares during the period. Balyasny Asset Management LLC’s holdings in Steel Dynamics were worth $1,791,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. Numeric Investors LLC increased its stake in Steel Dynamics by 79.5% in the 2nd quarter. Numeric Investors LLC now owns 861,222 shares of the basic materials company’s stock worth $30,840,000 after purchasing an additional 381,400 shares during the period. Brandywine Global Investment Management LLC increased its stake in Steel Dynamics by 1.3% in the 2nd quarter. Brandywine Global Investment Management LLC now owns 220,002 shares of the basic materials company’s stock worth $7,879,000 after purchasing an additional 2,902 shares during the period. Hillsdale Investment Management Inc. increased its stake in Steel Dynamics by 467.4% in the 2nd quarter. Hillsdale Investment Management Inc. now owns 10,440 shares of the basic materials company’s stock worth $375,000 after purchasing an additional 8,600 shares during the period. Mckinley Capital Management LLC Delaware increased its stake in Steel Dynamics by 43.3% in the 2nd quarter. Mckinley Capital Management LLC Delaware now owns 9,570 shares of the basic materials company’s stock worth $343,000 after purchasing an additional 2,890 shares during the period. Finally, OxFORD Asset Management LLP purchased a new position in Steel Dynamics in the 2nd quarter worth approximately $956,000. 82.64% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Keith E. Busse sold 4,965 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total value of $190,755.30. Following the completion of the sale, the director now owns 1,005,666 shares of the company’s stock, valued at approximately $38,637,687.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher A. Graham sold 5,021 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.05, for a total value of $191,049.05. Following the completion of the sale, the insider now directly owns 26,778 shares of the company’s stock, valued at approximately $1,018,902.90. The disclosure for this sale can be found here. 4.20% of the stock is owned by company insiders.

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A number of equities analysts have commented on the company. Jefferies Group LLC reaffirmed a “buy” rating and issued a $43.00 price target (up from $42.00) on shares of Steel Dynamics in a research note on Saturday, July 22nd. Bank of America Corporation lifted their price objective on Steel Dynamics from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, July 21st. Citigroup Inc. cut their price objective on Steel Dynamics from $43.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, September 15th. Morgan Stanley reiterated a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, July 18th. Finally, Cowen and Company reiterated a “buy” rating and issued a $44.00 price objective on shares of Steel Dynamics in a research report on Wednesday, July 19th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $40.63.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.63. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. The business’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.58 EPS.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 12th. Stockholders of record on Saturday, September 30th were given a $0.155 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.71%. Steel Dynamics’s payout ratio is 28.57%.

About Steel Dynamics

Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.

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

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