Denali Advisors LLC Lowers Position in Steel Dynamics, Inc. $STLD

Denali Advisors LLC decreased its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 70.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,162 shares of the basic materials company’s stock after selling 7,508 shares during the period. Denali Advisors LLC’s holdings in Steel Dynamics were worth $405,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC lifted its stake in shares of Steel Dynamics by 47.9% in the first quarter. GAMMA Investing LLC now owns 3,579 shares of the basic materials company’s stock valued at $448,000 after purchasing an additional 1,159 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Steel Dynamics by 31.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,511 shares of the basic materials company’s stock valued at $3,441,000 after purchasing an additional 6,604 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of Steel Dynamics in the first quarter valued at about $2,968,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Steel Dynamics in the first quarter valued at about $521,000. Finally, Flagship Harbor Advisors LLC lifted its stake in shares of Steel Dynamics by 4.4% in the first quarter. Flagship Harbor Advisors LLC now owns 3,486 shares of the basic materials company’s stock valued at $436,000 after purchasing an additional 147 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Christopher A. Graham sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total value of $1,520,520.00. Following the completion of the transaction, the senior vice president owned 66,738 shares of the company’s stock, valued at $8,456,371.98. The trade was a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 6.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently commented on STLD. Weiss Ratings reiterated a “hold (c)” rating on shares of Steel Dynamics in a research note on Wednesday, October 8th. UBS Group set a $158.00 price objective on shares of Steel Dynamics and gave the company a “buy” rating in a research note on Tuesday. Jefferies Financial Group raised their price objective on shares of Steel Dynamics from $165.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday. BMO Capital Markets raised their price objective on shares of Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Steel Dynamics from $150.00 to $160.00 and gave the stock a “neutral” rating in a research report on Monday, October 13th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $159.33.

Steel Dynamics Stock Performance

Shares of STLD opened at $148.56 on Thursday. The company has a current ratio of 3.13, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43. The stock has a market cap of $21.87 billion, a P/E ratio of 19.68, a PEG ratio of 1.28 and a beta of 1.40. The company has a 50-day moving average of $136.91 and a two-hundred day moving average of $131.23. Steel Dynamics, Inc. has a 12-month low of $103.17 and a 12-month high of $156.24.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Monday, October 20th. The basic materials company reported $2.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.63 by $0.11. The company had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.93%. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.05 earnings per share. As a group, research analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Tuesday, September 30th. Steel Dynamics’s payout ratio is currently 29.15%.

Steel Dynamics Company 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.