Burney Co. Reduces Position in Steel Dynamics, Inc. $STLD

Burney Co. decreased its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 32.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,712 shares of the basic materials company’s stock after selling 1,808 shares during the quarter. Burney Co.’s holdings in Steel Dynamics were worth $475,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Cary Street Partners Investment Advisory LLC raised its holdings in shares of Steel Dynamics by 493.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 163 shares during the period. Financial Gravity Asset Management Inc. purchased a new position in shares of Steel Dynamics during the 1st quarter worth $25,000. Trust Co. of Toledo NA OH purchased a new position in shares of Steel Dynamics during the 2nd quarter worth $30,000. Zions Bancorporation National Association UT purchased a new position in shares of Steel Dynamics during the 1st quarter worth $32,000. Finally, WPG Advisers LLC purchased a new position in shares of Steel Dynamics during the 1st quarter worth $32,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insider Buying and Selling

In other Steel Dynamics news, SVP Miguel Alvarez sold 8,251 shares of Steel Dynamics stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total value of $1,343,180.29. Following the transaction, the senior vice president directly owned 117,068 shares in the company, valued at approximately $19,057,499.72. The trade was a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Morgan Stanley increased their target price on shares of Steel Dynamics from $145.00 to $173.00 and gave the stock an “overweight” rating in a research note on Friday, October 24th. The Goldman Sachs Group set a $172.00 target price on shares of Steel Dynamics and gave the stock a “neutral” rating in a research note on Friday, October 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Steel Dynamics in a research note on Wednesday, October 8th. UBS Group set a $165.00 target price on shares of Steel Dynamics in a research note on Tuesday. Finally, BMO Capital Markets boosted their price objective on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $170.11.

Steel Dynamics Trading Up 1.7%

STLD opened at $154.13 on Thursday. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $164.73. The stock has a market capitalization of $22.51 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 1.39 and a beta of 1.45. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.11 and a quick ratio of 1.34. The business has a fifty day moving average price of $142.38 and a 200 day moving average price of $134.17.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share for the quarter, beating analysts’ consensus estimates of $2.63 by $0.11. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.The company had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same period last year, the firm earned $2.05 earnings per share. Steel Dynamics’s quarterly revenue was up 11.2% on a year-over-year basis. Sell-side analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were paid a $0.50 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 1.3%. Steel Dynamics’s payout ratio is currently 26.49%.

Steel Dynamics 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.