Skandinaviska Enskilda Banken AB publ Purchases 2,457 Shares of Steel Dynamics, Inc. $STLD

Skandinaviska Enskilda Banken AB publ increased its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 7.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,968 shares of the basic materials company’s stock after buying an additional 2,457 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Steel Dynamics were worth $4,476,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in Steel Dynamics by 25.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,066,300 shares of the basic materials company’s stock valued at $883,854,000 after acquiring an additional 1,437,897 shares during the period. Norges Bank bought a new stake in shares of Steel Dynamics in the second quarter worth $339,769,000. Nordea Investment Management AB increased its holdings in Steel Dynamics by 43.3% in the second quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock valued at $271,238,000 after purchasing an additional 630,935 shares during the period. Robeco Institutional Asset Management B.V. raised its position in Steel Dynamics by 40.6% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,675,973 shares of the basic materials company’s stock worth $214,541,000 after purchasing an additional 484,304 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Steel Dynamics by 3.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,599,076 shares of the basic materials company’s stock worth $200,012,000 after buying an additional 52,218 shares during the period. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on STLD. Jefferies Financial Group increased their price target on Steel Dynamics from $165.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. UBS Group set a $165.00 target price on shares of Steel Dynamics in a research report on Tuesday, November 4th. Morgan Stanley raised their price target on shares of Steel Dynamics from $145.00 to $173.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Steel Dynamics in a research note on Tuesday, November 25th. Finally, JPMorgan Chase & Co. increased their price objective 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. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $170.44.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Miguel Alvarez sold 8,251 shares of the stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total value of $1,343,180.29. Following the transaction, the senior vice president owned 117,068 shares in the company, valued at approximately $19,057,499.72. This represents a 6.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 6.30% of the company’s stock.

Steel Dynamics Stock Up 0.8%

Shares of NASDAQ STLD opened at $167.88 on Monday. The firm has a market cap of $24.52 billion, a PE ratio of 22.24, a P/E/G ratio of 1.39 and a beta of 1.45. Steel Dynamics, Inc. has a 12-month low of $103.17 and a 12-month high of $168.36. The company’s fifty day simple moving average is $150.65 and its 200 day simple moving average is $137.65. The company has a quick ratio of 1.34, a current ratio of 3.11 and a debt-to-equity ratio of 0.43.

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 the consensus estimate of $2.63 by $0.11. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The firm had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.74 billion. During the same period in the previous year, the firm posted $2.05 earnings per share. The business’s revenue was up 11.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Wednesday, December 31st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, December 31st. Steel Dynamics’s payout ratio is presently 26.49%.

About Steel Dynamics

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.