Danske Bank A S Lowers Position in Steel Dynamics, Inc. $STLD

Danske Bank A S trimmed its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 20.3% during the second quarter, HoldingsChannel reports. The fund owned 272,931 shares of the basic materials company’s stock after selling 69,403 shares during the quarter. Danske Bank A S’s holdings in Steel Dynamics were worth $62,627,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Prosperity Bancshares Inc acquired a new stake in Steel Dynamics in the fourth quarter valued at about $25,000. Meeder Asset Management Inc. acquired a new position in Steel Dynamics during the 2nd quarter worth approximately $26,000. MV Capital Management Inc. purchased a new position in shares of Steel Dynamics during the 4th quarter worth approximately $27,000. Cedar Mountain Advisors LLC acquired a new stake in shares of Steel Dynamics in the 1st quarter valued at approximately $31,000. Finally, DV Equities LLC acquired a new stake in shares of Steel Dynamics in the 4th quarter valued at approximately $33,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Stock Down 3.2%

Steel Dynamics stock opened at $249.81 on Wednesday. Steel Dynamics, Inc. has a fifty-two week low of $124.77 and a fifty-two week high of $288.74. The firm has a market capitalization of $35.81 billion, a price-to-earnings ratio of 22.65, a price-to-earnings-growth ratio of 0.48 and a beta of 1.52. The stock’s fifty day moving average is $248.10 and its two-hundred day moving average is $221.61. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.63 by $0.06. The business had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The business’s revenue was up 33.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.01 EPS. Analysts predict that Steel Dynamics, Inc. will post 17.16 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.8%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is 19.22%.

Insiders Place Their Bets

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the transaction, the senior vice president owned 102,837 shares in the company, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 6.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Bank of America decreased their price target on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. Citigroup boosted their target price on shares of Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. JPMorgan Chase & Co. upped their price target on shares of Steel Dynamics from $256.00 to $260.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 22nd. Finally, Morgan Stanley cut their price target on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a report on Wednesday, July 22nd. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $259.09.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.