Vanguard Group Inc. Trims Stock Position in Steel Dynamics, Inc. $STLD

Vanguard Group Inc. trimmed its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 0.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,159,155 shares of the basic materials company’s stock after selling 124,433 shares during the period. Vanguard Group Inc. owned approximately 0.12% of Steel Dynamics worth $2,392,501,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. State Street Corp grew its holdings in shares of Steel Dynamics by 3.3% during the second quarter. State Street Corp now owns 7,300,813 shares of the basic materials company’s stock worth $938,196,000 after purchasing an additional 230,582 shares during the last quarter. Norges Bank acquired a new stake in shares of Steel Dynamics in the 2nd quarter valued at about $339,769,000. Nordea Investment Management AB grew its stake in Steel Dynamics by 12.1% during the 3rd quarter. Nordea Investment Management AB now owns 2,340,480 shares of the basic materials company’s stock worth $322,518,000 after buying an additional 252,108 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in Steel Dynamics by 15.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,936,077 shares of the basic materials company’s stock worth $269,947,000 after buying an additional 260,104 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Steel Dynamics by 0.4% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,410,983 shares of the basic materials company’s stock worth $180,620,000 after buying an additional 5,317 shares during the period. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $190.58 on Friday. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $208.47. The company has a 50-day moving average price of $179.87 and a 200 day moving average price of $156.86. The company has a market cap of $27.83 billion, a P/E ratio of 23.79, a PEG ratio of 0.52 and a beta of 1.46. The company has a quick ratio of 1.29, a current ratio of 3.06 and a debt-to-equity ratio of 0.48.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, January 27th. The basic materials company reported $1.82 EPS for the quarter, beating the consensus estimate of $1.72 by $0.10. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.62 billion. During the same period last year, the firm earned $1.36 EPS. The company’s quarterly revenue was up 14.0% compared to the same quarter last year. Research analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on STLD shares. JPMorgan Chase & Co. increased their price objective on Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a report on Friday, December 5th. Jefferies Financial Group upped their target price on shares of Steel Dynamics from $180.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 10th. UBS Group set a $165.00 price target on Steel Dynamics in a report on Tuesday, November 4th. Wells Fargo & Company upped their price objective on Steel Dynamics from $172.00 to $190.00 and gave the company an “overweight” rating in a research note on Monday, December 15th. Finally, The Goldman Sachs Group set a $172.00 target price on Steel Dynamics and gave the company a “neutral” rating in a research note on Friday, October 31st. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $182.00.

About Steel Dynamics

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.