Steel Dynamics, Inc. $STLD Shares Sold by OFI Invest Asset Management

OFI Invest Asset Management cut its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 29.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 25,507 shares of the basic materials company’s stock after selling 10,632 shares during the period. OFI Invest Asset Management’s holdings in Steel Dynamics were worth $4,322,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Versant Capital Management Inc increased its position in shares of Steel Dynamics by 13.2% during the third quarter. Versant Capital Management Inc now owns 548 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 64 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Steel Dynamics by 4.1% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 1,764 shares of the basic materials company’s stock worth $246,000 after purchasing an additional 70 shares in the last quarter. Bartlett & CO. Wealth Management LLC increased its position in shares of Steel Dynamics by 24.8% during the third quarter. Bartlett & CO. Wealth Management LLC now owns 377 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 75 shares in the last quarter. Choreo LLC increased its position in shares of Steel Dynamics by 3.3% during the third quarter. Choreo LLC now owns 2,521 shares of the basic materials company’s stock worth $353,000 after purchasing an additional 80 shares in the last quarter. Finally, Laird Norton Wetherby Wealth Management LLC increased its position in shares of Steel Dynamics by 2.4% during the third quarter. Laird Norton Wetherby Wealth Management LLC now owns 3,468 shares of the basic materials company’s stock worth $484,000 after purchasing an additional 80 shares in the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $190.00 on Friday. Steel Dynamics, Inc. has a one year low of $112.60 and a one year high of $208.47. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06. The firm has a market cap of $27.50 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 0.51 and a beta of 1.39. The firm’s fifty day moving average is $185.32 and its two-hundred day moving average is $169.35.

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 net margin of 6.52% and a return on equity of 13.56%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.62 billion. During the same period in the prior year, the company earned $1.36 earnings per share. The firm’s revenue was up 14.0% on a year-over-year basis. Research analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be issued a $0.53 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a yield of 1.1%. Steel Dynamics’s dividend payout ratio is currently 26.47%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Steel Dynamics from a “buy” rating to a “hold” rating in a report on Saturday, April 4th. Morgan Stanley reissued an “underperform” rating and set a $190.00 price objective on shares of Steel Dynamics in a report on Tuesday, March 17th. Wells Fargo & Company dropped their price objective on shares of Steel Dynamics from $210.00 to $196.00 and set an “overweight” rating on the stock in a report on Wednesday, March 18th. Jefferies Financial Group reissued a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Steel Dynamics from $194.00 to $192.00 and set a “neutral” rating on the stock in a report on Wednesday, March 18th. Five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $182.44.

Steel Dynamics 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.