Steel Dynamics, Inc. $STLD Stock Sold by Inspire Investing LLC

Inspire Investing LLC reduced its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 21.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,087 shares of the basic materials company’s stock after selling 8,444 shares during the period. Inspire Investing LLC’s holdings in Steel Dynamics were worth $6,668,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in STLD. Meeder Asset Management Inc. acquired a new position in shares of Steel Dynamics during the second quarter worth about $26,000. Wealth Enhancement Trust Services Inc. boosted its position in shares of Steel Dynamics by 1,200.0% in the third quarter. Wealth Enhancement Trust Services Inc. now owns 117 shares of the basic materials company’s stock worth $26,000 after buying an additional 108 shares during the period. NBH Bank purchased a new stake in shares of Steel Dynamics in the second quarter worth about $31,000. City State Bank purchased a new stake in shares of Steel Dynamics in the third quarter worth about $32,000. Finally, Caitlin John LLC acquired a new stake in shares of Steel Dynamics in the second quarter valued at about $35,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

STLD has been the topic of several analyst reports. Bank of America dropped their target price on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Barclays set a $280.00 price target on Steel Dynamics in a report on Friday. Wells Fargo & Company increased their price objective on shares of Steel Dynamics from $257.00 to $271.00 and gave the company an “overweight” rating in a research report on Wednesday. KeyCorp lifted their price objective on shares of Steel Dynamics from $262.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Weiss Ratings cut shares of Steel Dynamics from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, October 13th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $259.64.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $241.53 on Friday. The firm has a 50-day moving average of $237.13 and a two-hundred day moving average of $238.46. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.14 and a quick ratio of 1.45. The stock has a market cap of $34.62 billion, a P/E ratio of 17.83, a PEG ratio of 0.34 and a beta of 1.48. Steel Dynamics, Inc. has a 1-year low of $150.03 and a 1-year high of $288.74.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Monday, October 19th. The basic materials company reported $5.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.48 by ($0.22). Steel Dynamics had a return on equity of 21.57% and a net margin of 8.82%. The business had revenue of $6.51 billion for the quarter, compared to analysts’ expectations of $6.43 billion. During the same period in the previous year, the firm posted $2.74 earnings per share. The firm’s revenue was up 34.8% compared to the same quarter last year. On average, research analysts expect that Steel Dynamics, Inc. will post 18.13 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 9th. Shareholders of record on Wednesday, September 30th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Wednesday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is 15.65%.

About Steel Dynamics

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company manufactures steel products using electric arc furnace technology and serves customers across industries such as construction, automotive, manufacturing, and energy.

Its operations include the production of flat rolled steel, long steel products, structural steel, rail, and specialty products. Steel Dynamics also provides steel processing and fabrication services, including the manufacture of steel joists, deck systems, and other components used in commercial and industrial construction.

The company operates metals recycling facilities that collect, process, and supply ferrous and nonferrous scrap to support its steelmaking operations.