Steel Dynamics, Inc. (NASDAQ:STLD) Position Trimmed by LSV Asset Management

LSV Asset Management reduced its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 2.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,465,138 shares of the basic materials company’s stock after selling 38,900 shares during the quarter. LSV Asset Management owned approximately 0.91% of Steel Dynamics worth $173,033,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of STLD. Xponance Inc. grew its position in Steel Dynamics by 2.8% in the 3rd quarter. Xponance Inc. now owns 20,746 shares of the basic materials company’s stock worth $2,224,000 after purchasing an additional 572 shares during the last quarter. Independent Advisor Alliance acquired a new position in Steel Dynamics during the 3rd quarter worth $233,000. Forsta AP Fonden boosted its position in Steel Dynamics by 10.2% during the 3rd quarter. Forsta AP Fonden now owns 39,000 shares of the basic materials company’s stock worth $4,182,000 after acquiring an additional 3,600 shares during the period. Concord Wealth Partners grew its stake in shares of Steel Dynamics by 85.4% in the third quarter. Concord Wealth Partners now owns 2,401 shares of the basic materials company’s stock worth $257,000 after purchasing an additional 1,106 shares in the last quarter. Finally, Verdence Capital Advisors LLC increased its holdings in shares of Steel Dynamics by 52.8% during the third quarter. Verdence Capital Advisors LLC now owns 8,178 shares of the basic materials company’s stock valued at $877,000 after purchasing an additional 2,827 shares during the period. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Stock Up 3.6 %

Shares of Steel Dynamics stock traded up $4.68 during midday trading on Friday, hitting $135.47. The company’s stock had a trading volume of 1,220,665 shares, compared to its average volume of 1,163,849. The firm has a market capitalization of $21.40 billion, a P/E ratio of 9.30 and a beta of 1.47. Steel Dynamics, Inc. has a 1-year low of $90.55 and a 1-year high of $151.34. The company has a quick ratio of 1.55, a current ratio of 2.87 and a debt-to-equity ratio of 0.29. The stock has a 50-day simple moving average of $138.22 and a 200-day simple moving average of $123.15.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.54 by $0.13. The business had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.74 billion. Steel Dynamics had a net margin of 12.89% and a return on equity of 27.62%. The firm’s revenue was down 4.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.01 earnings per share. As a group, sell-side analysts expect that Steel Dynamics, Inc. will post 12.76 earnings per share for the current year.

Steel Dynamics Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, April 14th. Shareholders of record on Sunday, March 31st were given a $0.46 dividend. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.43. This represents a $1.84 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend was Wednesday, March 27th. Steel Dynamics’s dividend payout ratio is presently 12.64%.

Analysts Set New Price Targets

Several research firms have commented on STLD. BMO Capital Markets raised their target price on shares of Steel Dynamics from $110.00 to $120.00 and gave the company a “market perform” rating in a research note on Monday, March 18th. UBS Group dropped their price objective on Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 24th. Citigroup raised their target price on Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, March 13th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Steel Dynamics from $100.00 to $118.00 and gave the company an “underweight” rating in a research report on Tuesday, April 16th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $121.17.

Steel Dynamics Company Profile

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.