Ascent Group LLC Sells 106 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Ascent Group LLC reduced its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 5.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,903 shares of the basic materials company’s stock after selling 106 shares during the quarter. Ascent Group LLC’s holdings in Steel Dynamics were worth $246,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in shares of Steel Dynamics by 4.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,604,492 shares of the basic materials company’s stock worth $534,295,000 after buying an additional 152,254 shares during the period. Pacer Advisors Inc. boosted its position in shares of Steel Dynamics by 7.0% during the second quarter. Pacer Advisors Inc. now owns 2,138,157 shares of the basic materials company’s stock worth $276,891,000 after buying an additional 140,042 shares during the period. Thrivent Financial for Lutherans boosted its position in shares of Steel Dynamics by 1.3% during the second quarter. Thrivent Financial for Lutherans now owns 1,768,333 shares of the basic materials company’s stock worth $228,999,000 after buying an additional 22,390 shares during the period. LSV Asset Management boosted its position in shares of Steel Dynamics by 3.9% during the second quarter. LSV Asset Management now owns 1,410,070 shares of the basic materials company’s stock worth $182,604,000 after buying an additional 53,532 shares during the period. Finally, Acadian Asset Management LLC boosted its position in shares of Steel Dynamics by 21.6% during the first quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock worth $168,550,000 after buying an additional 202,312 shares during the period. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $129.23 on Wednesday. The firm has a market capitalization of $19.94 billion, a price-to-earnings ratio of 8.88 and a beta of 1.32. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. Steel Dynamics, Inc. has a 12-month low of $98.25 and a 12-month high of $151.34. The stock’s 50 day moving average price is $119.49 and its two-hundred day moving average price is $128.63.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. The company had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter last year, the company earned $4.81 earnings per share. On average, analysts anticipate that Steel Dynamics, Inc. will post 10.32 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.42%. Steel Dynamics’s dividend payout ratio (DPR) is currently 12.64%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on STLD shares. Morgan Stanley reduced their price objective on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. BMO Capital Markets reduced their price target on Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a research report on Tuesday, September 17th. JPMorgan Chase & Co. raised Steel Dynamics from an “underweight” rating to a “neutral” rating and increased their price target for the company from $120.00 to $131.00 in a research report on Monday, September 9th. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price target for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Finally, Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price target for the company from $140.00 to $155.00 in a research report on Tuesday. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Steel Dynamics has an average rating of “Hold” and an average target price of $142.71.

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.