JPMorgan Chase & Co. Sells 558,780 Shares of Steel Dynamics, Inc. $STLD

JPMorgan Chase & Co. decreased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 34.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,059,260 shares of the basic materials company’s stock after selling 558,780 shares during the period. JPMorgan Chase & Co.’s holdings in Steel Dynamics were worth $147,693,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Cornerstone Planning Group LLC grew its stake in shares of Steel Dynamics by 1,636.4% in the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 180 shares during the period. True Wealth Design LLC lifted its position in Steel Dynamics by 120.4% during the second quarter. True Wealth Design LLC now owns 324 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 177 shares during the period. Toth Financial Advisory Corp boosted its holdings in Steel Dynamics by 50.0% in the third quarter. Toth Financial Advisory Corp now owns 300 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 100 shares during the last quarter. Covestor Ltd grew its position in Steel Dynamics by 44.3% in the 3rd quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 93 shares during the period. Finally, CNB Bank purchased a new stake in Steel Dynamics during the 3rd quarter valued at $43,000. Institutional investors own 82.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Weiss Ratings restated a “hold (c+)” rating on shares of Steel Dynamics in a research note on Monday, December 29th. UBS Group set a $165.00 target price on Steel Dynamics in a report on Tuesday, November 4th. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “strong-buy” rating in a research note on Saturday, January 31st. KeyCorp reaffirmed an “overweight” rating and set a $190.00 price target on shares of Steel Dynamics in a research report on Wednesday, January 7th. Finally, Wells Fargo & Company raised their price objective on shares of Steel Dynamics from $172.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, December 15th. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $182.00.

Steel Dynamics Stock Performance

Shares of STLD opened at $193.39 on Friday. The business has a 50-day simple moving average of $180.30 and a two-hundred day simple moving average of $157.60. 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, Inc. has a 52 week low of $103.17 and a 52 week high of $208.47. The stock has a market cap of $28.24 billion, a price-to-earnings ratio of 24.14, a PEG ratio of 0.52 and a beta of 1.46.

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

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.