Nordea Investment Management AB Sells 199,661 Shares of Steel Dynamics, Inc. $STLD

Nordea Investment Management AB decreased its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 8.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,140,819 shares of the basic materials company’s stock after selling 199,661 shares during the quarter. Nordea Investment Management AB owned 1.47% of Steel Dynamics worth $361,777,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in STLD. Cornerstone Planning Group LLC raised its position in shares of Steel Dynamics by 1,636.4% in the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 180 shares during the period. Toth Financial Advisory Corp raised 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 period. Covestor Ltd increased its position in shares of Steel Dynamics by 44.3% during the third quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 93 shares in the last quarter. CNB Bank acquired a new stake in shares of Steel Dynamics during the third quarter worth $43,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in Steel Dynamics in the 3rd quarter valued at $46,000. Institutional investors own 82.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. JPMorgan Chase & Co. cut their price target on Steel Dynamics from $194.00 to $192.00 and set a “neutral” rating on the stock in a report on Wednesday. Wells Fargo & Company decreased their price objective on Steel Dynamics from $210.00 to $196.00 and set an “overweight” rating for the company in a report on Wednesday. KeyCorp restated an “overweight” rating and issued a $190.00 target price on shares of Steel Dynamics in a research note on Wednesday, January 7th. Finally, Morgan Stanley reaffirmed an “underperform” rating and set a $190.00 price target on shares of Steel Dynamics in a research note on Tuesday. Five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $182.44.

Steel Dynamics Stock Down 2.2%

STLD opened at $163.95 on Friday. 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 stock has a fifty day moving average of $184.68 and a 200-day moving average of $165.38. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $208.47. The company has a market capitalization of $23.75 billion, a P/E ratio of 20.47, a P/E/G ratio of 0.45 and a beta of 1.43.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share 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 net margin of 6.52% and a return on equity of 13.56%. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.36 earnings per share. On average, equities analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.53 per share. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $2.12 annualized dividend and a dividend yield of 1.3%. Steel Dynamics’s payout ratio is currently 24.97%.

Steel Dynamics Company 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.