Steel Dynamics, Inc. $STLD Stock Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 4.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 293,653 shares of the basic materials company’s stock after selling 13,742 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Steel Dynamics were worth $65,076,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Baird Financial Group Inc. increased its stake in Steel Dynamics by 9.9% in the second quarter. Baird Financial Group Inc. now owns 187,906 shares of the basic materials company’s stock valued at $43,117,000 after purchasing an additional 16,930 shares during the period. Sapient Capital LLC boosted its stake in shares of Steel Dynamics by 34.6% during the second quarter. Sapient Capital LLC now owns 447,664 shares of the basic materials company’s stock worth $102,958,000 after buying an additional 115,080 shares during the period. BlackRock Inc. acquired a new stake in shares of Steel Dynamics during the second quarter worth about $2,844,501,000. Public Employees Retirement System of Ohio purchased a new position in shares of Steel Dynamics during the second quarter worth about $10,169,000. Finally, Nykredit A S purchased a new position in shares of Steel Dynamics during the second quarter worth about $8,596,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $247.66 on Wednesday. The firm has a market capitalization of $35.22 billion, a price-to-earnings ratio of 18.28, a price-to-earnings-growth ratio of 0.36 and a beta of 1.45. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.14 and a quick ratio of 1.48. The business’s 50 day simple moving average is $238.73 and its 200-day simple moving average is $224.07. Steel Dynamics, Inc. has a 12 month low of $150.03 and a 12 month 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 analyst estimates of $6.43 billion. During the same quarter in the previous year, the firm posted $2.74 EPS. The business’s revenue was up 34.8% on a year-over-year basis. As a group, equities analysts forecast that Steel Dynamics, Inc. will post 18.12 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Wednesday, September 30th. Steel Dynamics’s payout ratio is currently 15.65%.

Analyst Ratings Changes

STLD has been the subject of several analyst reports. Bank of America reduced their price objective on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. JPMorgan Chase & Co. lowered their target price on Steel Dynamics from $272.00 to $260.00 and set a “neutral” rating on the stock in a research note on Friday, October 9th. KeyCorp lifted their target price on Steel Dynamics from $262.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday, October 23rd. UBS Group boosted their target price on Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Finally, Morgan Stanley cut their price target on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 22nd. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $275.17.

Steel Dynamics Company Profile

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.