Forsta AP Fonden Raises Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Forsta AP Fonden boosted its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 7.5% in the third quarter, HoldingsChannel reports. The fund owned 31,400 shares of the basic materials company’s stock after purchasing an additional 2,200 shares during the quarter. Forsta AP Fonden’s holdings in Steel Dynamics were worth $3,959,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Larson Financial Group LLC acquired a new position in shares of Steel Dynamics during the first quarter valued at about $25,000. Innealta Capital LLC purchased a new stake in Steel Dynamics during the 2nd quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Steel Dynamics during the 2nd quarter valued at approximately $41,000. Cullen Frost Bankers Inc. raised its holdings in shares of Steel Dynamics by 33.3% in the second quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock worth $52,000 after buying an additional 100 shares during the last quarter. Finally, HHM Wealth Advisors LLC acquired a new stake in shares of Steel Dynamics during the second quarter worth $52,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Glenn Pushis sold 17,941 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the completion of the transaction, the senior vice president now directly owns 146,693 shares of the company’s stock, valued at $19,523,371.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, SVP Glenn Pushis sold 17,941 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the sale, the senior vice president now owns 146,693 shares of the company’s stock, valued at approximately $19,523,371.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Chad Bickford sold 2,000 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $134.86, for a total transaction of $269,720.00. Following the transaction, the vice president now directly owns 17,100 shares in the company, valued at approximately $2,306,106. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.10% of the stock is currently owned by company insiders.

Steel Dynamics Trading Down 0.4 %

Steel Dynamics stock opened at $135.16 on Wednesday. The company has a current ratio of 2.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.31. The firm has a market cap of $20.86 billion, a PE ratio of 12.23 and a beta of 1.31. The stock’s 50 day simple moving average is $122.98 and its two-hundred day simple moving average is $126.57. Steel Dynamics, Inc. has a 12 month low of $102.86 and a 12 month high of $151.34.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, beating the consensus estimate of $1.98 by $0.07. The company had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.18 billion. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The firm’s revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the business earned $3.47 earnings per share. Analysts anticipate that Steel Dynamics, Inc. will post 10.22 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $0.46 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a yield of 1.36%. Steel Dynamics’s payout ratio is 16.65%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on STLD. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and raised their target price for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. 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 note on Wednesday, September 18th. JPMorgan Chase & Co. upped their target price on Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Bank of America raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price target for the stock from $140.00 to $155.00 in a research report on Tuesday, October 1st. Finally, BMO Capital Markets upped their price objective on shares of Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a report on Friday, October 18th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Steel Dynamics has an average rating of “Hold” and an average price target of $144.29.

Steel Dynamics 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.