Principal Financial Group Inc. Sells 12,901 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Principal Financial Group Inc. cut its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 6.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 176,812 shares of the basic materials company’s stock after selling 12,901 shares during the quarter. Principal Financial Group Inc. owned 0.11% of Steel Dynamics worth $22,292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of STLD. Envestnet Portfolio Solutions Inc. grew its position in Steel Dynamics by 5.5% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,938 shares of the basic materials company’s stock worth $436,000 after acquiring an additional 153 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Steel Dynamics by 6.1% in the 1st quarter. Sei Investments Co. now owns 108,112 shares of the basic materials company’s stock worth $16,026,000 after purchasing an additional 6,263 shares in the last quarter. Avantax Advisory Services Inc. boosted its holdings in shares of Steel Dynamics by 11.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 3,466 shares of the basic materials company’s stock worth $514,000 after purchasing an additional 365 shares in the last quarter. State Board of Administration of Florida Retirement System increased its position in shares of Steel Dynamics by 16.3% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 223,741 shares of the basic materials company’s stock valued at $33,165,000 after purchasing an additional 31,318 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Steel Dynamics by 18.4% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 175,800 shares of the basic materials company’s stock valued at $26,059,000 after buying an additional 27,301 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Glenn Pushis sold 17,941 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the transaction, the senior vice president now owns 146,693 shares of the company’s stock, valued at approximately $19,523,371.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Steel Dynamics news, SVP Miguel Alvarez sold 6,650 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $143.00, for a total value of $950,950.00. Following the sale, the senior vice president now owns 116,949 shares in the company, valued at approximately $16,723,707. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the transaction, the senior vice president now owns 146,693 shares of the company’s stock, valued at $19,523,371.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,591 shares of company stock valued at $3,608,438. 6.00% of the stock is currently owned by company insiders.

Steel Dynamics Trading Down 1.7 %

Shares of STLD opened at $141.90 on Thursday. The stock has a market capitalization of $21.60 billion, a P/E ratio of 12.84 and a beta of 1.31. Steel Dynamics, Inc. has a twelve month low of $104.60 and a twelve month high of $155.56. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $127.88 and a two-hundred day simple moving average of $127.01.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The company had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.18 billion. During the same period in the prior year, the business posted $3.47 earnings per share. Steel Dynamics’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, research analysts anticipate that Steel Dynamics, Inc. will post 10.18 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.84 annualized dividend and a dividend yield of 1.30%. Steel Dynamics’s dividend payout ratio (DPR) is presently 16.65%.

Analyst Ratings Changes

Several analysts have issued reports on STLD shares. Morgan Stanley cut their target price 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. 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 research note on Friday, October 18th. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their price target on shares of Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $140.00 to $155.00 in a research note on Tuesday, October 1st. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus 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.