Townsquare Capital LLC Trims Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Townsquare Capital LLC cut its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 19.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,002 shares of the basic materials company’s stock after selling 473 shares during the period. Townsquare Capital LLC’s holdings in Steel Dynamics were worth $252,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in STLD. Cetera Investment Advisers grew its position in Steel Dynamics by 172.2% in the first quarter. Cetera Investment Advisers now owns 24,220 shares of the basic materials company’s stock worth $3,590,000 after acquiring an additional 15,321 shares in the last quarter. Park Avenue Securities LLC grew its position in Steel Dynamics by 16.9% in the second quarter. Park Avenue Securities LLC now owns 4,529 shares of the basic materials company’s stock worth $586,000 after acquiring an additional 655 shares in the last quarter. Simplicity Wealth LLC grew its position in Steel Dynamics by 3.7% in the second quarter. Simplicity Wealth LLC now owns 6,084 shares of the basic materials company’s stock worth $788,000 after acquiring an additional 219 shares in the last quarter. Gateway Investment Advisers LLC grew its position in Steel Dynamics by 1.0% in the second quarter. Gateway Investment Advisers LLC now owns 55,878 shares of the basic materials company’s stock worth $7,236,000 after acquiring an additional 554 shares in the last quarter. Finally, Czech National Bank grew its position in Steel Dynamics by 5.2% in the second quarter. Czech National Bank now owns 28,147 shares of the basic materials company’s stock worth $3,645,000 after acquiring an additional 1,384 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $138.75, for a total transaction of $277,500.00. Following the completion of the transaction, the senior vice president now owns 21,101 shares of the company’s stock, valued at approximately $2,927,763.75. This trade represents a 8.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Miguel Alvarez sold 6,650 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $143.00, for a total transaction of $950,950.00. Following the transaction, the senior vice president now directly owns 116,949 shares of the company’s stock, valued at $16,723,707. This represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,591 shares of company stock valued at $3,885,938 over the last three months. Corporate insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. The Goldman Sachs Group assumed coverage on shares of Steel Dynamics in a research report on Monday, December 2nd. They set a “neutral” rating and a $155.00 price target for the company. BMO Capital Markets upped their price target on shares of Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research report on Friday, October 18th. Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price target for the company from $140.00 to $155.00 in a research report on Tuesday, October 1st. Finally, Morgan Stanley cut their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $145.63.

Steel Dynamics Stock Performance

Steel Dynamics stock opened at $136.90 on Friday. 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 50-day moving average of $136.76 and a 200-day moving average of $128.08. The firm has a market cap of $20.84 billion, a P/E ratio of 12.39 and a beta of 1.31. Steel Dynamics, Inc. has a 1-year low of $104.60 and a 1-year high of $155.56.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) 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 the consensus estimate of $4.18 billion. During the same period in the prior year, the firm earned $3.47 earnings per share. Steel Dynamics’s revenue was down 5.4% on a year-over-year basis. Sell-side analysts expect that Steel Dynamics, Inc. will post 10.1 EPS for the current year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date is Tuesday, December 31st. Steel Dynamics’s payout ratio is currently 16.65%.

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.