Commonwealth Equity Services LLC Lowers Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Commonwealth Equity Services LLC cut its stake in Steel Dynamics, Inc. (NASDAQ:STLDGet Rating) by 22.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 56,220 shares of the basic materials company’s stock after selling 16,544 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Steel Dynamics were worth $4,690,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Riverview Trust Co purchased a new stake in shares of Steel Dynamics in the first quarter worth approximately $28,000. Rational Advisors LLC purchased a new stake in shares of Steel Dynamics in the fourth quarter worth approximately $25,000. Citizens National Bank Trust Department purchased a new stake in shares of Steel Dynamics in the fourth quarter worth approximately $25,000. UMB Bank N A MO purchased a new stake in shares of Steel Dynamics in the fourth quarter worth approximately $27,000. Finally, Allegheny Financial Group LTD purchased a new stake in shares of Steel Dynamics in the fourth quarter worth approximately $27,000. 83.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on STLD shares. UBS Group set a $95.00 price target on Steel Dynamics in a research report on Monday, June 20th. BMO Capital Markets increased their price target on Steel Dynamics from $95.00 to $104.00 in a research report on Friday, April 22nd. Morgan Stanley decreased their price target on Steel Dynamics from $94.00 to $78.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 6th. The Goldman Sachs Group downgraded Steel Dynamics from a “buy” rating to a “neutral” rating and decreased their price target for the company from $114.00 to $92.00 in a research report on Tuesday, May 31st. Finally, JPMorgan Chase & Co. decreased their price target on Steel Dynamics from $129.00 to $110.00 in a research report on Tuesday, June 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Steel Dynamics has a consensus rating of “Moderate Buy” and an average price target of $89.00.

Insider Transactions at Steel Dynamics

In other news, Director Keith E. Busse sold 5,040 shares of the firm’s stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $83.51, for a total value of $420,890.40. Following the completion of the transaction, the director now directly owns 724,034 shares of the company’s stock, valued at $60,464,079.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.40% of the company’s stock.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $77.48 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.52 and a quick ratio of 1.87. The business has a fifty day simple moving average of $72.44 and a two-hundred day simple moving average of $74.00. Steel Dynamics, Inc. has a 1 year low of $50.54 and a 1 year high of $100.37. The company has a market capitalization of $14.62 billion, a P/E ratio of 3.45 and a beta of 1.41.

Steel Dynamics (NASDAQ:STLDGet Rating) last posted its quarterly earnings results on Wednesday, July 20th. The basic materials company reported $6.73 EPS for the quarter, topping analysts’ consensus estimates of $6.34 by $0.39. Steel Dynamics had a return on equity of 71.50% and a net margin of 19.81%. The firm had revenue of $6.21 billion during the quarter, compared to analyst estimates of $5.93 billion. During the same period last year, the company earned $3.40 earnings per share. The business’s revenue for the quarter was up 39.1% on a year-over-year basis. On average, analysts expect that Steel Dynamics, Inc. will post 21.07 earnings per share for the current year.

Steel Dynamics Profile

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Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.

See Also

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Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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