AdvisorNet Financial Inc Cuts Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

AdvisorNet Financial Inc lessened its position in Steel Dynamics, Inc. (NASDAQ:STLDGet Rating) by 42.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,915 shares of the basic materials company’s stock after selling 2,160 shares during the quarter. AdvisorNet Financial Inc’s holdings in Steel Dynamics were worth $193,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of STLD. Private Advisor Group LLC raised its holdings in shares of Steel Dynamics by 291.8% in the 4th quarter. Private Advisor Group LLC now owns 14,563 shares of the basic materials company’s stock valued at $904,000 after buying an additional 10,846 shares during the period. abrdn plc grew its stake in Steel Dynamics by 4.4% during the 4th quarter. abrdn plc now owns 50,336 shares of the basic materials company’s stock worth $3,124,000 after purchasing an additional 2,112 shares in the last quarter. Eagle Asset Management Inc. grew its stake in Steel Dynamics by 0.5% during the 4th quarter. Eagle Asset Management Inc. now owns 37,183 shares of the basic materials company’s stock worth $2,300,000 after purchasing an additional 175 shares in the last quarter. Level Four Advisory Services LLC acquired a new position in Steel Dynamics during the 4th quarter worth $450,000. Finally, Alberta Investment Management Corp acquired a new position in Steel Dynamics during the 4th quarter worth $5,338,000. Hedge funds and other institutional investors own 80.36% of the company’s stock.

Analyst Ratings Changes

STLD has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their target price on Steel Dynamics from $129.00 to $110.00 in a research note on Tuesday, June 14th. Morgan Stanley lowered their target price on Steel Dynamics from $94.00 to $78.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 6th. Citigroup boosted their target price on Steel Dynamics to $110.00 in a research note on Tuesday, September 13th. UBS Group set a $95.00 price objective on Steel Dynamics in a research report on Monday, June 20th. Finally, The Goldman Sachs Group cut Steel Dynamics from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $114.00 to $92.00 in a research report on Tuesday, May 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $92.71.

Steel Dynamics Trading Down 1.7 %

NASDAQ:STLD opened at $75.85 on Wednesday. The stock has a 50-day simple moving average of $77.82 and a 200-day simple moving average of $78.53. The stock has a market cap of $13.85 billion, a P/E ratio of 3.37 and a beta of 1.37. Steel Dynamics, Inc. has a 1 year low of $50.54 and a 1 year high of $100.37. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.87 and a current ratio of 3.52.

Steel Dynamics (NASDAQ:STLDGet Rating) last announced its earnings results on Wednesday, July 20th. The basic materials company reported $6.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.34 by $0.39. The firm had revenue of $6.21 billion during the quarter, compared to analysts’ expectations of $5.93 billion. Steel Dynamics had a return on equity of 71.50% and a net margin of 19.81%. The business’s revenue was up 39.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.40 EPS. As a group, analysts anticipate that Steel Dynamics, Inc. will post 21.33 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a $0.34 dividend. The ex-dividend date is Thursday, September 29th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.79%. Steel Dynamics’s dividend payout ratio (DPR) is presently 6.05%.

About Steel Dynamics

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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.

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

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