Wedge Capital Management L L P NC Decreases Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Wedge Capital Management L L P NC decreased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLDGet Rating) by 5.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 86,064 shares of the basic materials company’s stock after selling 4,654 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Steel Dynamics were worth $5,693,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of STLD. BlackRock Inc. lifted its holdings in Steel Dynamics by 3.2% in the first quarter. BlackRock Inc. now owns 25,820,456 shares of the basic materials company’s stock valued at $2,154,201,000 after acquiring an additional 801,335 shares during the period. State Street Corp lifted its stake in shares of Steel Dynamics by 9.5% in the 1st quarter. State Street Corp now owns 9,207,455 shares of the basic materials company’s stock worth $771,198,000 after purchasing an additional 800,656 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Steel Dynamics by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 6,579,529 shares of the basic materials company’s stock worth $548,937,000 after buying an additional 131,147 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Steel Dynamics by 2.4% in the first quarter. Victory Capital Management Inc. now owns 4,719,986 shares of the basic materials company’s stock worth $394,294,000 after buying an additional 111,469 shares during the last quarter. Finally, Norges Bank bought a new stake in Steel Dynamics during the fourth quarter valued at approximately $199,835,000. Institutional investors own 80.36% of the company’s stock.

Steel Dynamics Trading Down 1.7 %

Shares of STLD stock opened at $75.85 on Wednesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.87 and a current ratio of 3.52. The stock has a fifty day simple moving average of $77.82 and a two-hundred day simple moving average of $78.53. The firm has a market capitalization of $13.85 billion, a PE ratio of 3.37 and a beta of 1.37. Steel Dynamics, Inc. has a 52-week low of $50.54 and a 52-week high of $100.37.

Steel Dynamics (NASDAQ:STLDGet Rating) last released its earnings results on Wednesday, July 20th. The basic materials company reported $6.73 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $5.93 billion. During the same quarter last year, the business posted $3.40 earnings per share. The firm’s revenue was up 39.1% on a year-over-year basis. On average, analysts predict that Steel Dynamics, Inc. will post 21.33 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Thursday, September 29th. Steel Dynamics’s payout ratio is currently 6.05%.

Analysts Set New Price Targets

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

Steel Dynamics Company 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.

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

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