Handelsbanken Fonder AB Reduces Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Handelsbanken Fonder AB lowered its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 0.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,200 shares of the basic materials company’s stock after selling 200 shares during the period. Handelsbanken Fonder AB’s holdings in Steel Dynamics were worth $3,449,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Royal London Asset Management Ltd. increased its stake in shares of Steel Dynamics by 0.3% in the third quarter. Royal London Asset Management Ltd. now owns 3,745,326 shares of the basic materials company’s stock worth $401,574,000 after buying an additional 12,208 shares during the last quarter. Morgan Stanley increased its stake in shares of Steel Dynamics by 0.8% in the third quarter. Morgan Stanley now owns 2,612,430 shares of the basic materials company’s stock worth $280,105,000 after buying an additional 19,833 shares during the last quarter. Northern Trust Corp increased its stake in shares of Steel Dynamics by 6.4% in the third quarter. Northern Trust Corp now owns 2,024,978 shares of the basic materials company’s stock worth $217,118,000 after buying an additional 122,507 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Steel Dynamics by 165.4% in the third quarter. Ameriprise Financial Inc. now owns 2,014,956 shares of the basic materials company’s stock worth $212,447,000 after buying an additional 1,255,751 shares during the last quarter. Finally, Nordea Investment Management AB increased its stake in shares of Steel Dynamics by 1.1% in the fourth quarter. Nordea Investment Management AB now owns 1,008,853 shares of the basic materials company’s stock worth $118,787,000 after buying an additional 11,026 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on STLD. BMO Capital Markets lifted their price target on shares of Steel Dynamics from $110.00 to $120.00 and gave the stock a “market perform” rating in a research note on Monday, March 18th. Citigroup lifted their price objective on shares of Steel Dynamics from $130.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, March 13th. JPMorgan Chase & Co. lifted their price objective on shares of Steel Dynamics from $100.00 to $118.00 and gave the stock an “underweight” rating in a report on Tuesday, April 16th. Finally, UBS Group decreased their price objective on shares of Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating for the company in a report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $121.17.

Steel Dynamics Stock Up 0.8 %

Steel Dynamics stock opened at $134.04 on Friday. The company has a 50-day simple moving average of $137.39 and a 200-day simple moving average of $122.28. The firm has a market capitalization of $21.17 billion, a P/E ratio of 9.21 and a beta of 1.42. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.67 and a current ratio of 2.87. Steel Dynamics, Inc. has a one year low of $90.55 and a one year high of $151.34.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 EPS for the quarter, topping the consensus estimate of $3.54 by $0.13. The business had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.74 billion. Steel Dynamics had a net margin of 12.89% and a return on equity of 27.62%. The company’s quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.01 earnings per share. As a group, equities analysts expect that Steel Dynamics, Inc. will post 11.79 earnings per share for the current year.

Steel Dynamics Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, April 14th. Stockholders of record on Sunday, March 31st were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.84 annualized dividend and a dividend yield of 1.37%. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.43. Steel Dynamics’s dividend payout ratio is currently 12.64%.

About Steel Dynamics

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.