Wellington Management Group LLP Buys 75,343 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Wellington Management Group LLP increased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 99.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 150,738 shares of the basic materials company’s stock after buying an additional 75,343 shares during the period. Wellington Management Group LLP owned 0.10% of Steel Dynamics worth $19,005,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of STLD. Holocene Advisors LP boosted its holdings in Steel Dynamics by 85.8% in the 3rd quarter. Holocene Advisors LP now owns 2,295,365 shares of the basic materials company’s stock worth $289,400,000 after buying an additional 1,060,007 shares during the period. National Bank of Canada FI boosted its holdings in Steel Dynamics by 481.2% in the 2nd quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock worth $42,461,000 after buying an additional 272,226 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its holdings in Steel Dynamics by 65.3% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 571,787 shares of the basic materials company’s stock worth $74,064,000 after buying an additional 225,832 shares during the period. Renaissance Technologies LLC bought a new position in Steel Dynamics in the 2nd quarter worth approximately $24,670,000. Finally, Ninety One UK Ltd boosted its holdings in Steel Dynamics by 148.2% in the 2nd quarter. Ninety One UK Ltd now owns 253,828 shares of the basic materials company’s stock worth $32,871,000 after buying an additional 151,546 shares during the period. 82.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on STLD shares. Bank of America raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $140.00 to $155.00 in a report on Tuesday, October 1st. The Goldman Sachs Group assumed coverage on shares of Steel Dynamics in a research note on Monday, December 2nd. They issued a “neutral” rating and a $155.00 target price on the stock. Morgan Stanley lowered their target price on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. BMO Capital Markets increased their target price on shares of Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research note on Friday, October 18th. Finally, JPMorgan Chase & Co. increased their target price on shares of Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Steel Dynamics has a consensus rating of “Hold” and an average target price of $146.13.

Insider Buying and Selling

In related news, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction on Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the transaction, the senior vice president now owns 146,693 shares in the company, valued at $19,523,371.37. This trade represents a 10.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Miguel Alvarez sold 6,650 shares of Steel Dynamics stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $143.00, for a total transaction of $950,950.00. Following the completion of the transaction, the senior vice president now owns 116,949 shares in the company, valued at approximately $16,723,707. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,591 shares of company stock worth $3,885,938 in the last 90 days. 6.00% of the stock is owned by company insiders.

Steel Dynamics Stock Performance

Steel Dynamics stock opened at $122.37 on Friday. The firm’s fifty day moving average price is $137.11 and its 200-day moving average price is $128.01. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39. The stock has a market cap of $18.63 billion, a P/E ratio of 11.07 and a beta of 1.31. Steel Dynamics, Inc. has a fifty-two week low of $104.60 and a fifty-two week high of $155.56.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.07. The firm had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.18 billion. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The business’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the company posted $3.47 EPS. On average, equities research analysts expect that Steel Dynamics, Inc. will post 10.1 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 1.50%. The ex-dividend date is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) 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.