Steel Dynamics, Inc. (NASDAQ:STLD) Stake Reduced by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 49.3% in the fourth quarter, HoldingsChannel reports. The fund owned 6,731 shares of the basic materials company’s stock after selling 6,541 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Steel Dynamics were worth $753,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Commerce Bank boosted its position in shares of Steel Dynamics by 1.2% in the 3rd quarter. Commerce Bank now owns 5,981 shares of the basic materials company’s stock valued at $754,000 after purchasing an additional 73 shares during the period. M&T Bank Corp boosted its holdings in shares of Steel Dynamics by 0.9% during the 3rd quarter. M&T Bank Corp now owns 10,055 shares of the basic materials company’s stock worth $1,267,000 after buying an additional 88 shares during the period. Atomi Financial Group Inc. grew its holdings in Steel Dynamics by 5.0% in the 4th quarter. Atomi Financial Group Inc. now owns 1,929 shares of the basic materials company’s stock valued at $220,000 after buying an additional 91 shares during the last quarter. Covestor Ltd increased its holdings in shares of Steel Dynamics by 10.8% during the 3rd quarter. Covestor Ltd now owns 951 shares of the basic materials company’s stock worth $120,000 after purchasing an additional 93 shares during the period. Finally, Prime Capital Investment Advisors LLC raised its stake in shares of Steel Dynamics by 2.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 5,041 shares of the basic materials company’s stock valued at $636,000 after purchasing an additional 99 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. BNP Paribas upgraded shares of Steel Dynamics from a “neutral” rating to an “outperform” rating in a research report on Friday, January 3rd. JPMorgan Chase & Co. lowered their target price on shares of Steel Dynamics from $134.00 to $132.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. KeyCorp upgraded Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $155.00 price objective on the stock in a report on Tuesday, February 11th. Citigroup reduced their target price on shares of Steel Dynamics from $160.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Finally, Jefferies Financial Group raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and raised their price target for the stock from $125.00 to $145.00 in a research note on Friday, January 24th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $146.22.

Insider Buying and Selling

In other news, SVP Glenn Pushis sold 23,649 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $134.67, for a total transaction of $3,184,810.83. Following the completion of the sale, the senior vice president now owns 122,140 shares of the company’s stock, valued at $16,448,593.80. This trade represents a 16.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 6.00% of the stock is owned by corporate insiders.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $130.71 on Monday. The firm’s fifty day moving average price is $123.78 and its two-hundred day moving average price is $126.89. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.53 and a quick ratio of 1.08. The company has a market cap of $19.90 billion, a P/E ratio of 13.34, a P/E/G ratio of 1.05 and a beta of 1.35. Steel Dynamics, Inc. has a one year low of $104.60 and a one year high of $155.56.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.33). Steel Dynamics had a net margin of 8.76% and a return on equity of 17.32%. During the same period in the prior year, the company earned $2.61 earnings per share. Equities analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

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.