Rhumbline Advisers Sells 16,583 Shares of Steel Dynamics, Inc. $STLD

Rhumbline Advisers lessened its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 5.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 281,478 shares of the basic materials company’s stock after selling 16,583 shares during the period. Rhumbline Advisers’ holdings in Steel Dynamics were worth $39,246,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in Steel Dynamics during the 2nd quarter valued at about $339,769,000. Qube Research & Technologies Ltd bought a new position in Steel Dynamics during the 2nd quarter valued at approximately $48,746,000. AQR Capital Management LLC grew its stake in shares of Steel Dynamics by 79.1% in the second quarter. AQR Capital Management LLC now owns 627,542 shares of the basic materials company’s stock worth $80,332,000 after acquiring an additional 277,166 shares during the last quarter. Bank of America Corp DE raised its position in shares of Steel Dynamics by 34.7% in the 2nd quarter. Bank of America Corp DE now owns 1,028,947 shares of the basic materials company’s stock worth $131,715,000 after purchasing an additional 264,827 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in Steel Dynamics by 15.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,936,077 shares of the basic materials company’s stock valued at $269,947,000 after purchasing an additional 260,104 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

STLD has been the subject of a number of recent analyst reports. KeyCorp restated an “overweight” rating and issued a $190.00 price objective on shares of Steel Dynamics in a report on Wednesday, January 7th. Jefferies Financial Group lifted their target price on Steel Dynamics from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 10th. BMO Capital Markets increased their price objective on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. JPMorgan Chase & Co. raised their price target on shares of Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a report on Friday, December 5th. Finally, Wall Street Zen raised shares of Steel Dynamics from a “hold” rating to a “strong-buy” rating in a research report on Saturday, January 31st. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Steel Dynamics presently has an average rating of “Hold” and an average target price of $182.00.

Steel Dynamics Trading Down 3.9%

NASDAQ:STLD opened at $191.68 on Friday. The firm has a market capitalization of $27.99 billion, a price-to-earnings ratio of 23.93, a price-to-earnings-growth ratio of 0.52 and a beta of 1.46. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.06 and a quick ratio of 1.29. The business has a fifty day moving average price of $178.05 and a 200-day moving average price of $155.23. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $208.47.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.10. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.62 billion. During the same quarter in the previous year, the company posted $1.36 earnings per share. Steel Dynamics’s revenue for the quarter was up 14.0% on a year-over-year basis. Sell-side analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.