Korea Investment CORP Cuts Position in Steel Dynamics, Inc. $STLD

Korea Investment CORP lowered its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 68.0% during the third quarter, Holdings Channel reports. The institutional investor owned 42,936 shares of the basic materials company’s stock after selling 91,039 shares during the period. Korea Investment CORP’s holdings in Steel Dynamics were worth $5,987,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lingohr Asset Management GmbH increased its holdings in Steel Dynamics by 1,284.8% in the third quarter. Lingohr Asset Management GmbH now owns 40,423 shares of the basic materials company’s stock valued at $5,636,000 after buying an additional 37,504 shares in the last quarter. Ninety One UK Ltd boosted its stake in shares of Steel Dynamics by 33.5% during the 3rd quarter. Ninety One UK Ltd now owns 119,863 shares of the basic materials company’s stock worth $16,712,000 after acquiring an additional 30,102 shares in the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of Steel Dynamics in the 3rd quarter worth approximately $8,592,000. Forvis Mazars Wealth Advisors LLC acquired a new stake in shares of Steel Dynamics in the 3rd quarter worth approximately $1,047,000. Finally, Mediolanum International Funds Ltd increased its stake in Steel Dynamics by 157.2% in the 3rd quarter. Mediolanum International Funds Ltd now owns 206,140 shares of the basic materials company’s stock valued at $28,629,000 after purchasing an additional 125,981 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance

Steel Dynamics stock opened at $175.10 on Friday. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $208.47. The company has a market capitalization of $25.37 billion, a price-to-earnings ratio of 21.86, a PEG ratio of 0.50 and a beta of 1.43. The stock has a fifty day moving average of $184.92 and a two-hundred day moving average of $163.56. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data 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. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.62 billion. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The business’s revenue was up 14.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.36 earnings per share. On average, analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.2%. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.50. The ex-dividend date is Tuesday, March 31st. Steel Dynamics’s dividend payout ratio (DPR) is 24.97%.

Analysts Set New Price Targets

A number of research firms have commented on STLD. Weiss Ratings reiterated a “hold (c+)” rating on shares of Steel Dynamics in a research report on Monday, December 29th. JPMorgan Chase & Co. raised their price target on Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. Wall Street Zen downgraded Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 7th. Morgan Stanley reiterated an “equal weight” rating and issued a $194.00 price objective (up from $173.00) on shares of Steel Dynamics in a research report on Friday, January 9th. Finally, KeyCorp reissued an “overweight” rating and issued a $190.00 price objective on shares of Steel Dynamics in a research note on Wednesday, January 7th. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Steel Dynamics presently has a consensus rating of “Moderate Buy” and an average target price of $184.22.

About Steel Dynamics

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.