Steel Dynamics, Inc. $STLD Shares Sold by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. cut its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 5.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 42,864 shares of the basic materials company’s stock after selling 2,646 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Steel Dynamics were worth $7,291,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Sound Income Strategies LLC increased its holdings in shares of Steel Dynamics by 1,500.0% in the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 150 shares during the period. Cornerstone Planning Group LLC increased its holdings in shares of Steel Dynamics by 1,636.4% in the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 180 shares during the period. Torren Management LLC acquired a new position in shares of Steel Dynamics in the fourth quarter valued at about $34,000. Nvest Wealth Strategies Inc. acquired a new position in shares of Steel Dynamics in the fourth quarter valued at about $42,000. Finally, Eagle Bay Advisors LLC acquired a new position in shares of Steel Dynamics in the fourth quarter valued at about $45,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Stock Up 1.6%

Steel Dynamics stock opened at $231.84 on Friday. The firm has a market cap of $33.55 billion, a price-to-earnings ratio of 24.80, a price-to-earnings-growth ratio of 0.49 and a beta of 1.48. Steel Dynamics, Inc. has a 52 week low of $119.89 and a 52 week high of $243.73. The business’s 50-day moving average price is $201.47 and its 200 day moving average price is $184.59. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.01). The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The firm’s revenue was up 19.1% on a year-over-year basis. During the same period last year, the business earned $1.44 earnings per share. As a group, sell-side analysts anticipate that Steel Dynamics, Inc. will post 14.77 earnings per share for the current year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, June 30th. Steel Dynamics’s dividend payout ratio (DPR) is presently 22.67%.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,300 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total value of $538,453.00. Following the sale, the senior vice president directly owned 28,618 shares of the company’s stock, valued at approximately $6,699,759.98. This trade represents a 7.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kenneth W. Cornew sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total value of $1,124,350.00. Following the completion of the sale, the director directly owned 31,299 shares in the company, valued at approximately $7,038,206.13. The trade was a 13.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 12,125 shares of company stock valued at $2,751,227. Company insiders own 6.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on STLD shares. Morgan Stanley reissued an “underperform” rating and issued a $190.00 price objective on shares of Steel Dynamics in a report on Tuesday, March 17th. Wall Street Zen raised Steel Dynamics from a “hold” rating to a “buy” rating in a report on Saturday, April 18th. Bank of America lowered Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 target price on the stock. in a report on Thursday, April 30th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. Finally, Citigroup raised their target price on Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $219.36.

Steel Dynamics 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.