Horrell Capital Management Inc. Grows Stock Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Horrell Capital Management Inc. raised its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 16.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,400 shares of the basic materials company’s stock after buying an additional 200 shares during the period. Horrell Capital Management Inc.’s holdings in Steel Dynamics were worth $177,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of STLD. Price T Rowe Associates Inc. MD boosted its stake in Steel Dynamics by 4.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,604,492 shares of the basic materials company’s stock valued at $534,295,000 after acquiring an additional 152,254 shares in the last quarter. Pacer Advisors Inc. increased its stake in Steel Dynamics by 7.0% during the 2nd quarter. Pacer Advisors Inc. now owns 2,138,157 shares of the basic materials company’s stock worth $276,891,000 after buying an additional 140,042 shares during the period. Thrivent Financial for Lutherans grew its holdings in Steel Dynamics by 1.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,768,333 shares of the basic materials company’s stock worth $228,999,000 after acquiring an additional 22,390 shares in the last quarter. LSV Asset Management grew its holdings in Steel Dynamics by 3.9% during the 2nd quarter. LSV Asset Management now owns 1,410,070 shares of the basic materials company’s stock worth $182,604,000 after acquiring an additional 53,532 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in shares of Steel Dynamics by 21.6% in the 1st quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock valued at $168,550,000 after buying an additional 202,312 shares in the last quarter. Institutional investors own 82.41% of the company’s stock.

Analysts Set New Price Targets

STLD has been the subject of several recent analyst reports. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $140.00 to $155.00 in a report on Tuesday, October 1st. Morgan Stanley lowered their target price on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. JPMorgan Chase & Co. boosted their target price on shares of Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, BMO Capital Markets boosted 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 report on Friday, October 18th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Steel Dynamics has a consensus rating of “Hold” and an average price target of $144.29.

Steel Dynamics Price Performance

Shares of NASDAQ STLD traded down $0.10 during midday trading on Tuesday, reaching $135.62. 307,344 shares of the company traded hands, compared to its average volume of 1,258,785. Steel Dynamics, Inc. has a 12 month low of $102.86 and a 12 month high of $151.34. The firm has a market cap of $20.93 billion, a PE ratio of 12.28 and a beta of 1.31. 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’s 50-day simple moving average is $122.60 and its 200-day simple moving average is $126.60.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 19.82% and a net margin of 9.80%. The company’s revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the business earned $3.47 earnings per share. As a group, equities analysts anticipate that Steel Dynamics, Inc. will post 10.22 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date was Monday, September 30th. Steel Dynamics’s dividend payout ratio is 16.65%.

Insider Activity

In related news, VP Chad Bickford sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $134.86, for a total transaction of $269,720.00. Following the completion of the sale, the vice president now owns 17,100 shares of the company’s stock, valued at $2,306,106. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Chad Bickford sold 2,000 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $134.86, for a total transaction of $269,720.00. Following the sale, the vice president now owns 17,100 shares of the company’s stock, valued at approximately $2,306,106. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Glenn Pushis sold 17,941 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the transaction, the senior vice president now owns 146,693 shares in the company, valued at $19,523,371.37. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.10% of the company’s stock.

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.