Steel Dynamics, Inc. (NASDAQ:STLD) Shares Sold by Cypress Capital Group

Cypress Capital Group lessened its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 4.3% in the 3rd quarter, Holdings Channel reports. The firm owned 6,351 shares of the basic materials company’s stock after selling 285 shares during the period. Cypress Capital Group’s holdings in Steel Dynamics were worth $801,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Citizens Financial Group Inc. RI acquired a new position in shares of Steel Dynamics during the 3rd quarter worth about $200,000. Darwin Wealth Management LLC acquired a new position in shares of Steel Dynamics during the 3rd quarter worth about $126,000. Advisors Asset Management Inc. raised its position in shares of Steel Dynamics by 4.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 14,549 shares of the basic materials company’s stock worth $1,834,000 after purchasing an additional 661 shares during the last quarter. Commerce Bank raised its position in shares of Steel Dynamics by 1.2% during the 3rd quarter. Commerce Bank now owns 5,981 shares of the basic materials company’s stock worth $754,000 after purchasing an additional 73 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Steel Dynamics by 3.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 20,177 shares of the basic materials company’s stock valued at $2,544,000 after acquiring an additional 604 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Insider Activity

In related news, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction on Monday, October 21st. The shares were sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the sale, the senior vice president now directly owns 146,693 shares in the company, valued at $19,523,371.37. This trade represents a 10.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Chad Bickford sold 2,000 shares of Steel Dynamics stock in a transaction 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 sale, the vice president now owns 17,100 shares in the company, valued at $2,306,106. This represents a 10.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,591 shares of company stock worth $3,885,938. 6.00% of the stock is currently owned by corporate insiders.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $145.54 on Friday. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. Steel Dynamics, Inc. has a 52 week low of $104.60 and a 52 week high of $155.56. The stock has a market capitalization of $22.16 billion, a PE ratio of 13.17 and a beta of 1.31. The firm has a 50 day moving average of $131.63 and a two-hundred day moving average of $127.42.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, beating the consensus estimate of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The company had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.18 billion. During the same quarter last year, the company posted $3.47 EPS. The firm’s revenue was down 5.4% compared to the same quarter last year. On average, research analysts predict that Steel Dynamics, Inc. will post 10.1 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a $0.46 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.26%. Steel Dynamics’s payout ratio is 16.65%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on STLD shares. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. Morgan Stanley cut their price objective 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. BMO Capital Markets increased their price target on shares of Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. increased their price target on shares of Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, Bank of America raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price target for the company from $140.00 to $155.00 in a research note on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $144.29.

Steel Dynamics Profile

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.