Verition Fund Management LLC Has $1.62 Million Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Verition Fund Management LLC grew its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 48.6% in the third quarter, HoldingsChannel reports. The fund owned 12,831 shares of the basic materials company’s stock after acquiring an additional 4,195 shares during the period. Verition Fund Management LLC’s holdings in Steel Dynamics were worth $1,618,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of STLD. National Bank of Canada FI boosted its position in Steel Dynamics by 481.2% during the 2nd quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock worth $42,461,000 after acquiring an additional 272,226 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its holdings in shares of Steel Dynamics by 65.3% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 571,787 shares of the basic materials company’s stock valued at $74,064,000 after buying an additional 225,832 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Steel Dynamics in the 2nd quarter valued at approximately $24,670,000. Ninety One UK Ltd boosted its holdings in shares of Steel Dynamics by 148.2% in the 2nd quarter. Ninety One UK Ltd now owns 253,828 shares of the basic materials company’s stock valued at $32,871,000 after buying an additional 151,546 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in shares of Steel Dynamics by 7.0% in the 2nd quarter. Pacer Advisors Inc. now owns 2,138,157 shares of the basic materials company’s stock valued at $276,891,000 after buying an additional 140,042 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Stock Down 1.3 %

STLD stock opened at $136.90 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.39 and a quick ratio of 1.26. The stock has a market capitalization of $20.84 billion, a price-to-earnings ratio of 12.39 and a beta of 1.31. The business’s fifty day moving average price is $136.76 and its two-hundred day moving average price is $128.08. Steel Dynamics, Inc. has a fifty-two week low of $104.60 and a fifty-two week high of $155.56.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, topping the consensus estimate 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 quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the business earned $3.47 EPS. On average, equities analysts anticipate that Steel Dynamics, Inc. will post 10.1 earnings per share for the current year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.34%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics’s payout ratio is 16.65%.

Insiders Place Their Bets

In related news, SVP Miguel Alvarez sold 6,650 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $143.00, for a total value of $950,950.00. Following the transaction, the senior vice president now owns 116,949 shares in the company, valued at approximately $16,723,707. This trade represents a 5.38 % 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 link. Also, VP Chad Bickford sold 2,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $134.86, for a total value of $269,720.00. Following the completion of the transaction, the vice president now owns 17,100 shares in the company, valued at $2,306,106. The trade was a 10.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,591 shares of company stock worth $3,885,938 in the last 90 days. Company insiders own 6.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on STLD shares. Morgan Stanley cut their price objective on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $140.00 to $155.00 in a report on Tuesday, October 1st. BMO Capital Markets increased their price objective on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a report on Friday, October 18th. JPMorgan Chase & Co. increased their price objective on Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, The Goldman Sachs Group initiated coverage on Steel Dynamics in a research note on Monday, December 2nd. They issued a “neutral” rating and a $155.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Steel Dynamics currently has an average rating of “Hold” and an average price target of $145.63.

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.