Victory Capital Management Inc. Sells 30,169 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Victory Capital Management Inc. lessened its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 10.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 255,741 shares of the basic materials company’s stock after selling 30,169 shares during the quarter. Victory Capital Management Inc. owned approximately 0.16% of Steel Dynamics worth $33,118,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Franklin Resources Inc. raised its holdings in shares of Steel Dynamics by 12.0% in the 4th quarter. Franklin Resources Inc. now owns 344,569 shares of the basic materials company’s stock worth $40,694,000 after purchasing an additional 37,033 shares during the period. Nordea Investment Management AB raised its holdings in shares of Steel Dynamics by 2.5% in the 1st quarter. Nordea Investment Management AB now owns 1,034,133 shares of the basic materials company’s stock worth $153,290,000 after purchasing an additional 25,280 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Steel Dynamics by 1.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 17,321 shares of the basic materials company’s stock worth $2,046,000 after purchasing an additional 278 shares during the period. Schroder Investment Management Group raised its holdings in shares of Steel Dynamics by 15.3% in the 4th quarter. Schroder Investment Management Group now owns 743,697 shares of the basic materials company’s stock worth $87,831,000 after purchasing an additional 98,764 shares during the period. Finally, SG Americas Securities LLC raised its holdings in shares of Steel Dynamics by 1,498.4% in the 1st quarter. SG Americas Securities LLC now owns 29,730 shares of the basic materials company’s stock worth $4,407,000 after purchasing an additional 27,870 shares during the period. Institutional investors own 82.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. raised shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $120.00 to $131.00 in a report on Monday. Bank of America lowered their target price on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Jefferies Financial Group assumed coverage on shares of Steel Dynamics in a report on Monday, May 20th. They set a “hold” rating and a $150.00 target price on the stock. Morgan Stanley boosted their target price on shares of Steel Dynamics from $134.00 to $138.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Finally, BMO Capital Markets lowered their target price on shares of Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a report on Tuesday, June 18th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $143.43.

Steel Dynamics Trading Down 1.8 %

Steel Dynamics stock opened at $108.74 on Wednesday. The stock has a market cap of $16.78 billion, a P/E ratio of 7.47 and a beta of 1.32. Steel Dynamics, Inc. has a fifty-two week low of $95.53 and a fifty-two week high of $151.34. The firm’s fifty day moving average price is $122.14 and its 200-day moving average price is $130.00. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The firm had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter in the prior year, the firm posted $4.81 earnings per share. The business’s quarterly revenue was down 8.8% on a year-over-year basis. Equities research analysts forecast that Steel Dynamics, Inc. will post 10.74 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a $0.46 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 annualized dividend and a yield of 1.69%. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.64%.

Steel Dynamics Company 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.