APG Asset Management N.V. Trims Stock Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

APG Asset Management N.V. reduced its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 2.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 268,487 shares of the basic materials company’s stock after selling 5,594 shares during the period. APG Asset Management N.V. owned 0.17% of Steel Dynamics worth $32,441,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its holdings in Steel Dynamics by 4.4% during 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 purchasing an additional 152,254 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in 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 worth $276,891,000 after buying an additional 140,042 shares during the period. Thrivent Financial for Lutherans increased its stake in Steel Dynamics by 1.3% in 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 buying an additional 22,390 shares in the last quarter. LSV Asset Management raised its holdings in Steel Dynamics by 3.9% during the second quarter. LSV Asset Management now owns 1,410,070 shares of the basic materials company’s stock valued at $182,604,000 after acquiring an additional 53,532 shares during the period. Finally, Acadian Asset Management LLC lifted its position in shares of Steel Dynamics by 21.6% in the first quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock valued at $168,550,000 after acquiring an additional 202,312 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on STLD. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and increased their target price for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Bank of America reduced their price objective on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. JPMorgan Chase & Co. upgraded shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $120.00 to $131.00 in a research report on Monday, September 9th. Morgan Stanley reduced their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Finally, BMO Capital Markets dropped their price objective on shares of Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a report on Tuesday, September 17th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Steel Dynamics presently has a consensus rating of “Hold” and a consensus target price of $141.29.

Steel Dynamics Stock Performance

Shares of NASDAQ:STLD opened at $125.98 on Friday. The firm has a fifty day simple moving average of $119.47 and a two-hundred day simple moving average of $128.79. Steel Dynamics, Inc. has a 52 week low of $98.25 and a 52 week high of $151.34. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $19.44 billion, a P/E ratio of 8.65 and a beta of 1.32.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.67 by $0.05. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The company had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.43 billion. During the same quarter last year, the business posted $4.81 earnings per share. The firm’s revenue was down 8.8% on a year-over-year basis. On average, analysts expect that Steel Dynamics, Inc. will post 10.32 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $0.46 per share. The ex-dividend date is Monday, September 30th. This represents a $1.84 annualized dividend and a yield of 1.46%. Steel Dynamics’s payout ratio is presently 12.64%.

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.