CX Institutional Trims Stock Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

CX Institutional reduced its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 31.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,489 shares of the basic materials company’s stock after selling 3,840 shares during the period. CX Institutional’s holdings in Steel Dynamics were worth $1,070,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Larson Financial Group LLC purchased a new stake in Steel Dynamics during the first quarter worth about $25,000. Innealta Capital LLC purchased a new stake in Steel Dynamics during the second quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Steel Dynamics during the second quarter worth about $41,000. Riverview Trust Co purchased a new stake in Steel Dynamics during the first quarter worth about $50,000. Finally, Cullen Frost Bankers Inc. increased its stake in Steel Dynamics by 33.3% during the second quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 100 shares during the period. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Stock Performance

Shares of STLD opened at $129.86 on Thursday. The stock has a 50 day moving average price of $120.15 and a 200 day moving average price of $127.55. 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 company has a market capitalization of $20.41 billion, a price-to-earnings ratio of 8.92 and a beta of 1.31. Steel Dynamics, Inc. has a 52-week low of $98.25 and a 52-week high of $151.34.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.67 by $0.05. The firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same period in the prior year, the company posted $4.81 earnings per share. Research analysts predict that Steel Dynamics, Inc. will post 10.15 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors 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 1.42%. The ex-dividend date was Monday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is 12.64%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on STLD. Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $140.00 to $155.00 in a research note on Tuesday, October 1st. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Morgan Stanley lowered their price objective on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. JPMorgan Chase & Co. lowered their price objective on Steel Dynamics from $131.00 to $129.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Finally, BMO Capital Markets boosted their price objective on Steel Dynamics from $127.00 to $130.00 and gave the stock a “market perform” rating in a research report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $142.86.

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.