Nordea Investment Management AB Acquires 253,802 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Nordea Investment Management AB raised its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 22.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,384,526 shares of the basic materials company’s stock after acquiring an additional 253,802 shares during the quarter. Nordea Investment Management AB owned approximately 0.91% of Steel Dynamics worth $158,487,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. TD Asset Management Inc lifted its position in Steel Dynamics by 0.6% during the second quarter. TD Asset Management Inc now owns 51,746 shares of the basic materials company’s stock valued at $6,701,000 after acquiring an additional 310 shares during the last quarter. Private Advisor Group LLC grew its stake in Steel Dynamics by 4.7% during the 2nd quarter. Private Advisor Group LLC now owns 4,068 shares of the basic materials company’s stock worth $527,000 after buying an additional 184 shares during the last quarter. Savant Capital LLC increased its position in Steel Dynamics by 5.7% during the 2nd quarter. Savant Capital LLC now owns 4,621 shares of the basic materials company’s stock valued at $598,000 after buying an additional 249 shares in the last quarter. Cullen Frost Bankers Inc. raised its stake in Steel Dynamics by 33.3% in the second quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock valued at $52,000 after buying an additional 100 shares during the last quarter. Finally, Gallacher Capital Management LLC purchased a new stake in shares of Steel Dynamics during the second quarter worth about $295,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Stock Performance

Shares of NASDAQ STLD opened at $118.64 on Tuesday. Steel Dynamics, Inc. has a 1 year low of $104.60 and a 1 year high of $155.56. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39. The company’s fifty day moving average price is $132.34 and its 200 day moving average price is $126.80. The company has a market capitalization of $18.06 billion, a PE ratio of 10.74 and a beta of 1.36.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, beating analysts’ consensus estimates 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% on a year-over-year basis. During the same period last year, the firm earned $3.47 EPS. On average, research analysts predict that Steel Dynamics, Inc. will post 10.09 earnings per share for the current year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a $0.46 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.84 dividend on an annualized basis and a yield of 1.55%. Steel Dynamics’s dividend payout ratio is currently 16.65%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. UBS Group reiterated a “neutral” rating and issued a $149.00 target price (up from $145.00) on shares of Steel Dynamics in a research note on Thursday, December 12th. BMO Capital Markets lifted their price objective on shares of Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research note on Friday, October 18th. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and upped their target price for the company from $140.00 to $155.00 in a research report on Tuesday, October 1st. Morgan Stanley lowered their price target 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. Finally, Citigroup cut their price objective on Steel Dynamics from $160.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $141.13.

Insider Buying and Selling

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

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.