Waycross Investment Management Co Sells 2,045 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Waycross Investment Management Co decreased its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 12.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 14,164 shares of the basic materials company’s stock after selling 2,045 shares during the quarter. Steel Dynamics comprises 1.6% of Waycross Investment Management Co’s holdings, making the stock its 16th largest position. Waycross Investment Management Co’s holdings in Steel Dynamics were worth $1,786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of STLD. Larson Financial Group LLC purchased a new position in shares of Steel Dynamics during the first quarter worth approximately $25,000. LifeSteps Financial Inc. bought a new position in shares of Steel Dynamics during the 1st quarter valued at $26,000. Security National Bank bought a new position in shares of Steel Dynamics during the 4th quarter valued at $30,000. Innealta Capital LLC purchased a new position in Steel Dynamics in the 2nd quarter worth $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in Steel Dynamics in the second quarter worth $41,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Wall Street Analysts Forecast Growth

STLD has been the topic of a number of recent research reports. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $140.00 to $155.00 in a research note on Tuesday. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $129.00 to $145.00 in a research note 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. upgraded shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $120.00 to $131.00 in a report on Monday, September 9th. Finally, BMO Capital Markets decreased their target price on shares of Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating on the stock in a research note on Tuesday, September 17th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Steel Dynamics presently has a consensus rating of “Hold” and an average price target of $142.71.

Steel Dynamics Trading Up 0.5 %

NASDAQ:STLD traded up $0.68 during trading hours on Friday, hitting $128.22. The company had a trading volume of 800,427 shares, compared to its average volume of 1,684,989. The stock has a 50-day moving average price of $119.53 and a 200 day moving average price of $128.53. Steel Dynamics, Inc. has a 52 week low of $98.25 and a 52 week high of $151.34. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19. The company has a market capitalization of $19.78 billion, a PE ratio of 8.81 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. Steel Dynamics’s revenue was down 8.8% on a year-over-year basis. During the same period in the prior year, the firm earned $4.81 earnings per share. On average, equities research analysts predict that Steel Dynamics, Inc. will post 10.36 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date of this dividend is Monday, September 30th. Steel Dynamics’s payout ratio is presently 12.64%.

About Steel Dynamics

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.