Hartford Investment Management Co. Sells 546 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Hartford Investment Management Co. decreased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 5.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,909 shares of the basic materials company’s stock after selling 546 shares during the period. Hartford Investment Management Co.’s holdings in Steel Dynamics were worth $1,123,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of STLD. Larson Financial Group LLC purchased a new stake in shares of Steel Dynamics during the first quarter valued at $25,000. Innealta Capital LLC bought a new position in Steel Dynamics during the 2nd quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Steel Dynamics during the 2nd quarter valued at about $41,000. Cullen Frost Bankers Inc. boosted its holdings in shares of Steel Dynamics by 33.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 100 shares during the last quarter. Finally, HHM Wealth Advisors LLC bought a new stake in shares of Steel Dynamics in the second quarter worth approximately $52,000. Institutional investors own 82.41% of the company’s stock.

Insider Transactions at Steel Dynamics

In related news, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction on Monday, October 21st. The shares were sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the transaction, the senior vice president now owns 146,693 shares in the company, valued at approximately $19,523,371.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 6.00% of the company’s stock.

Steel Dynamics Price Performance

NASDAQ STLD opened at $129.58 on Friday. The business’s fifty day moving average is $122.20 and its 200 day moving average is $126.93. Steel Dynamics, Inc. has a fifty-two week low of $100.20 and a fifty-two week high of $151.34. 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 has a market capitalization of $19.99 billion, a PE ratio of 11.73 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share 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 business’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned $3.47 EPS. Sell-side analysts predict that Steel Dynamics, Inc. will post 10.22 earnings per share for the current year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a $0.46 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.42%. Steel Dynamics’s payout ratio is currently 16.65%.

Analyst Ratings Changes

A number of brokerages recently weighed in on STLD. Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $140.00 to $155.00 in a research report on Tuesday, October 1st. JPMorgan Chase & Co. raised their price target on Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Morgan Stanley reduced 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. BMO Capital Markets raised their target price on Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research report on Friday, October 18th. Finally, UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Steel Dynamics has a consensus rating of “Hold” and a consensus target price of $144.29.

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.