Assenagon Asset Management S.A. Buys 4,353 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Assenagon Asset Management S.A. boosted its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 20.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,899 shares of the basic materials company’s stock after acquiring an additional 4,353 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Steel Dynamics were worth $3,265,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently modified their holdings of the company. Larson Financial Group LLC purchased a new stake in shares of Steel Dynamics in the 1st quarter valued at $25,000. Innealta Capital LLC bought a new position in Steel Dynamics during the 2nd quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Steel Dynamics in the second quarter valued at approximately $41,000. Cullen Frost Bankers Inc. increased its stake in shares of Steel Dynamics by 33.3% in the second quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock worth $52,000 after buying an additional 100 shares during the period. Finally, HHM Wealth Advisors LLC purchased a new position in shares of Steel Dynamics in the second quarter worth $52,000. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Stock Down 1.8 %

Shares of NASDAQ:STLD opened at $132.77 on Thursday. Steel Dynamics, Inc. has a 12-month low of $104.08 and a 12-month high of $151.34. The stock has a market capitalization of $20.49 billion, a price-to-earnings ratio of 12.02 and a beta of 1.31. The stock has a fifty day simple moving average of $123.25 and a two-hundred day simple moving average of $126.61. The company has a current ratio of 2.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.31.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The business had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.18 billion. During the same period in the previous year, the company earned $3.47 earnings per share. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, research analysts anticipate that Steel Dynamics, Inc. will post 10.22 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a dividend of $0.46 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.84 annualized dividend and a yield of 1.39%. Steel Dynamics’s dividend payout ratio is 16.65%.

Analysts Set New Price Targets

Several brokerages have recently commented on STLD. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price objective for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. BMO Capital Markets boosted their target price on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. upped their price objective on shares of Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Morgan Stanley lowered their price objective on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Finally, Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price target for the company from $140.00 to $155.00 in a research report on Tuesday, October 1st. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $144.29.

Insider Activity at Steel Dynamics

In other news, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the sale, the senior vice president now directly owns 146,693 shares in the company, valued at $19,523,371.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, 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 value of $269,720.00. Following the completion of the sale, the vice president now owns 17,100 shares of the company’s stock, valued at $2,306,106. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Glenn Pushis sold 17,941 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the sale, the senior vice president now owns 146,693 shares of the company’s stock, valued at approximately $19,523,371.37. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 6.10% of the stock is currently owned by insiders.

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.