Janney Montgomery Scott LLC Cuts Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Janney Montgomery Scott LLC lowered its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 18.8% in the third quarter, Holdings Channel reports. The firm owned 17,017 shares of the basic materials company’s stock after selling 3,931 shares during the period. Janney Montgomery Scott LLC’s holdings in Steel Dynamics were worth $2,146,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Innealta Capital LLC acquired a new position in Steel Dynamics during the second quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Steel Dynamics during the 2nd quarter valued at $41,000. Cullen Frost Bankers Inc. boosted its position in Steel Dynamics by 33.3% during the 2nd 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. HHM Wealth Advisors LLC acquired a new stake in Steel Dynamics in the 2nd quarter valued at $52,000. Finally, Eagle Bay Advisors LLC purchased a new position in Steel Dynamics in the third quarter valued at about $64,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on STLD shares. BMO Capital Markets upped 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. JPMorgan Chase & Co. upped their price target on Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Bank of America raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $140.00 to $155.00 in a research report on Tuesday, October 1st. Finally, Morgan Stanley lowered their price target 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. Four 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 a consensus price target of $144.29.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, VP Chad Bickford sold 2,000 shares of the stock in a transaction that occurred 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 transaction, the vice president now owns 17,100 shares of the company’s stock, valued at $2,306,106. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Steel Dynamics news, VP Chad Bickford sold 2,000 shares of the stock in a transaction on Monday, October 28th. The shares were 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 of the company’s stock, valued at approximately $2,306,106. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction dated 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 completion of the transaction, the senior vice president now directly owns 146,693 shares of the company’s stock, valued at $19,523,371.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.00% of the stock is owned by corporate insiders.

Steel Dynamics Stock Performance

Shares of STLD opened at $144.35 on Wednesday. Steel Dynamics, Inc. has a 52-week low of $104.60 and a 52-week high of $155.56. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. The firm has a market cap of $22.27 billion, a price-to-earnings ratio of 13.06 and a beta of 1.31. The business’s 50 day moving average is $127.31 and its two-hundred day moving average is $126.90.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 9.80% and a return on equity of 19.82%. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.47 earnings per share. Analysts forecast that Steel Dynamics, Inc. will post 10.18 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The company 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 of this dividend is Tuesday, December 31st. This represents a $1.84 dividend on an annualized basis and a yield of 1.27%. Steel Dynamics’s dividend payout ratio (DPR) is 16.65%.

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.