Oppenheimer & Co. Inc. Sells 718 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Oppenheimer & Co. Inc. lessened its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 7.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,894 shares of the basic materials company’s stock after selling 718 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Steel Dynamics were worth $1,121,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Innealta Capital LLC bought a new stake in Steel Dynamics in the second quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Steel Dynamics in the second quarter valued at about $41,000. Cullen Frost Bankers Inc. increased its holdings 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 purchasing an additional 100 shares during the last quarter. HHM Wealth Advisors LLC bought a new stake in Steel Dynamics in the second quarter valued at about $52,000. Finally, Eagle Bay Advisors LLC bought a new stake in Steel Dynamics in the third quarter valued at about $64,000. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Up 0.9 %

STLD stock opened at $140.69 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.39 and a quick ratio of 1.26. The stock has a market capitalization of $21.42 billion, a P/E ratio of 12.73 and a beta of 1.31. The business has a 50-day moving average of $129.58 and a 200-day moving average of $127.14. Steel Dynamics, Inc. has a fifty-two week low of $104.60 and a fifty-two week high of $155.56.

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, topping the consensus estimate of $1.98 by $0.07. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The company had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.18 billion. During the same period in the prior year, the firm earned $3.47 earnings per share. Steel Dynamics’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Steel Dynamics, Inc. will post 10.1 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.84 annualized dividend and a yield of 1.31%. Steel Dynamics’s payout ratio is presently 16.65%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the company from $140.00 to $155.00 in a research note on Tuesday, October 1st. Morgan Stanley decreased their target price on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. boosted their target price on Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Finally, 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. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Steel Dynamics has an average rating of “Hold” and a consensus price target of $144.29.

Insider Buying and Selling

In other Steel Dynamics news, SVP Miguel Alvarez sold 6,650 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $143.00, for a total value of $950,950.00. Following the sale, the senior vice president now owns 116,949 shares in the company, valued at $16,723,707. This represents a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Glenn Pushis sold 17,941 shares of the company’s 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 owns 146,693 shares in the company, valued at $19,523,371.37. This represents a 10.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,591 shares of company stock worth $3,608,438. Corporate insiders own 6.00% of the company’s stock.

Steel Dynamics Company 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.