Acadian Asset Management LLC Sells 10,146 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Jul 21, 2023

Acadian Asset Management LLC trimmed its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 0.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,235,980 shares of the basic materials company's stock after selling 10,146 shares during the quarter. Acadian Asset Management LLC owned about 0.73% of Steel Dynamics worth $139,715,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in STLD. Cetera Advisor Networks LLC increased its holdings in Steel Dynamics by 43.5% in the first quarter. Cetera Advisor Networks LLC now owns 5,510 shares of the basic materials company's stock worth $460,000 after purchasing an additional 1,670 shares in the last quarter. Natixis Advisors L.P. increased its stake in shares of Steel Dynamics by 23.8% in the first quarter. Natixis Advisors L.P. now owns 21,577 shares of the basic materials company's stock worth $1,800,000 after purchasing an additional 4,154 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of Steel Dynamics by 36.5% during the 1st quarter. Bank of Montreal Can now owns 59,369 shares of the basic materials company's stock valued at $4,970,000 after buying an additional 15,865 shares in the last quarter. Blair William & Co. IL raised its stake in shares of Steel Dynamics by 20.5% during the 1st quarter. Blair William & Co. IL now owns 5,852 shares of the basic materials company's stock valued at $488,000 after purchasing an additional 996 shares during the period. Finally, Aviva PLC boosted its holdings in Steel Dynamics by 4.5% in the 1st quarter. Aviva PLC now owns 64,576 shares of the basic materials company's stock valued at $5,388,000 after purchasing an additional 2,772 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

STLD has been the topic of a number of research reports. JPMorgan Chase & Co. lifted their target price on shares of Steel Dynamics from $93.00 to $94.00 and gave the company an "underweight" rating in a research note on Friday, July 21st. StockNews.com initiated coverage on Steel Dynamics in a report on Thursday, August 17th. They issued a "hold" rating for the company. BNP Paribas cut Steel Dynamics from an "outperform" rating to a "neutral" rating and set a $102.00 price objective on the stock. in a research report on Wednesday, July 5th. BMO Capital Markets lowered their target price on shares of Steel Dynamics from $120.00 to $115.00 in a research note on Monday, June 19th. Finally, UBS Group decreased their target price on shares of Steel Dynamics from $110.00 to $100.00 in a research note on Friday, May 5th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $108.44.

Read Our Latest Research Report on Steel Dynamics

Steel Dynamics stock traded up $0.71 during midday trading on Friday, hitting $101.76. 998,363 shares of the company were exchanged, compared to its average volume of 1,661,753. Steel Dynamics, Inc. has a fifty-two week low of $69.12 and a fifty-two week high of $136.46. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 4.20. The firm has a market capitalization of $16.86 billion, a PE ratio of 5.89 and a beta of 1.50. The business has a fifty day simple moving average of $104.90 and a two-hundred day simple moving average of $107.53.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings data on Thursday, July 20th. The basic materials company reported $4.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.82 by ($0.01). The firm had revenue of $5.08 billion during the quarter, compared to analysts' expectations of $5.51 billion. Steel Dynamics had a net margin of 14.66% and a return on equity of 40.44%. Steel Dynamics's quarterly revenue was down 18.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.73 EPS. On average, sell-side analysts forecast that Steel Dynamics, Inc. will post 16.03 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Saturday, September 30th will be issued a $0.425 dividend. This represents a $1.70 annualized dividend and a yield of 1.67%. The ex-dividend date is Thursday, September 28th. Steel Dynamics's dividend payout ratio (DPR) is presently 9.91%.

In related news, SVP Christopher A. Graham sold 48,000 shares of the company's stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $105.03, for a total value of $5,041,440.00. Following the completion of the transaction, the senior vice president now directly owns 61,353 shares of the company's stock, valued at $6,443,905.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Steel Dynamics news, SVP Christopher A. Graham sold 48,000 shares of the firm's stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $105.03, for a total transaction of $5,041,440.00. Following the transaction, the senior vice president now owns 61,353 shares of the company's stock, valued at $6,443,905.59. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gabriel Shaheen sold 1,717 shares of the business's stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $105.80, for a total value of $181,658.60. Following the completion of the sale, the director now directly owns 83,074 shares of the company's stock, valued at $8,789,229.20. The disclosure for this sale can be found here. Company insiders own 6.00% of the company's stock.

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. 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 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.

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