Posted by admin on Aug 7th, 2022

Envestnet Asset Management Inc. increased its stake in Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 44.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 137,470 shares of the basic materials company’s stock after purchasing an additional 42,174 shares during the quarter. Envestnet Asset Management Inc. owned 0.07% of Steel Dynamics worth $11,469,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STLD. International Assets Investment Management LLC raised its position in Steel Dynamics by 6.0% in the fourth quarter. International Assets Investment Management LLC now owns 15,938 shares of the basic materials company’s stock worth $74,000 after acquiring an additional 900 shares during the period. Commonwealth Equity Services LLC raised its position in Steel Dynamics by 3.5% in the fourth quarter. Commonwealth Equity Services LLC now owns 72,764 shares of the basic materials company’s stock worth $4,516,000 after acquiring an additional 2,432 shares during the period. CWM LLC bought a new position in Steel Dynamics in the fourth quarter worth approximately $65,000. Robeco Institutional Asset Management B.V. raised its position in shares of Steel Dynamics by 19.6% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 76,870 shares of the basic materials company’s stock valued at $4,772,000 after purchasing an additional 12,597 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in shares of Steel Dynamics by 4.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 27,760 shares of the basic materials company’s stock valued at $1,723,000 after purchasing an additional 1,144 shares during the period. Hedge funds and other institutional investors own 83.19% of the company’s stock.

In related news, Director Keith E. Busse sold 5,040 shares of Steel Dynamics stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $83.51, for a total transaction of $420,890.40. Following the completion of the transaction, the director now directly owns 724,034 shares of the company’s stock, valued at approximately $60,464,079.34. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 5.40% of the company’s stock.

Shares of NASDAQ:STLD opened at $78.78 on Friday. Steel Dynamics, Inc. has a 52 week low of $50.54 and a 52 week high of $100.37. The stock has a market capitalization of $14.39 billion, a P/E ratio of 3.50 and a beta of 1.41. The firm has a fifty day simple moving average of $72.26 and a two-hundred day simple moving average of $74.24. The company has a quick ratio of 1.87, a current ratio of 3.52 and a debt-to-equity ratio of 0.41.

Steel Dynamics (NASDAQ:STLD – Get Rating) last issued its quarterly earnings data on Wednesday, July 20th. The basic materials company reported $6.73 EPS for the quarter, topping analysts’ consensus estimates of $6.34 by $0.39. Steel Dynamics had a net margin of 19.81% and a return on equity of 71.50%. The business had revenue of $6.21 billion during the quarter, compared to analysts’ expectations of $5.93 billion. During the same period last year, the company posted $3.40 EPS. The business’s revenue was up 39.1% on a year-over-year basis. On average, analysts expect that Steel Dynamics, Inc. will post 21.07 earnings per share for the current fiscal year.

STLD has been the topic of several recent analyst reports. UBS Group set a $95.00 price objective on shares of Steel Dynamics in a research report on Monday, June 20th. Morgan Stanley decreased their price objective on shares of Steel Dynamics from $94.00 to $78.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 6th. BMO Capital Markets raised their price objective on shares of Steel Dynamics from $95.00 to $104.00 in a research report on Friday, April 22nd. JPMorgan Chase & Co. decreased their price objective on shares of Steel Dynamics from $129.00 to $110.00 in a research report on Tuesday, June 14th. Finally, The Goldman Sachs Group downgraded shares of Steel Dynamics from a “buy” rating to a “neutral” rating and reduced their price target for the company from $114.00 to $92.00 in a report on Tuesday, May 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.00.

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 roll, cold roll, 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; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.

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