Nordea Investment Management AB Acquires 252,108 Shares of Steel Dynamics, Inc. $STLD

Nordea Investment Management AB grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 12.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 2,340,480 shares of the basic materials company’s stock after buying an additional 252,108 shares during the period. Nordea Investment Management AB’s holdings in Steel Dynamics were worth $322,518,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the stock. Trust Co. of Toledo NA OH bought a new position in Steel Dynamics in the 2nd quarter worth about $30,000. Rosenberg Matthew Hamilton lifted its holdings in shares of Steel Dynamics by 306.2% in the second quarter. Rosenberg Matthew Hamilton now owns 264 shares of the basic materials company’s stock worth $34,000 after buying an additional 199 shares in the last quarter. True Wealth Design LLC boosted its position in shares of Steel Dynamics by 120.4% in the second quarter. True Wealth Design LLC now owns 324 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 177 shares during the period. Toth Financial Advisory Corp grew its stake in Steel Dynamics by 50.0% during the third quarter. Toth Financial Advisory Corp now owns 300 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 100 shares in the last quarter. Finally, CYBER HORNET ETFs LLC bought a new stake in Steel Dynamics during the 2nd quarter worth approximately $50,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. BMO Capital Markets raised their price target on shares of Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a research note on Monday, December 29th. The Goldman Sachs Group set a $172.00 target price on Steel Dynamics and gave the stock a “neutral” rating in a research note on Friday, October 31st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $194.00 price target (up previously from $173.00) on shares of Steel Dynamics in a report on Friday. Finally, Wells Fargo & Company boosted their price objective on Steel Dynamics from $172.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, December 15th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $182.00.

Insider Buying and Selling at Steel Dynamics

In related news, SVP Miguel Alvarez sold 8,251 shares of the stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the completion of the sale, the senior vice president directly owned 117,068 shares in the company, valued at $19,057,499.72. This represents a 6.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 6.30% of the company’s stock.

Steel Dynamics Stock Up 0.0%

Shares of NASDAQ STLD opened at $169.35 on Tuesday. The stock has a market capitalization of $24.73 billion, a P/E ratio of 22.43, a PEG ratio of 0.70 and a beta of 1.48. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.11 and a quick ratio of 1.47. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $178.36. The firm’s 50 day simple moving average is $165.89 and its two-hundred day simple moving average is $146.44.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, October 21st. The basic materials company reported $2.74 EPS for the quarter, beating the consensus estimate of $2.63 by $0.11. The company had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.74 billion. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.05 EPS. As a group, analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st were issued a $0.50 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $2.00 annualized dividend and a dividend yield of 1.2%. Steel Dynamics’s payout ratio is currently 26.49%.

Steel Dynamics Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.