Verition Fund Management LLC lessened its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 29.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 29,469 shares of the basic materials company’s stock after selling 12,044 shares during the period. Verition Fund Management LLC’s holdings in Steel Dynamics were worth $1,354,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in STLD. Qube Research & Technologies Ltd bought a new position in Steel Dynamics in the second quarter valued at about $119,000. Smithfield Trust Co. boosted its holdings in Steel Dynamics by 2,523.1% in the first quarter. Smithfield Trust Co. now owns 3,410 shares of the basic materials company’s stock valued at $150,000 after acquiring an additional 3,280 shares during the last quarter. Mount Yale Investment Advisors LLC bought a new position in Steel Dynamics in the first quarter valued at about $188,000. Itau Unibanco Holding S.A. bought a new position in Steel Dynamics in the second quarter valued at about $193,000. Finally, CENTRAL TRUST Co boosted its holdings in Steel Dynamics by 6,707.7% in the second quarter. CENTRAL TRUST Co now owns 4,425 shares of the basic materials company’s stock valued at $203,000 after acquiring an additional 4,360 shares during the last quarter. Institutional investors own 83.43% of the company’s stock.

Shares of NASDAQ STLD traded up $0.06 during mid-day trading on Friday, reaching $42.39. 3,135,348 shares of the company’s stock were exchanged, compared to its average volume of 2,273,675. The firm has a market cap of $10.61 billion, a P/E ratio of 16.00, a P/E/G ratio of 0.68 and a beta of 1.29. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.61 and a quick ratio of 1.92. Steel Dynamics, Inc. has a twelve month low of $35.48 and a twelve month high of $52.10.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Monday, July 23rd. The basic materials company reported $1.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.49 by $0.04. Steel Dynamics had a return on equity of 26.90% and a net margin of 10.01%. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same quarter last year, the firm earned $0.63 EPS. Steel Dynamics’s revenue for the quarter was up 29.3% compared to the same quarter last year. Equities analysts anticipate that Steel Dynamics, Inc. will post 5.55 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Sunday, September 30th were given a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend was Thursday, September 27th. Steel Dynamics’s dividend payout ratio is presently 28.30%.

Steel Dynamics declared that its board has authorized a share buyback plan on Tuesday, September 4th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the basic materials company to purchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

STLD has been the topic of several recent research reports. Deutsche Bank cut Steel Dynamics to a “buy” rating in a report on Tuesday, October 2nd. Jefferies Financial Group reiterated a “buy” rating and issued a $58.00 price target on shares of Steel Dynamics in a report on Wednesday, July 25th. Zacks Investment Research cut Steel Dynamics from a “buy” rating to a “hold” rating in a report on Thursday, October 4th. Morgan Stanley upgraded Steel Dynamics from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $50.00 to $52.00 in a report on Monday, August 27th. Finally, BidaskClub cut Steel Dynamics from a “buy” rating to a “hold” rating in a report on Friday, June 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $54.08.

In related news, insider Christopher A. Graham sold 10,800 shares of Steel Dynamics stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $47.61, for a total value of $514,188.00. Following the sale, the insider now owns 26,087 shares of the company’s stock, valued at approximately $1,242,002.07. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.40% of the stock is currently owned by company insiders.

Steel Dynamics Profile

Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.

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Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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