Harbour Investments Inc. Sells 81 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Harbour Investments Inc. lessened its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 1.0% during the third quarter, Holdings Channel.com reports. The fund owned 8,308 shares of the basic materials company’s stock after selling 81 shares during the period. Harbour Investments Inc.’s holdings in Steel Dynamics were worth $1,047,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. lifted its holdings in Steel Dynamics by 5.5% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 2,938 shares of the basic materials company’s stock worth $436,000 after buying an additional 153 shares during the period. Sei Investments Co. increased its holdings in Steel Dynamics by 6.1% during the 1st quarter. Sei Investments Co. now owns 108,112 shares of the basic materials company’s stock worth $16,026,000 after purchasing an additional 6,263 shares in the last quarter. Avantax Advisory Services Inc. boosted its stake in shares of Steel Dynamics by 11.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 3,466 shares of the basic materials company’s stock worth $514,000 after buying an additional 365 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Steel Dynamics by 18.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 175,800 shares of the basic materials company’s stock worth $26,059,000 after buying an additional 27,301 shares during the last quarter. Finally, Orion Portfolio Solutions LLC boosted its stake in shares of Steel Dynamics by 7.4% in the 1st quarter. Orion Portfolio Solutions LLC now owns 9,039 shares of the basic materials company’s stock worth $1,340,000 after buying an additional 623 shares during the last quarter. Institutional investors own 82.41% of the company’s stock.

Insider Buying and Selling

In other Steel Dynamics news, VP Chad Bickford sold 2,000 shares of Steel Dynamics stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $134.86, for a total transaction of $269,720.00. Following the transaction, the vice president now directly owns 17,100 shares of the company’s stock, valued at $2,306,106. The trade was a 10.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Glenn Pushis sold 17,941 shares of the business’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 transaction of $2,387,767.69. Following the completion of the sale, the senior vice president now directly owns 146,693 shares in the company, valued at $19,523,371.37. This trade represents a 10.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,591 shares of company stock valued at $3,608,438 over the last 90 days. Insiders own 6.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. BMO Capital Markets upped their price objective 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. JPMorgan Chase & Co. raised their price target on Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and raised their target price for the stock from $140.00 to $155.00 in a research note on Tuesday, October 1st. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Finally, Morgan Stanley lowered their target price on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Steel Dynamics presently has a consensus rating of “Hold” and a consensus price target of $144.29.

Steel Dynamics Stock Down 2.9 %

STLD opened at $137.81 on Friday. The firm has a 50-day simple moving average of $128.41 and a two-hundred day simple moving average of $127.08. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $20.98 billion, a PE ratio of 12.47 and a beta of 1.31. Steel Dynamics, Inc. has a 52 week low of $104.60 and a 52 week high of $155.56.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The business had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.18 billion. During the same period in the prior year, the firm earned $3.47 EPS. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. Analysts forecast that Steel Dynamics, Inc. will post 10.18 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a $0.46 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.34%. Steel Dynamics’s dividend payout ratio is currently 16.65%.

About Steel Dynamics

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.