Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Posted by on Apr 22nd, 2023

Zurcher Kantonalbank Zurich Cantonalbank lessened its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 11.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 40,915 shares of the basic materials company’s stock after selling 5,178 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Steel Dynamics were worth $3,997,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Armstrong Advisory Group Inc. purchased a new stake in shares of Steel Dynamics during the 4th quarter valued at approximately $40,000. Clearstead Advisors LLC purchased a new stake in shares of Steel Dynamics during the 3rd quarter valued at approximately $35,000. Exos TFP Holdings LLC purchased a new stake in shares of Steel Dynamics during the 3rd quarter valued at approximately $42,000. Parkside Financial Bank & Trust raised its position in shares of Steel Dynamics by 27.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 596 shares of the basic materials company’s stock valued at $42,000 after buying an additional 128 shares during the period. Finally, UMB Bank n.a. raised its position in shares of Steel Dynamics by 50.4% during the 4th quarter. UMB Bank n.a. now owns 603 shares of the basic materials company’s stock valued at $59,000 after buying an additional 202 shares during the period. Hedge funds and other institutional investors own 79.54% of the company’s stock.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $110.05 on Friday. The company has a current ratio of 4.15, a quick ratio of 2.22 and a debt-to-equity ratio of 0.37. The firm has a fifty day moving average price of $115.24 and a 200 day moving average price of $106.48. The company has a market cap of $18.77 billion, a P/E ratio of 5.86 and a beta of 1.49. Steel Dynamics, Inc. has a 12 month low of $62.44 and a 12 month high of $136.46.

Steel Dynamics (NASDAQ:STLD – Get Rating) last issued its earnings results on Thursday, April 20th. The basic materials company reported $4.01 EPS for the quarter, topping analysts’ consensus estimates of $3.81 by $0.20. The firm had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.95 billion. Steel Dynamics had a net margin of 15.73% and a return on equity of 47.68%. The company’s revenue was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $6.02 earnings per share. Sell-side analysts predict that Steel Dynamics, Inc. will post 15.62 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 14th. Investors of record on Friday, March 31st were paid a dividend of $0.425 per share. The ex-dividend date of this dividend was Thursday, March 30th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 1.54%. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.34. Steel Dynamics’s payout ratio is presently 9.05%.

Analyst Ratings Changes

STLD has been the topic of a number of research analyst reports. Bank of America lowered Steel Dynamics from a “buy” rating to a “neutral” rating and cut their target price for the company from $140.00 to $123.00 in a research report on Wednesday, April 5th. Citigroup lowered Steel Dynamics from a “buy” rating to a “neutral” rating in a research report on Wednesday, March 15th. Morgan Stanley boosted their target price on Steel Dynamics from $85.00 to $93.00 and gave the company an “equal weight” rating in a research report on Monday, January 30th. The Goldman Sachs Group lowered Steel Dynamics from a “buy” rating to a “neutral” rating and boosted their target price for the company from $114.00 to $118.00 in a research report on Friday, January 27th. Finally, BMO Capital Markets boosted their target price on Steel Dynamics from $109.00 to $120.00 and gave the company a “market perform” rating in a research report on Friday, January 27th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Steel Dynamics has an average rating of “Hold” and a consensus target price of $110.50.

Steel Dynamics Profile

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Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel, long products including structural steel beams, pilings, and standard and premium grade rail, and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.

Further Reading

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

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