Steel Dynamics, Inc. (NASDAQ:STLD) Shares Sold by Fisher Asset Management LLC

Posted by on Apr 26th, 2023

Fisher Asset Management LLC cut its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 17.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 71,361 shares of the basic materials company’s stock after selling 14,765 shares during the quarter. Fisher Asset Management LLC’s holdings in Steel Dynamics were worth $6,972,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. State Street Corp increased its position in shares of Steel Dynamics by 9.5% during the 1st quarter. State Street Corp now owns 9,207,455 shares of the basic materials company’s stock valued at $771,198,000 after purchasing an additional 800,656 shares during the period. Royal London Asset Management Ltd. grew its holdings in shares of Steel Dynamics by 3.0% in the 3rd quarter. Royal London Asset Management Ltd. now owns 2,604,971 shares of the basic materials company’s stock worth $184,810,000 after acquiring an additional 74,722 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Steel Dynamics by 4.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,124,519 shares of the basic materials company’s stock worth $150,734,000 after acquiring an additional 86,719 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Steel Dynamics by 11.7% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 1,999,689 shares of the basic materials company’s stock worth $141,879,000 after acquiring an additional 208,704 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Steel Dynamics by 183.6% in the 1st quarter. First Trust Advisors LP now owns 1,380,388 shares of the basic materials company’s stock worth $115,166,000 after acquiring an additional 893,705 shares during the last quarter. 79.54% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Price Performance

STLD opened at $104.00 on Wednesday. The stock has a market cap of $17.74 billion, a price-to-earnings ratio of 5.54 and a beta of 1.49. Steel Dynamics, Inc. has a 1 year low of $62.44 and a 1 year high of $136.46. The company has a current ratio of 4.15, a quick ratio of 2.51 and a debt-to-equity ratio of 0.37. The stock has a fifty day moving average price of $114.49 and a 200 day moving average price of $107.31.

Steel Dynamics (NASDAQ:STLD – Get Rating) last released its quarterly earnings data on Wednesday, April 19th. The basic materials company reported $4.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.81 by $0.20. The firm had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $4.95 billion. Steel Dynamics had a return on equity of 47.68% and a net margin of 15.73%. The business’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $6.02 earnings per share. Analysts forecast that Steel Dynamics, Inc. will post 15.99 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 14th. Shareholders of record on Friday, March 31st were issued a dividend of $0.425 per share. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.34. This represents a $1.70 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend was Thursday, March 30th. Steel Dynamics’s dividend payout ratio (DPR) is 9.05%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on STLD shares. Bank of America cut Steel Dynamics from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $140.00 to $123.00 in a report on Wednesday, April 5th. Credit Suisse Group lifted their target price on Steel Dynamics from $106.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, April 21st. BMO Capital Markets raised their target price on Steel Dynamics from $109.00 to $120.00 and gave the stock a “market perform” rating in a research report on Friday, January 27th. Morgan Stanley raised their target price on Steel Dynamics from $85.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Monday, January 30th. Finally, The Goldman Sachs Group cut Steel Dynamics from a “buy” rating to a “neutral” rating and raised their target price for the stock from $114.00 to $118.00 in a research report on Friday, January 27th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $110.50.

Steel Dynamics Company 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.

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

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