Norges Bank Takes Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Norges Bank acquired a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,878,210 shares of the basic materials company’s stock, valued at approximately $221,817,000. Norges Bank owned approximately 1.16% of Steel Dynamics as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. CVA Family Office LLC purchased a new position in Steel Dynamics during the fourth quarter worth about $28,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Steel Dynamics in the 4th quarter worth $29,000. Lindbrook Capital LLC raised its position in shares of Steel Dynamics by 117.5% during the 4th quarter. Lindbrook Capital LLC now owns 248 shares of the basic materials company’s stock valued at $29,000 after buying an additional 134 shares in the last quarter. Exchange Traded Concepts LLC bought a new stake in shares of Steel Dynamics during the 4th quarter worth $44,000. Finally, Denali Advisors LLC lifted its holdings in shares of Steel Dynamics by 99.0% during the 4th quarter. Denali Advisors LLC now owns 406 shares of the basic materials company’s stock worth $48,000 after acquiring an additional 202 shares during the last quarter. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Down 1.2 %

Shares of NASDAQ STLD opened at $132.73 on Thursday. The firm has a fifty day simple moving average of $138.82 and a two-hundred day simple moving average of $125.99. Steel Dynamics, Inc. has a 12 month low of $90.55 and a 12 month high of $151.34. The company has a current ratio of 2.87, a quick ratio of 1.55 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $20.86 billion, a PE ratio of 9.12 and a beta of 1.47.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.54 by $0.13. The company had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.74 billion. Steel Dynamics had a net margin of 12.89% and a return on equity of 27.62%. Steel Dynamics’s revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the firm earned $4.01 earnings per share. Equities analysts expect that Steel Dynamics, Inc. will post 12.44 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Sunday, June 30th will be paid a $0.46 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.84 annualized dividend and a dividend yield of 1.39%. Steel Dynamics’s payout ratio is 12.64%.

Insider Activity at Steel Dynamics

In other news, SVP Christopher A. Graham sold 21,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $136.81, for a total value of $2,873,010.00. Following the completion of the transaction, the senior vice president now owns 60,415 shares in the company, valued at $8,265,376.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on STLD shares. UBS Group lowered their price target on Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 24th. Citigroup boosted their target price on Steel Dynamics from $130.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, March 13th. Jefferies Financial Group started coverage on shares of Steel Dynamics in a research report on Monday. They set a “hold” rating and a $150.00 price target on the stock. BMO Capital Markets boosted their price objective on shares of Steel Dynamics from $110.00 to $120.00 and gave the stock a “market perform” rating in a report on Monday, March 18th. Finally, JPMorgan Chase & Co. increased their target price on shares of Steel Dynamics from $100.00 to $118.00 and gave the company an “underweight” rating in a report on Tuesday, April 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Steel Dynamics has a consensus rating of “Hold” and a consensus price target of $125.29.

Steel Dynamics Profile

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.