Westover Capital Advisors LLC Reduces Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Westover Capital Advisors LLC decreased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 2.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 11,460 shares of the basic materials company’s stock after selling 305 shares during the quarter. Westover Capital Advisors LLC’s holdings in Steel Dynamics were worth $1,484,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Steel Dynamics during the 4th quarter valued at approximately $221,817,000. National Bank of Canada FI increased its stake in Steel Dynamics by 481.2% during the second quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock worth $42,461,000 after acquiring an additional 272,226 shares during the last quarter. Swedbank AB acquired a new position in shares of Steel Dynamics in the 1st quarter valued at $32,178,000. Acadian Asset Management LLC grew its holdings in shares of Steel Dynamics by 21.6% during the 1st quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock worth $168,550,000 after purchasing an additional 202,312 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in Steel Dynamics by 4.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,604,492 shares of the basic materials company’s stock valued at $534,295,000 after buying an additional 152,254 shares during the period. 82.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on STLD shares. Morgan Stanley increased their price target on shares of Steel Dynamics from $134.00 to $138.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. BMO Capital Markets cut their price objective on Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a research report on Tuesday, June 18th. JPMorgan Chase & Co. upgraded Steel Dynamics from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $120.00 to $131.00 in a report on Monday, September 9th. Jefferies Financial Group initiated coverage on Steel Dynamics in a research report on Monday, May 20th. They issued a “hold” rating and a $150.00 price target on the stock. Finally, Bank of America lowered their price objective on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $143.43.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $112.84 on Friday. The firm has a market cap of $17.41 billion, a price-to-earnings ratio of 7.75 and a beta of 1.32. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35. Steel Dynamics, Inc. has a 1 year low of $95.53 and a 1 year high of $151.34. The stock’s 50-day moving average is $121.20 and its two-hundred day moving average is $129.58.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same period last year, the firm posted $4.81 EPS. Steel Dynamics’s revenue for the quarter was down 8.8% on a year-over-year basis. Analysts predict that Steel Dynamics, Inc. will post 10.81 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 annualized dividend and a yield of 1.63%. Steel Dynamics’s dividend payout ratio is currently 12.64%.

Steel Dynamics Company 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.