Mirae Asset Global Investments Co. Ltd. reduced its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 12.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,106,920 shares of the basic materials company's stock after selling 162,974 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.59% of Steel Dynamics worth $92,350,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Rational Advisors LLC purchased a new position in shares of Steel Dynamics during the 4th quarter valued at approximately $25,000. Citizens National Bank Trust Department acquired a new stake in shares of Steel Dynamics during the 4th quarter valued at approximately $25,000. Allegheny Financial Group LTD acquired a new stake in shares of Steel Dynamics during the 4th quarter valued at approximately $27,000. UMB Bank N A MO acquired a new stake in shares of Steel Dynamics during the 4th quarter valued at approximately $27,000. Finally, Riverview Trust Co acquired a new stake in shares of Steel Dynamics during the 1st quarter valued at approximately $28,000. 83.19% of the stock is currently owned by hedge funds and other institutional investors.
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Steel Dynamics Price Performance
Shares of STLD opened at $84.61 on Friday. The firm has a market capitalization of $15.45 billion, a price-to-earnings ratio of 3.76 and a beta of 1.41. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.87 and a current ratio of 3.52. Steel Dynamics, Inc. has a one year low of $50.54 and a one year high of $100.37. The stock's fifty day moving average is $71.98 and its 200-day moving average is $75.22.
Steel Dynamics (NASDAQ:STLD – Get Rating) last issued its quarterly earnings results on Wednesday, July 20th. The basic materials company reported $6.73 EPS for the quarter, beating analysts' consensus estimates of $6.34 by $0.39. The company had revenue of $6.21 billion for the quarter, compared to analyst estimates of $5.93 billion. Steel Dynamics had a return on equity of 71.50% and a net
margin of 19.81%. The company's quarterly revenue was up 39.1% compared to the same quarter last year. During the same period last year, the company earned $3.40 earnings per share. Equities analysts anticipate that Steel Dynamics, Inc. will post 21.07 EPS for the current year.
Insider Activity at Steel Dynamics
In related news, Director Keith E. Busse sold 5,040 shares of the stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $83.51, for a total value of $420,890.40. Following the completion of the transaction, the director now owns 724,034 shares in the company, valued at approximately $60,464,079.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.40% of the company's stock.
Analyst Ratings Changes
STLD has been the topic of several research reports. The Goldman Sachs Group lowered Steel Dynamics from a "buy" rating to a "neutral" rating and dropped their price target for the company from $114.00 to $92.00 in a research report on Tuesday, May 31st. JPMorgan Chase & Co. dropped their price target on Steel Dynamics from $129.00 to $110.00 in a research report on Tuesday, June 14th. UBS Group set a $95.00 price target on Steel Dynamics in a research report on Monday, June 20th. Morgan Stanley dropped their target price on Steel Dynamics from $94.00 to $78.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 6th. Finally, BMO Capital Markets increased their target price on Steel Dynamics from $95.00 to $104.00 in a research report on Friday, April 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, Steel Dynamics currently has a consensus rating of "Moderate Buy" and a consensus price target of $89.00.
About Steel Dynamics
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Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.
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