AEGON ASSET MANAGEMENT UK Plc Sells 12,093 Shares of Steel Dynamics, Inc. $STLD

AEGON ASSET MANAGEMENT UK Plc trimmed its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 5.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 220,067 shares of the basic materials company's stock after selling 12,093 shares during the period. AEGON ASSET MANAGEMENT UK Plc owned 0.15% of Steel Dynamics worth $48,769,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. BlackRock Inc. acquired a new stake in Steel Dynamics during the 2nd quarter worth approximately $2,844,501,000. Bank of America Corp DE purchased a new stake in shares of Steel Dynamics during the second quarter worth approximately $264,212,000. Bank of New York Mellon Corp purchased a new stake in shares of Steel Dynamics during the second quarter worth approximately $211,159,000. Deutsche Bank AG acquired a new stake in shares of Steel Dynamics during the second quarter worth $126,579,000. Finally, Bessemer Group Inc. lifted its holdings in shares of Steel Dynamics by 56,088.1% during the first quarter. Bessemer Group Inc. now owns 542,215 shares of the basic materials company's stock worth $97,598,000 after purchasing an additional 541,250 shares during the period. Institutional investors and hedge funds own 82.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on STLD shares. Wells Fargo & Company lifted their price objective on shares of Steel Dynamics from $257.00 to $271.00 and gave the company an "overweight" rating in a research report on Wednesday, October 21st. JPMorgan Chase & Co. cut their price objective on shares of Steel Dynamics from $272.00 to $260.00 and set a "neutral" rating for the company in a research report on Friday, October 9th. BNP Paribas Exane raised their target price on shares of Steel Dynamics from $275.00 to $276.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 21st. Weiss Ratings raised shares of Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, October 28th. Finally, BMO Capital Markets lowered their target price on shares of Steel Dynamics from $296.00 to $290.00 and set an "outperform" rating on the stock in a report on Tuesday, September 29th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Steel Dynamics presently has a consensus rating of "Moderate Buy" and an average price target of $275.17.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, EVP Barry Schneider sold 50,000 shares of the business's stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $248.91, for a total transaction of $12,445,500.00. Following the sale, the executive vice president directly owned 196,399 shares in the company, valued at approximately $48,885,675.09. The trade was a 20.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 6.60% of the company's stock.

Steel Dynamics Trading Up 2.1%

Shares of STLD stock opened at $227.56 on Tuesday. The business's fifty day moving average price is $238.23 and its 200 day moving average price is $225.13. Steel Dynamics, Inc. has a 1-year low of $150.22 and a 1-year high of $288.74. The firm has a market capitalization of $32.36 billion, a PE ratio of 16.79, a P/E/G ratio of 0.34 and a beta of 1.45. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.14 and a quick ratio of 1.48.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its earnings results on Monday, October 19th. The basic materials company reported $5.26 EPS for the quarter, missing the consensus estimate of $5.48 by ($0.22). Steel Dynamics had a return on equity of 21.57% and a net margin of 8.82%. The company had revenue of $6.51 billion for the quarter, compared to analysts' expectations of $6.43 billion. During the same quarter in the previous year, the firm posted $2.74 earnings per share. Steel Dynamics's revenue for the quarter was up 34.8% on a year-over-year basis. As a group, sell-side analysts forecast that Steel Dynamics, Inc. will post 18.12 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 8th. Investors of record on Thursday, December 31st will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $2.12 annualized dividend and a yield of 0.9%. Steel Dynamics's payout ratio is currently 15.65%.

Steel Dynamics announced that its Board of Directors has approved a share buyback plan on Monday, November 9th that allows the company to buy back $3 billion in shares. This repurchase authorization allows the basic materials company to reacquire up to 8.8% of its stock through open market purchases. Share repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

About Steel Dynamics

Steel Dynamics, Inc is a U.S.-based steel producer and metals recycler founded in 1993. The company operates electric-arc-furnace steel mills and produces flat-rolled, structural, engineered bar, merchant bar and rail products for customers across a range of industries.

Its businesses also include metals recycling, steel fabrication and aluminum operations. Through these activities, Steel Dynamics collects and processes scrap metal, manufactures steel components and supplies products used in construction, automotive manufacturing, energy and other markets.

Headquartered in Fort Wayne, Indiana, the company serves customers primarily in the United States and Mexico.

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