Amundi Sells 6,334 Shares of Steel Dynamics, Inc. $STLD

Amundi lowered its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 1.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 325,492 shares of the basic materials company's stock after selling 6,334 shares during the period. Amundi owned about 0.23% of Steel Dynamics worth $74,687,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. California State Teachers Retirement System lifted its holdings in Steel Dynamics by 26,381.3% during the 2nd quarter. California State Teachers Retirement System now owns 42,793,831 shares of the basic materials company's stock worth $9,819,472,000 after buying an additional 42,632,231 shares during the period. BlackRock Inc. bought a new stake in shares of Steel Dynamics during the 2nd quarter valued at about $2,844,501,000. Life Cycle Investment Partners Ltd acquired a new stake in shares of Steel Dynamics during the 4th quarter worth approximately $586,702,000. Norges Bank bought a new stake in Steel Dynamics in the fourth quarter valued at $564,590,000. Finally, Bank of America Corp DE bought a new stake in Steel Dynamics in the 2nd quarter valued at about $264,212,000. Institutional investors and hedge funds own 82.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Barclays lifted their price objective on shares of Steel Dynamics from $270.00 to $272.00 and gave the company an "overweight" rating in a report on Wednesday, July 22nd. Bank of America dropped their target price on Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating on the stock in a report on Thursday, July 9th. UBS Group lifted their target price on Steel Dynamics from $165.00 to $276.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. JPMorgan Chase & Co. upped their price target on Steel Dynamics from $260.00 to $273.00 and gave the stock a "neutral" rating in a report on Wednesday. Finally, Wells Fargo & Company dropped their price objective on Steel Dynamics from $275.00 to $255.00 and set an "overweight" rating on the stock in a research note on Monday, August 24th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Steel Dynamics presently has an average rating of "Moderate Buy" and a consensus target price of $258.45.

Steel Dynamics Trading Up 0.2%

Shares of STLD stock opened at $240.69 on Thursday. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. The firm has a market cap of $34.50 billion, a P/E ratio of 21.82, a PEG ratio of 0.45 and a beta of 1.50. The company has a 50 day moving average of $242.21 and a 200-day moving average of $226.31. Steel Dynamics, Inc. has a 12-month low of $129.41 and a 12-month high of $288.74.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, topping the consensus estimate of $3.63 by $0.06. The company had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.During the same quarter in the prior year, the company earned $2.01 EPS. The firm's quarterly revenue was up 33.4% compared to the same quarter last year. Sell-side analysts anticipate that Steel Dynamics, Inc. will post 17.16 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be paid a $0.53 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $2.12 annualized dividend and a yield of 0.9%. Steel Dynamics's dividend payout ratio is currently 19.22%.

Steel Dynamics Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnaces that use recycled steel and other metallic inputs to manufacture a broad range of steel products. Its customers include companies in the construction, automotive, manufacturing, transportation, energy and appliance industries.

Steel Dynamics' steel operations produce flat-rolled steel, structural steel, rail, engineered bar products and other specialty steel products.

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