Corient Private Wealth LP Sells 17,203 Shares of Steel Dynamics, Inc. $STLD

Corient Private Wealth LP cut its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 36.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,403 shares of the basic materials company's stock after selling 17,203 shares during the quarter. Corient Private Wealth LP's holdings in Steel Dynamics were worth $6,747,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Meeder Asset Management Inc. purchased a new position in Steel Dynamics in the 2nd quarter worth approximately $26,000. MV Capital Management Inc. purchased a new stake in Steel Dynamics during the 4th quarter valued at approximately $27,000. Cedar Mountain Advisors LLC purchased a new stake in Steel Dynamics during the 1st quarter valued at approximately $31,000. NBH Bank bought a new stake in shares of Steel Dynamics during the second quarter valued at approximately $31,000. Finally, Caitlin John LLC bought a new stake in shares of Steel Dynamics during the second quarter valued at approximately $35,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. UBS Group upped their target price on shares of Steel Dynamics from $165.00 to $276.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. Wells Fargo & Company reduced their price target on shares of Steel Dynamics from $275.00 to $255.00 and set an "overweight" rating on the stock in a report on Monday, August 24th. KeyCorp reiterated an "overweight" rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Wall Street Zen raised shares of Steel Dynamics from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 12th. Finally, Bank of America cut their price objective on Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating for the company in a research report on Thursday, July 9th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $258.45.

Steel Dynamics Stock Up 3.0%

NASDAQ STLD opened at $245.35 on Friday. The stock has a 50 day moving average price of $243.93 and a 200-day moving average price of $228.26. Steel Dynamics, Inc. has a one year low of $134.87 and a one year high of $288.74. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. The company has a market capitalization of $35.17 billion, a P/E ratio of 22.24, a P/E/G ratio of 0.42 and a beta of 1.50.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced 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. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The company had revenue of $6.09 billion for the quarter, compared to analysts' expectations of $5.56 billion. During the same quarter in the previous year, the business posted $2.01 earnings per share. Steel Dynamics's quarterly revenue was up 33.4% on a year-over-year basis. As a group, equities analysts predict that Steel Dynamics, Inc. will post 18.58 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

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

About Steel Dynamics

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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