KLP Kapitalforvaltning AS Raises Position in Steel Dynamics, Inc. $STLD

Key Points

• KLP Kapitalforvaltning AS increased its stake in Steel Dynamics, Inc. by 4.5%, bringing its total to 53,600 shares valued at approximately $6.88 million.
• Steel Dynamics reported quarterly earnings of $2.01 per share, missing estimates by $0.04, and had a revenue of $4.57 billion, down 1.5% year-over-year.
• The company announced a quarterly dividend of $0.50 per share, equating to an annualized dividend of $2.00 and a yield of 1.4%, with a payout ratio of 29.15%.

KLP Kapitalforvaltning AS raised its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 4.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,600 shares of the basic materials company's stock after purchasing an additional 2,300 shares during the period. KLP Kapitalforvaltning AS's holdings in Steel Dynamics were worth $6,884,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. purchased a new stake in Steel Dynamics during the first quarter valued at approximately $25,000. Cary Street Partners Investment Advisory LLC raised its position in Steel Dynamics by 493.9% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 163 shares during the period. Zions Bancorporation National Association UT purchased a new stake in Steel Dynamics during the first quarter valued at approximately $32,000. WPG Advisers LLC purchased a new stake in Steel Dynamics during the first quarter valued at approximately $32,000. Finally, Grove Bank & Trust raised its position in Steel Dynamics by 194.7% during the first quarter. Grove Bank & Trust now owns 277 shares of the basic materials company's stock valued at $35,000 after purchasing an additional 183 shares during the period. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Stock Up 0.8%

Shares of NASDAQ:STLD opened at $147.78 on Friday. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $155.56. The stock has a market cap of $21.75 billion, a P/E ratio of 21.54, a price-to-earnings-growth ratio of 1.19 and a beta of 1.40. The business's 50 day moving average is $132.87 and its 200 day moving average is $129.83. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.04). Steel Dynamics had a return on equity of 11.88% and a net margin of 6.07%.The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same period last year, the company earned $2.72 EPS. The firm's revenue for the quarter was down 1.5% compared to the same quarter last year. Sell-side analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Steel Dynamics's dividend payout ratio (DPR) is 29.15%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on STLD shares. JPMorgan Chase & Co. upped their price objective on Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. Morgan Stanley increased their price target on Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Wells Fargo & Company increased their price target on Steel Dynamics from $143.00 to $150.00 and gave the stock an "overweight" rating in a report on Monday, September 15th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Steel Dynamics in a report on Wednesday. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Steel Dynamics presently has an average rating of "Moderate Buy" and an average target price of $148.78.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, SVP Christopher A. Graham sold 12,000 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the sale, the senior vice president owned 66,738 shares of the company's stock, valued at approximately $8,456,371.98. This trade represents a 15.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 6.30% of the company's stock.

Steel Dynamics 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.

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