KLP Kapitalforvaltning AS Sells 26,300 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

KLP Kapitalforvaltning AS trimmed its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 33.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 51,300 shares of the basic materials company's stock after selling 26,300 shares during the period. KLP Kapitalforvaltning AS's holdings in Steel Dynamics were worth $6,438,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Teachers Retirement System of The State of Kentucky boosted its position in shares of Steel Dynamics by 3.0% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 10,908 shares of the basic materials company's stock worth $1,365,000 after buying an additional 321 shares during the period. OneAscent Financial Services LLC boosted its position in shares of Steel Dynamics by 105.4% during the first quarter. OneAscent Financial Services LLC now owns 9,460 shares of the basic materials company's stock worth $1,180,000 after buying an additional 4,855 shares during the period. South Dakota Investment Council acquired a new position in shares of Steel Dynamics during the first quarter worth about $3,512,000. Kestra Private Wealth Services LLC boosted its position in shares of Steel Dynamics by 6.3% during the first quarter. Kestra Private Wealth Services LLC now owns 2,352 shares of the basic materials company's stock worth $294,000 after buying an additional 140 shares during the period. Finally, Creekmur Asset Management LLC acquired a new position in shares of Steel Dynamics during the first quarter worth about $175,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, SVP Miguel Alvarez sold 7,495 shares of Steel Dynamics stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $135.26, for a total value of $1,013,773.70. Following the sale, the senior vice president directly owned 125,319 shares in the company, valued at approximately $16,950,647.94. The trade was a 5.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gabriel Shaheen sold 1,254 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $134.11, for a total transaction of $168,173.94. Following the completion of the sale, the director owned 81,812 shares in the company, valued at approximately $10,971,807.32. This trade represents a 1.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.30% of the company's stock.

Steel Dynamics Trading Up 3.2%

Shares of NASDAQ:STLD traded up $4.00 during midday trading on Friday, hitting $130.83. 1,031,232 shares of the stock traded hands, compared to its average volume of 1,284,208. The stock has a market capitalization of $19.42 billion, a PE ratio of 19.07, a P/E/G ratio of 1.02 and a beta of 1.37. The business's 50 day moving average is $131.27 and its two-hundred day moving average is $127.97. The company has a quick ratio of 1.38, a current ratio of 3.13 and a debt-to-equity ratio of 0.43. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $155.56.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its earnings results on Monday, July 21st. The basic materials company reported $2.01 earnings per share for the quarter, missing analysts' consensus estimates of $2.05 by ($0.04). Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the prior year, the business posted $2.72 EPS. Steel Dynamics's revenue for the quarter was down 1.5% on a year-over-year basis. As a group, research analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.53%. The ex-dividend date was Monday, June 30th. Steel Dynamics's dividend payout ratio is currently 29.15%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on STLD. JPMorgan Chase & Co. upped their target price on Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Morgan Stanley upped their target price on Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Wall Street Zen lowered Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Finally, BMO Capital Markets upgraded Steel Dynamics from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $135.00 to $145.00 in a research note on Monday, March 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $149.33.

About Steel Dynamics

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.