Skandinaviska Enskilda Banken AB publ Decreases Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Skandinaviska Enskilda Banken AB publ cut its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 49.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,511 shares of the basic materials company's stock after selling 31,355 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Steel Dynamics were worth $4,065,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Financial Gravity Asset Management Inc. purchased a new stake in shares of Steel Dynamics in the first quarter valued at approximately $25,000. Grove Bank & Trust raised its holdings in Steel Dynamics by 194.7% during the first quarter. Grove Bank & Trust now owns 277 shares of the basic materials company's stock worth $35,000 after purchasing an additional 183 shares during the last quarter. Wayfinding Financial LLC acquired a new position in Steel Dynamics during the first quarter worth $36,000. Bartlett & CO. Wealth Management LLC acquired a new position in Steel Dynamics during the first quarter worth $38,000. Finally, Investment Management Corp VA ADV acquired a new position in Steel Dynamics during the fourth quarter worth $40,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Steel Dynamics Stock Performance

Steel Dynamics stock opened at $130.23 on Tuesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 3.13. The stock has a fifty day moving average of $131.15 and a two-hundred day moving average of $128.23. The company has a market capitalization of $19.33 billion, a price-to-earnings ratio of 18.98, a PEG ratio of 1.06 and a beta of 1.37. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $155.56.

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

Insider Buying and Selling at Steel Dynamics

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