Steel Dynamics, Inc. $STLD Stake Boosted by Handelsbanken Fonder AB

Key Points

• Handelsbanken Fonder AB increased its Steel Dynamics stake by 19.3% in the second quarter, acquiring 7,200 additional shares for a total holding of 44,600 shares valued at $10.2 million. Institutional investors collectively own 82.41% of the company.
• Steel Dynamics exceeded quarterly expectations, reporting $3.69 in EPS versus the $3.63 consensus and $6.09 billion in revenue versus $5.56 billion expected. Revenue rose 33.4% year over year.
• The stock opened at $260.53, while analysts maintain a consensus “Moderate Buy” rating and a $259.09 target price; eight analysts rate it Buy and four rate it Hold. An insider separately sold 10,000 shares for approximately $2.7 million.

Handelsbanken Fonder AB increased its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 19.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 44,600 shares of the basic materials company's stock after acquiring an additional 7,200 shares during the period. Handelsbanken Fonder AB's holdings in Steel Dynamics were worth $10,234,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Jacobi Capital Management LLC grew its position in Steel Dynamics by 1.6% in the 4th quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company's stock worth $599,000 after purchasing an additional 55 shares during the last quarter. Optas LLC raised its position in shares of Steel Dynamics by 3.0% during the 4th quarter. Optas LLC now owns 1,979 shares of the basic materials company's stock worth $335,000 after buying an additional 58 shares in the last quarter. Hohimer Wealth Management LLC lifted its position in Steel Dynamics by 1.1% in the fourth quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company's stock worth $967,000 after purchasing an additional 61 shares during the period. Wright Investors Service Inc. raised its stake in shares of Steel Dynamics by 1.2% in the 4th quarter. Wright Investors Service Inc. now owns 5,555 shares of the basic materials company's stock worth $941,000 after buying an additional 64 shares in the last quarter. Finally, Kestra Private Wealth Services LLC lifted its holdings in shares of Steel Dynamics by 2.7% in the first quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company's stock valued at $431,000 after buying an additional 64 shares during the period. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $260.53 on Friday. The firm has a market capitalization of $37.34 billion, a PE ratio of 23.62, a PEG ratio of 0.50 and a beta of 1.52. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. Steel Dynamics, Inc. has a 1-year low of $124.77 and a 1-year high of $288.74. The business's 50 day moving average is $248.93 and its 200-day moving average is $219.91.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on STLD shares. UBS Group upped their target price on Steel Dynamics from $165.00 to $276.00 and gave the company a "neutral" rating in a report on Monday. KeyCorp reaffirmed an "overweight" rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Bank of America lowered their price objective on shares of Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating on the stock in a research report on Thursday, July 9th. Morgan Stanley cut their target price on shares of Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. upped their target price on Steel Dynamics from $256.00 to $260.00 and gave the company a "neutral" rating in a report on Wednesday, July 22nd. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $259.09.

Insiders Place Their Bets

In related news, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the completion of the transaction, the senior vice president owned 102,837 shares of the company's stock, valued at $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.60% of the stock is currently owned by insiders.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company's product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.

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