UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 148,357 Shares of Steel Dynamics, Inc. $STLD

Key Points

• UBS Asset Management cut its Steel Dynamics stake by 12.2%, selling 148,357 shares and retaining 1.07 million shares valued at approximately $245.9 million. Institutional investors collectively own 82.41% of the company.
• Steel Dynamics reported quarterly EPS of $3.69, exceeding estimates of $3.63, while revenue rose 33.4% year over year to $6.09 billion. The company declared a quarterly dividend of $0.53 per share, yielding about 0.9% annually.
• Analysts maintain a “Moderate Buy” consensus, with eight Buy ratings and four Holds and an average price target of $257.27, versus shares opening at $232.62.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 12.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,071,630 shares of the basic materials company's stock after selling 148,357 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.75% of Steel Dynamics worth $245,896,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Keating Financial Advisory Services Inc. raised its stake in Steel Dynamics by 27.1% during the second quarter. Keating Financial Advisory Services Inc. now owns 197 shares of the basic materials company's stock worth $45,000 after acquiring an additional 42 shares in the last quarter. Jacobi Capital Management LLC grew its holdings in shares of 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. Hohimer Wealth Management LLC grew its holdings in shares of Steel Dynamics by 1.1% in the 4th 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 last quarter. Kestra Private Wealth Services LLC increased its position in shares of Steel Dynamics by 2.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company's stock worth $431,000 after purchasing an additional 64 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Steel Dynamics by 4.1% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 1,764 shares of the basic materials company's stock valued at $246,000 after purchasing an additional 70 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company's stock.

Steel Dynamics Price Performance

Shares of STLD stock opened at $232.62 on Tuesday. Steel Dynamics, Inc. has a 1 year low of $126.88 and a 1 year high of $288.74. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. The firm's 50 day moving average is $241.70 and its 200-day moving average is $223.99. The firm has a market capitalization of $33.34 billion, a price-to-earnings ratio of 21.09, a PEG ratio of 0.44 and a beta of 1.52.

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

Steel Dynamics Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on STLD shares. Weiss Ratings upgraded shares of Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, June 18th. JPMorgan Chase & Co. lifted their target price on shares of Steel Dynamics from $256.00 to $260.00 and gave the company a "neutral" rating in a research note on Wednesday, July 22nd. The Goldman Sachs Group began coverage on Steel Dynamics in a report on Wednesday, July 29th. They issued a "buy" rating and a $300.00 target price on the stock. Wells Fargo & Company decreased their price target on Steel Dynamics from $275.00 to $255.00 and set an "overweight" rating on the stock in a research report on Monday, August 24th. Finally, Bank of America dropped their price target on Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating for the company in a report on Thursday, July 9th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $257.27.

Insiders Place Their Bets

In related news, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction that occurred on 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 transaction, the senior vice president directly owned 102,837 shares in the company, valued at $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 6.60% of the stock is owned by corporate 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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