Y Intercept Hong Kong Ltd Sells 47,840 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Key Points

• Y Intercept Hong Kong Ltd has significantly reduced its stake in Steel Dynamics, Inc., by 92.8% in the first quarter, leaving them with only 3,733 shares valued at $467,000.
• Other institutional investors have increased their positions in Steel Dynamics, with Ritholtz Wealth Management raising its stake by 24.4%, now holding shares valued at $836,000.
• Steel Dynamics missed earnings estimates for the last quarter, reporting $2.01 EPS compared to the expected $2.05 EPS, alongside a revenue decline of 1.5% year-over-year.

Y Intercept Hong Kong Ltd cut its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 92.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,733 shares of the basic materials company's stock after selling 47,840 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Steel Dynamics were worth $467,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Forum Financial Management LP boosted its holdings in Steel Dynamics by 2.5% in the fourth quarter. Forum Financial Management LP now owns 3,113 shares of the basic materials company's stock valued at $355,000 after purchasing an additional 75 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in Steel Dynamics by 1.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 5,803 shares of the basic materials company's stock worth $726,000 after buying an additional 91 shares during the last quarter. Sunbelt Securities Inc. lifted its holdings in Steel Dynamics by 25.0% during the 1st quarter. Sunbelt Securities Inc. now owns 500 shares of the basic materials company's stock worth $63,000 after buying an additional 100 shares during the last quarter. OneAscent Financial Services LLC lifted its holdings in Steel Dynamics by 2.2% during the 4th quarter. OneAscent Financial Services LLC now owns 4,605 shares of the basic materials company's stock worth $527,000 after buying an additional 101 shares during the last quarter. Finally, Parallel Advisors LLC lifted its holdings in Steel Dynamics by 6.3% during the 1st quarter. Parallel Advisors LLC now owns 1,734 shares of the basic materials company's stock worth $217,000 after buying an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company's stock.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, Director Gabriel Shaheen sold 1,254 shares of the company's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $134.11, for a total transaction of $168,173.94. Following the transaction, the director 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Miguel Alvarez sold 7,495 shares of the company's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $135.26, for a total transaction 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 approximately $16,950,647.94. This represents a 5.64% decrease in their position. The disclosure for this sale can be found here. 6.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

Steel Dynamics Stock Down 0.5%

Shares of Steel Dynamics stock traded down $0.60 during midday trading on Monday, hitting $130.23. The company's stock had a trading volume of 1,066,036 shares, compared to its average volume of 1,242,055. The firm has a market capitalization of $19.33 billion, a P/E ratio of 18.98, a PEG ratio of 1.06 and a beta of 1.37. The stock has a 50-day simple moving average of $131.15 and a 200-day simple moving average of $128.23. 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, Inc. has a 1-year low of $103.17 and a 1-year high of $155.56.

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). The firm 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%. Steel Dynamics's revenue was down 1.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.72 earnings per share. As a group, sell-side analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Company 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.