Bornite Capital Management LP Reduces Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Bornite Capital Management LP lowered its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 97.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 3,400 shares of the basic materials company’s stock after selling 125,000 shares during the quarter. Bornite Capital Management LP’s holdings in Steel Dynamics were worth $504,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Atomi Financial Group Inc. increased its holdings in shares of Steel Dynamics by 3.1% in the 1st quarter. Atomi Financial Group Inc. now owns 2,667 shares of the basic materials company’s stock worth $395,000 after purchasing an additional 79 shares in the last quarter. Greenfield Savings Bank grew its holdings in shares of Steel Dynamics by 0.7% in the first quarter. Greenfield Savings Bank now owns 11,676 shares of the basic materials company’s stock worth $1,731,000 after acquiring an additional 85 shares during the period. EverSource Wealth Advisors LLC lifted its position in Steel Dynamics by 9.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,068 shares of the basic materials company’s stock valued at $126,000 after purchasing an additional 88 shares in the last quarter. Global Retirement Partners LLC lifted its position in Steel Dynamics by 19.2% during the first quarter. Global Retirement Partners LLC now owns 570 shares of the basic materials company’s stock valued at $84,000 after purchasing an additional 92 shares in the last quarter. Finally, Signaturefd LLC lifted its position in Steel Dynamics by 0.9% during the fourth quarter. Signaturefd LLC now owns 10,698 shares of the basic materials company’s stock valued at $1,263,000 after purchasing an additional 93 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insider Activity

In related news, SVP Christopher A. Graham sold 21,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $136.81, for a total value of $2,873,010.00. Following the transaction, the senior vice president now directly owns 60,415 shares of the company’s stock, valued at approximately $8,265,376.15. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 6.00% of the company’s stock.

Steel Dynamics Stock Down 0.0 %

Steel Dynamics stock traded down $0.02 during mid-day trading on Monday, reaching $130.52. 1,077,029 shares of the company were exchanged, compared to its average volume of 1,243,027. The business has a fifty day moving average of $127.98 and a 200 day moving average of $130.18. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35. The firm has a market cap of $20.51 billion, a P/E ratio of 8.96 and a beta of 1.35. Steel Dynamics, Inc. has a 12-month low of $95.53 and a 12-month high of $151.34.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.67 by $0.05. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.43 billion. During the same quarter in the prior year, the business posted $4.81 EPS. The business’s revenue for the quarter was down 8.8% compared to the same quarter last year. Research analysts anticipate that Steel Dynamics, Inc. will post 11.35 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Sunday, June 30th were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.84 annualized dividend and a dividend yield of 1.41%. Steel Dynamics’s dividend payout ratio is presently 12.64%.

Analysts Set New Price Targets

Several brokerages have recently commented on STLD. JPMorgan Chase & Co. boosted their price objective on Steel Dynamics from $118.00 to $120.00 and gave the company an “underweight” rating in a research report on Tuesday, July 16th. BMO Capital Markets lowered their price objective on Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a research report on Tuesday, June 18th. Jefferies Financial Group initiated coverage on Steel Dynamics in a research report on Monday, May 20th. They issued a “hold” rating and a $150.00 target price on the stock. Finally, Bank of America decreased their target price on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $133.86.

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.