Steel Dynamics, Inc. (NASDAQ:STLD) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 4.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 31,115 shares of the basic materials company’s stock after buying an additional 1,194 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Steel Dynamics were worth $3,923,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of STLD. FORA Capital LLC acquired a new position in Steel Dynamics in the third quarter valued at approximately $563,000. CreativeOne Wealth LLC increased its holdings in shares of Steel Dynamics by 17.3% during the 3rd quarter. CreativeOne Wealth LLC now owns 2,091 shares of the basic materials company’s stock valued at $264,000 after purchasing an additional 309 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Steel Dynamics in the 3rd quarter valued at $11,952,000. Blueshift Asset Management LLC acquired a new position in shares of Steel Dynamics in the 3rd quarter valued at $243,000. Finally, Bridgewater Associates LP boosted its holdings in Steel Dynamics by 119.3% during the third quarter. Bridgewater Associates LP now owns 200,662 shares of the basic materials company’s stock worth $25,299,000 after buying an additional 109,158 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Analysts Set New Price Targets

STLD has been the subject of a number of recent analyst reports. The Goldman Sachs Group began coverage on shares of Steel Dynamics in a report on Monday. They issued a “neutral” rating and a $155.00 price objective for the company. Morgan Stanley reduced their price target on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $140.00 to $155.00 in a report on Tuesday, October 1st. JPMorgan Chase & Co. boosted their price objective on Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and increased their target price for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Steel Dynamics currently has a consensus rating of “Hold” and a consensus target price of $145.63.

Steel Dynamics Stock Performance

NASDAQ STLD opened at $144.81 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.39 and a quick ratio of 1.26. Steel Dynamics, Inc. has a 1-year low of $104.60 and a 1-year high of $155.56. The company has a market cap of $22.05 billion, a PE ratio of 13.10 and a beta of 1.31. The stock’s 50 day simple moving average is $135.06 and its 200-day simple moving average is $127.75.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.07. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The company had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.18 billion. During the same quarter last year, the firm posted $3.47 EPS. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. As a group, equities research analysts anticipate that Steel Dynamics, Inc. will post 10.1 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is 16.65%.

Insider Transactions at Steel Dynamics

In other news, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction on Monday, October 21st. The stock was sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the transaction, the senior vice president now owns 146,693 shares in the company, valued at $19,523,371.37. The trade was a 10.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Chad Bickford sold 2,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $134.86, for a total transaction of $269,720.00. Following the completion of the sale, the vice president now directly owns 17,100 shares of the company’s stock, valued at $2,306,106. This represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,591 shares of company stock worth $3,885,938 in the last ninety days. Insiders own 6.00% of the company’s stock.

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.