Waycross Investment Management Co Cuts Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Waycross Investment Management Co decreased its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 2.0% in the 4th quarter, Holdings Channel reports. The firm owned 13,879 shares of the basic materials company’s stock after selling 285 shares during the quarter. Steel Dynamics accounts for approximately 1.7% of Waycross Investment Management Co’s portfolio, making the stock its 18th biggest position. Waycross Investment Management Co’s holdings in Steel Dynamics were worth $1,583,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in STLD. Holocene Advisors LP lifted its position in shares of Steel Dynamics by 85.8% during the 3rd quarter. Holocene Advisors LP now owns 2,295,365 shares of the basic materials company’s stock valued at $289,400,000 after acquiring an additional 1,060,007 shares during the period. Lord Abbett & CO. LLC increased its stake in Steel Dynamics by 116.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,018,668 shares of the basic materials company’s stock valued at $128,434,000 after purchasing an additional 548,086 shares in the last quarter. Nordea Investment Management AB increased its stake in Steel Dynamics by 22.4% in the 4th quarter. Nordea Investment Management AB now owns 1,384,526 shares of the basic materials company’s stock valued at $158,487,000 after purchasing an additional 253,802 shares in the last quarter. Skandinaviska Enskilda Banken AB publ raised its holdings in Steel Dynamics by 65.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 571,787 shares of the basic materials company’s stock worth $74,064,000 after purchasing an additional 225,832 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Steel Dynamics in the second quarter valued at $24,670,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Performance

Shares of STLD opened at $123.27 on Tuesday. The company has a market capitalization of $18.77 billion, a price-to-earnings ratio of 11.16 and a beta of 1.36. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39. Steel Dynamics, Inc. has a 1 year low of $104.60 and a 1 year high of $155.56. The company’s 50 day simple moving average is $130.87 and its 200 day simple moving average is $126.54.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.07. The company had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.18 billion. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.47 EPS. On average, sell-side analysts predict that Steel Dynamics, Inc. will post 10.09 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st were paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend was Tuesday, December 31st. Steel Dynamics’s payout ratio is 16.65%.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Richard A. Poinsatte sold 2,000 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $138.75, for a total transaction of $277,500.00. Following the completion of the sale, the senior vice president now directly owns 21,101 shares of the company’s stock, valued at $2,927,763.75. The trade was a 8.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Glenn Pushis sold 17,941 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the transaction, the senior vice president now directly owns 146,693 shares in the company, valued at $19,523,371.37. This trade represents a 10.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,591 shares of company stock worth $3,885,938 in the last 90 days. 6.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

STLD has been the subject of several research reports. JPMorgan Chase & Co. lifted their price target on Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Morgan Stanley dropped their target price on shares of 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 shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price target for the company from $140.00 to $155.00 in a report on Tuesday, October 1st. BNP Paribas raised shares of Steel Dynamics from a “neutral” rating to an “outperform” rating in a research note on Friday, January 3rd. Finally, Jefferies Financial Group cut their price objective on Steel Dynamics from $145.00 to $125.00 and set a “hold” rating for the company in a research report on Monday, January 6th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Steel Dynamics currently has an average rating of “Hold” and an average price target of $141.13.

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.