Steel Dynamics Inc. (NASDAQ:STLD) was the recipient of a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 9,609,101 shares, a decrease of 10.7% from the September 15th total of 10,755,190 shares. Currently, 4.1% of the shares of the company are short sold. Based on an average daily volume of 3,324,850 shares, the days-to-cover ratio is presently 2.9 days.

Shares of Steel Dynamics (NASDAQ:STLD) opened at 23.73 on Friday. The stock has a market cap of $5.78 billion, a price-to-earnings ratio of 484.29 and a beta of 1.57. The firm has a 50-day moving average price of $24.43 and a 200-day moving average price of $24.88. Steel Dynamics has a 1-year low of $15.32 and a 1-year high of $28.01.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Monday, July 18th. The company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.02. The business earned $2.02 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Steel Dynamics had a return on equity of 10.79% and a net margin of 0.17%. During the same period in the previous year, the business earned $0.22 earnings per share. Equities analysts forecast that Steel Dynamics will post $2.06 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date was Wednesday, September 28th. Steel Dynamics’s dividend payout ratio is presently 1,120.00%.

In other news, Director Keith E. Busse sold 13,155 shares of the company’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $27.00, for a total transaction of $355,185.00. Following the completion of the sale, the director now owns 1,006,894 shares of the company’s stock, valued at approximately $27,186,138. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jurgen Dr Kolb sold 17,900 shares of the company’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $27.20, for a total transaction of $486,880.00. Following the sale, the director now directly owns 65,014 shares of the company’s stock, valued at approximately $1,768,380.80. The disclosure for this sale can be found here. Insiders own 4.10% of the company’s stock.

Several hedge funds have recently modified their holdings of STLD. Aperio Group LLC raised its stake in shares of Steel Dynamics by 24.8% in the first quarter. Aperio Group LLC now owns 66,815 shares of the company’s stock worth $1,504,000 after buying an additional 13,283 shares in the last quarter. Nisa Investment Advisors L.L.C. raised its stake in shares of Steel Dynamics by 2.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 38,820 shares of the company’s stock worth $874,000 after buying an additional 1,100 shares in the last quarter. Teachers Advisors Inc. raised its stake in shares of Steel Dynamics by 29.7% in the first quarter. Teachers Advisors Inc. now owns 616,238 shares of the company’s stock worth $13,872,000 after buying an additional 141,090 shares in the last quarter. BlackRock Inc. raised its stake in shares of Steel Dynamics by 31.7% in the first quarter. BlackRock Inc. now owns 133,385 shares of the company’s stock worth $3,003,000 after buying an additional 32,133 shares in the last quarter. Finally, BlackRock Group LTD raised its stake in shares of Steel Dynamics by 268.8% in the first quarter. BlackRock Group LTD now owns 802,079 shares of the company’s stock worth $18,055,000 after buying an additional 584,581 shares in the last quarter. 82.42% of the stock is currently owned by hedge funds and other institutional investors.

STLD has been the subject of a number of recent research reports. Bank of America Corp. reiterated a “hold” rating and set a $27.00 price objective on shares of Steel Dynamics in a research note on Tuesday, September 20th. Jefferies Group reiterated a “buy” rating on shares of Steel Dynamics in a research note on Wednesday, August 3rd. Morgan Stanley reiterated a “buy” rating and set a $27.00 price objective on shares of Steel Dynamics in a research note on Tuesday, August 16th. Cowen and Company boosted their price objective on Steel Dynamics from $30.00 to $33.00 and gave the company an “outperform” rating in a research note on Wednesday, July 20th. Finally, Citigroup Inc. initiated coverage on Steel Dynamics in a research note on Monday, August 22nd. They set a “buy” rating and a $33.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eighteen have issued a buy rating to the company’s stock. Steel Dynamics currently has a consensus rating of “Buy” and an average price target of $27.87.

About Steel Dynamics

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