Ritholtz Wealth Management Sells 448 Shares of Steel Dynamics, Inc. $STLD

Ritholtz Wealth Management lowered its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 6.7% in the second quarter, HoldingsChannel reports. The firm owned 6,239 shares of the basic materials company’s stock after selling 448 shares during the period. Ritholtz Wealth Management’s holdings in Steel Dynamics were worth $799,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Financial Gravity Asset Management Inc. bought a new stake in shares of Steel Dynamics during the first quarter worth approximately $25,000. Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Steel Dynamics by 493.9% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 163 shares during the period. Trust Co. of Toledo NA OH bought a new stake in shares of Steel Dynamics during the second quarter worth approximately $30,000. Zions Bancorporation National Association UT bought a new stake in shares of Steel Dynamics during the first quarter worth approximately $32,000. Finally, WPG Advisers LLC bought a new stake in shares of Steel Dynamics during the first quarter worth approximately $32,000. Institutional investors own 82.41% of the company’s stock.

Insider Buying and Selling

In other Steel Dynamics news, SVP Christopher A. Graham sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the completion of the transaction, the senior vice president directly owned 66,738 shares in the company, valued at $8,456,371.98. The trade was a 15.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on STLD. Wells Fargo & Company boosted their price objective on Steel Dynamics from $143.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, September 15th. JPMorgan Chase & Co. boosted their price objective on Steel Dynamics from $150.00 to $160.00 and gave the stock a “neutral” rating in a report on Monday, October 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Steel Dynamics in a report on Wednesday, October 8th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $149.89.

Steel Dynamics Trading Up 0.1%

Shares of STLD stock opened at $142.75 on Friday. The company has a current ratio of 3.13, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43. The stock has a market cap of $21.01 billion, a P/E ratio of 20.81, a price-to-earnings-growth ratio of 1.17 and a beta of 1.40. The stock has a 50 day simple moving average of $135.49 and a 200 day simple moving average of $130.59. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results 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 company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.82 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The company’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.72 earnings per share. On average, research analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.4%. The ex-dividend date was Tuesday, September 30th. Steel Dynamics’s payout ratio is currently 29.15%.

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.