Steel Dynamics (NASDAQ:STLD) Stock Crosses Below Two Hundred Day Moving Average Following Insider Selling

Steel Dynamics, Inc. (NASDAQ:STLD) passed below its 200-day moving average during trading on Thursday following insider selling activity. The stock has a 200-day moving average of $224.64 and traded as low as $221.27. Steel Dynamics shares last traded at $221.90, with a volume of 1,848,633 shares.

Specifically, EVP Barry Schneider sold 50,000 shares of the business’s stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $248.91, for a total transaction of $12,445,500.00. Following the completion of the sale, the executive vice president owned 196,399 shares of the company’s stock, valued at approximately $48,885,675.09. The trade was a 20.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. cut their price objective on Steel Dynamics from $272.00 to $260.00 and set a “neutral” rating on the stock in a report on Friday, October 9th. Barclays set a $280.00 target price on Steel Dynamics in a report on Friday, October 23rd. KeyCorp increased their target price on shares of Steel Dynamics from $262.00 to $265.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. Weiss Ratings upgraded shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, October 28th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $299.00 price target (down from $301.00) on shares of Steel Dynamics in a report on Tuesday, October 20th. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Steel Dynamics has an average rating of “Moderate Buy” and a consensus price target of $275.17.

Steel Dynamics Trading Down 7.6%

The stock has a market capitalization of $31.56 billion, a price-to-earnings ratio of 16.38, a P/E/G ratio of 0.34 and a beta of 1.45. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.48 and a current ratio of 3.14. The firm has a fifty day moving average of $238.63 and a 200-day moving average of $224.64.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Monday, October 19th. The basic materials company reported $5.26 EPS for the quarter, missing analysts’ consensus estimates of $5.48 by ($0.22). Steel Dynamics had a return on equity of 21.57% and a net margin of 8.82%. The company had revenue of $6.51 billion for the quarter, compared to analyst estimates of $6.43 billion. During the same quarter in the prior year, the firm earned $2.74 EPS. The company’s revenue for the quarter was up 34.8% compared to the same quarter last year. As a group, equities analysts predict that Steel Dynamics, Inc. will post 18.12 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Wednesday, September 30th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.12 annualized dividend and a yield of 1.0%. Steel Dynamics’s payout ratio is 15.65%.

Hedge Funds Weigh In On Steel Dynamics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Steel Dynamics during the second quarter valued at approximately $2,844,501,000. Bank of America Corp DE acquired a new position in shares of Steel Dynamics during the second quarter worth $264,212,000. Bank of New York Mellon Corp acquired a new position in shares of Steel Dynamics during the second quarter worth $211,159,000. Deutsche Bank AG purchased a new position in shares of Steel Dynamics in the second quarter valued at $126,579,000. Finally, Sapient Capital LLC boosted its stake in shares of Steel Dynamics by 34.6% in the second quarter. Sapient Capital LLC now owns 447,664 shares of the basic materials company’s stock valued at $102,958,000 after purchasing an additional 115,080 shares during the period. 82.41% of the stock is owned by institutional investors and hedge funds.

About Steel Dynamics

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company manufactures steel products using electric arc furnace technology and serves customers across industries such as construction, automotive, manufacturing, and energy.

Its operations include the production of flat rolled steel, long steel products, structural steel, rail, and specialty products. Steel Dynamics also provides steel processing and fabrication services, including the manufacture of steel joists, deck systems, and other components used in commercial and industrial construction.

The company operates metals recycling facilities that collect, process, and supply ferrous and nonferrous scrap to support its steelmaking operations.