K2 Principal Fund L.P. Sells 2,800 Shares of Steel Dynamics, Inc. $STLD

K2 Principal Fund L.P. lessened its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 70.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,200 shares of the basic materials company’s stock after selling 2,800 shares during the quarter. K2 Principal Fund L.P.’s holdings in Steel Dynamics were worth $203,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in STLD. NewEdge Advisors LLC lifted its holdings in shares of Steel Dynamics by 307.5% in the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock worth $102,000 after acquiring an additional 618 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in Steel Dynamics by 82.7% during the 1st quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock valued at $435,000 after buying an additional 1,578 shares in the last quarter. Jump Financial LLC bought a new stake in Steel Dynamics during the 2nd quarter valued at about $1,019,000. Qube Research & Technologies Ltd bought a new stake in Steel Dynamics during the 2nd quarter valued at about $48,746,000. Finally, Sei Investments Co. lifted its holdings in Steel Dynamics by 7.9% during the 2nd quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company’s stock valued at $13,447,000 after buying an additional 7,712 shares in the last quarter. Institutional investors own 82.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on STLD. Wells Fargo & Company lifted their price objective on shares of Steel Dynamics from $235.00 to $293.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. Weiss Ratings upgraded shares of Steel Dynamics from a “hold (c)” rating to a “buy (b-)” rating in a report on Wednesday, April 29th. Barclays began coverage on shares of Steel Dynamics in a report on Thursday, May 21st. They set an “overweight” rating and a $270.00 price objective for the company. BMO Capital Markets lifted their price objective on shares of Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a report on Wednesday, April 22nd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Steel Dynamics from $192.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $224.64.

Insider Activity

In other news, Director Kenneth W. Cornew sold 5,000 shares of Steel Dynamics stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total value of $1,124,350.00. Following the transaction, the director owned 31,299 shares of the company’s stock, valued at $7,038,206.13. The trade was a 13.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Miguel Alvarez sold 4,825 shares of Steel Dynamics stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the completion of the transaction, the senior vice president directly owned 122,257 shares in the company, valued at approximately $27,578,734.06. The trade was a 3.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 22,125 shares of company stock worth $5,438,227 in the last quarter. 6.60% of the stock is currently owned by corporate insiders.

Steel Dynamics Trading Up 1.1%

NASDAQ STLD opened at $282.76 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. The company has a market capitalization of $40.92 billion, a price-to-earnings ratio of 30.24, a price-to-earnings-growth ratio of 0.58 and a beta of 1.50. The company’s 50-day simple moving average is $230.74 and its two-hundred day simple moving average is $196.69. Steel Dynamics, Inc. has a one year low of $119.89 and a one year high of $285.88.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The business had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.39 billion. During the same period last year, the business posted $1.44 EPS. The company’s revenue for the quarter was up 19.1% on a year-over-year basis. Equities analysts forecast that Steel Dynamics, Inc. will post 15.85 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th will be given a $0.53 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.7%. Steel Dynamics’s payout ratio is presently 22.67%.

Steel Dynamics Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.