Holocene Advisors LP Purchases 1,060,007 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Holocene Advisors LP raised its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 85.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,295,365 shares of the basic materials company’s stock after acquiring an additional 1,060,007 shares during the period. Steel Dynamics makes up approximately 1.2% of Holocene Advisors LP’s holdings, making the stock its 12th biggest holding. Holocene Advisors LP owned 1.51% of Steel Dynamics worth $289,400,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Innealta Capital LLC acquired a new position in shares of Steel Dynamics during the second quarter valued at about $33,000. Private Trust Co. NA increased its stake in Steel Dynamics by 532.6% during the 3rd quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 245 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Steel Dynamics in the second quarter worth $41,000. Cullen Frost Bankers Inc. lifted its stake in shares of Steel Dynamics by 33.3% during the second quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock worth $52,000 after buying an additional 100 shares during the period. Finally, HHM Wealth Advisors LLC purchased a new stake in shares of Steel Dynamics during the second quarter valued at $52,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Stock Up 1.0 %

STLD stock opened at $145.27 on Monday. Steel Dynamics, Inc. has a one year low of $104.60 and a one year high of $155.56. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39. The firm’s fifty day moving average is $135.06 and its 200 day moving average is $127.75. The firm has a market cap of $22.12 billion, a PE ratio of 13.15 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.07. The firm had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.18 billion. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The company’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period last year, the firm earned $3.47 EPS. On average, research analysts forecast that Steel Dynamics, Inc. will post 10.1 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.46 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.27%. Steel Dynamics’s dividend payout ratio (DPR) is 16.65%.

Analyst Ratings Changes

A number of analysts have commented on STLD shares. BMO Capital Markets lifted their price target on Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. The Goldman Sachs Group initiated coverage on shares of Steel Dynamics in a research report on Monday. They set a “neutral” rating and a $155.00 price target for the company. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Finally, Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $140.00 to $155.00 in a research note on Tuesday, October 1st. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $145.63.

Insider Activity at Steel Dynamics

In related news, SVP Miguel Alvarez sold 6,650 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $143.00, for a total transaction of $950,950.00. Following the completion of the sale, the senior vice president now directly owns 116,949 shares in the company, valued at approximately $16,723,707. The trade was a 5.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Richard A. Poinsatte sold 2,000 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $138.75, for a total value of $277,500.00. Following the completion of the transaction, the senior vice president now owns 21,101 shares in the company, valued at $2,927,763.75. The trade was a 8.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,591 shares of company stock valued at $3,885,938. 6.00% of the stock is owned by company insiders.

Steel Dynamics Profile

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.