Verdence Capital Advisors LLC Trims Stake in Steel Dynamics, Inc. $STLD

Verdence Capital Advisors LLC decreased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 68.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,052 shares of the basic materials company’s stock after selling 4,551 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Steel Dynamics were worth $286,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Ninety One UK Ltd raised its holdings in shares of Steel Dynamics by 33.5% in the 3rd quarter. Ninety One UK Ltd now owns 119,863 shares of the basic materials company’s stock valued at $16,712,000 after buying an additional 30,102 shares during the period. Allworth Financial LP increased its position in shares of Steel Dynamics by 119.3% during the second quarter. Allworth Financial LP now owns 11,012 shares of the basic materials company’s stock worth $1,410,000 after acquiring an additional 5,991 shares during the period. Generali Asset Management SPA SGR acquired a new stake in shares of Steel Dynamics in the third quarter valued at $1,315,000. Nomura Asset Management Co. Ltd. grew its stake in Steel Dynamics by 21.9% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 88,558 shares of the basic materials company’s stock worth $11,336,000 after purchasing an additional 15,931 shares in the last quarter. Finally, VCI Wealth Management LLC purchased a new stake in Steel Dynamics during the 3rd quarter worth about $957,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Up 1.4%

STLD stock opened at $181.32 on Friday. The stock has a market capitalization of $26.48 billion, a PE ratio of 24.02, a price-to-earnings-growth ratio of 0.75 and a beta of 1.48. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $182.81. The company has a fifty day moving average of $169.72 and a 200-day moving average of $148.95. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.47 and a current ratio of 3.11.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Wednesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is currently 26.49%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Citigroup increased their price objective on shares of Steel Dynamics from $150.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. KeyCorp reiterated an “overweight” rating and issued a $190.00 price target on shares of Steel Dynamics in a research note on Wednesday, January 7th. BMO Capital Markets increased their target price on shares of Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. UBS Group set a $165.00 price target on shares of Steel Dynamics in a research report on Tuesday, November 4th. Finally, JPMorgan Chase & Co. boosted their target price on Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a report on Friday, December 5th. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $182.00.

Insider Buying and Selling

In other Steel Dynamics news, SVP Miguel Alvarez sold 8,251 shares of the stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total value of $1,343,180.29. Following the completion of the transaction, the senior vice president directly owned 117,068 shares of the company’s stock, valued at approximately $19,057,499.72. This trade represents a 6.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 6.30% of the company’s stock.

Steel Dynamics Company 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.