K2 Principal Fund L.P. Sells 3,500 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

K2 Principal Fund L.P. reduced its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 22.4% during the second quarter, Holdings Channel reports. The institutional investor owned 12,100 shares of the basic materials company’s stock after selling 3,500 shares during the quarter. K2 Principal Fund L.P.’s holdings in Steel Dynamics were worth $1,567,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Larson Financial Group LLC bought a new position in Steel Dynamics during the 1st quarter worth approximately $25,000. LifeSteps Financial Inc. purchased a new position in shares of Steel Dynamics in the first quarter worth $26,000. Security National Bank bought a new stake in Steel Dynamics during the 4th quarter valued at $30,000. Innealta Capital LLC purchased a new stake in Steel Dynamics during the 2nd quarter valued at $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in Steel Dynamics in the 2nd quarter worth $41,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Up 0.9 %

NASDAQ:STLD opened at $120.96 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19. The firm’s 50-day moving average price is $119.89 and its 200-day moving average price is $128.93. The company has a market capitalization of $19.01 billion, a PE ratio of 8.31 and a beta of 1.32. Steel Dynamics, Inc. has a 1-year low of $98.25 and a 1-year high of $151.34.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The business had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.43 billion. During the same quarter last year, the firm earned $4.81 earnings per share. The business’s revenue for the quarter was down 8.8% on a year-over-year basis. On average, equities analysts predict that Steel Dynamics, Inc. will post 10.57 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Monday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is 12.64%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Morgan Stanley lowered their price objective on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. Bank of America reduced their target price on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. JPMorgan Chase & Co. raised Steel Dynamics from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $120.00 to $131.00 in a research note on Monday, September 9th. Finally, BMO Capital Markets reduced their price objective on shares of Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating on the stock in a research report on Tuesday, September 17th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Steel Dynamics has an average rating of “Hold” and a consensus price target of $141.29.

Steel Dynamics Company 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.