BTC Capital Management Inc. has reduced its stake in Steel Dynamics, Inc.

This information was disclosed in a recent Form 13F filing with the US Securities and Exchange Commission (SEC). Following the move, BTC Capital Management Inc. sold 12,470 shares during the period, leaving it with a total of 88,557 shares in the basic materials company.

BTC Capital Management Inc.'s position in Steel Dynamics represents approximately 1% of its total assets and ranks as the 24th largest position held by the company. At the end of the period, the value of its holding in Steel Dynamics was estimated at $9,642,000.

Several research analysts have recently weighed in on Steel Dynamics. One of them is BMO Capital Markets who recently revised their price target on Steel Dynamics from $120.00 to $115.00 in a research report published on 19th June. On 8 September, JPMorgan Chase & Co also commented on the stock, increasing their price target from $94.00 to $95.00 and setting an "underweight" rating.

Morgan Stanley increased their price target on Steel Dynamics from $97.00 to $99.00 and gave them an equal weight rating on 24 July.

BNP Paribas downgraded Steel Dynamics from "superior" to "neutral" on 5 July and set a price target of $102.00.