Monument Capital Management Takes $2.44 Million Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Monument Capital Management bought a new stake in Steel Dynamics, Inc. (NASDAQ:STLDGet Rating) during the first quarter, HoldingsChannel.com reports. The fund bought 29,218 shares of the basic materials company’s stock, valued at approximately $2,438,000.

Several other hedge funds have also recently modified their holdings of the company. Rational Advisors LLC acquired a new position in Steel Dynamics in the 4th quarter valued at about $25,000. Citizens National Bank Trust Department bought a new stake in shares of Steel Dynamics during the 4th quarter worth approximately $25,000. Allegheny Financial Group LTD bought a new stake in shares of Steel Dynamics during the 4th quarter worth approximately $27,000. UMB Bank N A MO bought a new position in Steel Dynamics in the 4th quarter valued at approximately $27,000. Finally, Selective Wealth Management Inc. bought a new position in Steel Dynamics in the 4th quarter valued at approximately $31,000. 83.19% of the stock is currently owned by institutional investors.

Several brokerages recently commented on STLD. JPMorgan Chase & Co. dropped their price objective on shares of Steel Dynamics from $129.00 to $110.00 in a research note on Tuesday, June 14th. The Goldman Sachs Group downgraded shares of Steel Dynamics from a “buy” rating to a “neutral” rating and dropped their price target for the company from $114.00 to $92.00 in a research note on Tuesday, May 31st. UBS Group set a $95.00 price target on shares of Steel Dynamics in a research note on Monday. StockNews.com started coverage on shares of Steel Dynamics in a research note on Thursday, March 31st. They set a “buy” rating for the company. Finally, BMO Capital Markets raised their price target on shares of Steel Dynamics from $95.00 to $104.00 in a research note on Friday, April 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $87.00.

NASDAQ:STLD traded down $0.73 during trading hours on Thursday, reaching $66.67. The company had a trading volume of 17,159 shares, compared to its average volume of 2,234,035. The company has a quick ratio of 1.74, a current ratio of 3.42 and a debt-to-equity ratio of 0.45. The firm has a market cap of $12.58 billion, a price-to-earnings ratio of 3.48 and a beta of 1.30. The business’s 50-day simple moving average is $81.08 and its two-hundred day simple moving average is $72.42. Steel Dynamics, Inc. has a twelve month low of $50.54 and a twelve month high of $100.37.

Steel Dynamics (NASDAQ:STLDGet Rating) last posted its quarterly earnings results on Wednesday, April 20th. The basic materials company reported $6.02 EPS for the quarter, topping analysts’ consensus estimates of $5.58 by $0.44. The business had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Steel Dynamics had a net margin of 19.02% and a return on equity of 69.88%. The business’s quarterly revenue was up 57.1% on a year-over-year basis. During the same period last year, the company posted $2.10 earnings per share. As a group, equities analysts predict that Steel Dynamics, Inc. will post 19.84 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend is Wednesday, June 29th. Steel Dynamics’s payout ratio is 7.02%.

Steel Dynamics announced that its Board of Directors has approved a stock repurchase program on Monday, February 28th that authorizes the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to reacquire up to 8.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

In other news, Director Keith E. Busse sold 5,040 shares of Steel Dynamics stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $83.51, for a total transaction of $420,890.40. Following the completion of the transaction, the director now directly owns 724,034 shares in the company, valued at $60,464,079.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.40% of the stock is owned by company insiders.

Steel Dynamics Profile (Get Rating)

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.

Further Reading

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Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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