Kinsale Capital Group Inc. Purchases 5,145 Shares of Steel Dynamics, Inc. $STLD

Kinsale Capital Group Inc. grew its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 14.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,065 shares of the basic materials company’s stock after buying an additional 5,145 shares during the quarter. Kinsale Capital Group Inc.’s holdings in Steel Dynamics were worth $5,257,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in STLD. Cary Street Partners Investment Advisory LLC increased its stake in Steel Dynamics by 493.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 163 shares during the last quarter. Financial Gravity Asset Management Inc. bought a new position in shares of Steel Dynamics in the 1st quarter valued at $25,000. Trust Co. of Toledo NA OH bought a new position in shares of Steel Dynamics in the 2nd quarter valued at $30,000. Zions Bancorporation National Association UT acquired a new position in shares of Steel Dynamics during the 1st quarter worth $32,000. Finally, WPG Advisers LLC bought a new stake in shares of Steel Dynamics during the 1st quarter worth $32,000. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Trading Down 0.6%

Shares of NASDAQ STLD opened at $151.94 on Friday. The firm has a 50 day moving average price of $143.23 and a two-hundred day moving average price of $134.57. The stock has a market cap of $22.19 billion, a P/E ratio of 20.12, a price-to-earnings-growth ratio of 1.39 and a beta of 1.45. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $164.73. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 3.11.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 EPS for the quarter, topping analysts’ consensus estimates of $2.63 by $0.11. The company had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.74 billion. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. Steel Dynamics’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.05 earnings per share. As a group, equities analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were paid a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.00 annualized dividend and a dividend yield of 1.3%. Steel Dynamics’s dividend payout ratio is presently 26.49%.

Insider Activity

In related news, SVP Miguel Alvarez sold 8,251 shares of Steel Dynamics stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total value of $1,343,180.29. Following the transaction, the senior vice president directly owned 117,068 shares of the company’s stock, valued at $19,057,499.72. The trade was a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $150.00 to $160.00 and gave the company a “neutral” rating in a research report on Monday, October 13th. KeyCorp lifted their price target on shares of Steel Dynamics from $152.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Wells Fargo & Company upped their price objective on shares of Steel Dynamics from $150.00 to $169.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 22nd. Weiss Ratings restated a “hold (c)” rating on shares of Steel Dynamics in a research report on Wednesday, October 8th. Finally, Morgan Stanley upped their price target on shares of Steel Dynamics from $145.00 to $173.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Steel Dynamics currently has an average rating of “Moderate Buy” and a consensus target price of $170.11.

About Steel Dynamics

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.