Wealth Alliance LLC Raises Position in Steel Dynamics, Inc. $STLD

Wealth Alliance LLC grew its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 18.2% during the second quarter, Holdings Channel reports. The firm owned 3,057 shares of the basic materials company’s stock after purchasing an additional 470 shares during the period. Wealth Alliance LLC’s holdings in Steel Dynamics were worth $391,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp raised its position in Steel Dynamics by 1.2% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 163,399 shares of the basic materials company’s stock valued at $20,917,000 after buying an additional 1,954 shares during the last quarter. Vise Technologies Inc. bought a new stake in shares of Steel Dynamics in the 2nd quarter worth $720,000. Allworth Financial LP raised its holdings in shares of Steel Dynamics by 119.3% in the second quarter. Allworth Financial LP now owns 11,012 shares of the basic materials company’s stock valued at $1,410,000 after purchasing an additional 5,991 shares during the last quarter. ProShare Advisors LLC grew its position in Steel Dynamics by 5.0% in the 2nd quarter. ProShare Advisors LLC now owns 27,944 shares of the basic materials company’s stock worth $3,577,000 after purchasing an additional 1,333 shares in the last quarter. Finally, Bornite Capital Management LP purchased a new stake in Steel Dynamics in the 2nd quarter valued at about $12,801,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Trading Down 2.1%

Shares of Steel Dynamics stock opened at $154.59 on Friday. The stock has a market capitalization of $22.58 billion, a P/E ratio of 20.48, a P/E/G 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. The stock’s 50-day simple moving average is $145.17 and its 200 day simple moving average is $135.42.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.05 earnings per share. As a group, research analysts anticipate 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 will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Wednesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is presently 26.49%.

Insider Buying and Selling at Steel Dynamics

In related news, SVP Miguel Alvarez sold 8,251 shares of the stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the sale, the senior vice president owned 117,068 shares of the company’s stock, valued at approximately $19,057,499.72. This represents a 6.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 6.30% of the company’s stock.

Analyst Ratings Changes

STLD has been the subject of several recent analyst reports. UBS Group set a $165.00 target price on Steel Dynamics in a report on Tuesday, November 4th. Weiss Ratings reissued a “hold (c)” rating on shares of Steel Dynamics in a research report on Wednesday, October 8th. Wells Fargo & Company lifted their target price on Steel Dynamics from $150.00 to $169.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 22nd. Morgan Stanley increased their price target on shares of Steel Dynamics from $145.00 to $173.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Finally, KeyCorp raised their price objective on shares of Steel Dynamics from $152.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $170.11.

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.