Provenance Wealth Advisors LLC purchased a new stake in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,573 shares of the basic materials company’s stock, valued at approximately $792,000.
Several other institutional investors have also modified their holdings of the business. Summit Wealth Group LLC Co. acquired a new stake in Steel Dynamics in the 3rd quarter valued at about $1,363,000. Security Financial Services INC. boosted its stake in shares of Steel Dynamics by 2.0% in the 3rd quarter. Security Financial Services INC. now owns 5,223 shares of the basic materials company’s stock valued at $1,158,000 after buying an additional 100 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Steel Dynamics during the third quarter worth about $8,128,000. ProShare Advisors LLC grew its position in shares of Steel Dynamics by 2.1% during the third quarter. ProShare Advisors LLC now owns 25,477 shares of the basic materials company’s stock worth $5,646,000 after buying an additional 531 shares in the last quarter. Finally, Vise Technologies Inc. increased its stake in shares of Steel Dynamics by 15.7% during the third quarter. Vise Technologies Inc. now owns 4,675 shares of the basic materials company’s stock worth $1,036,000 after buying an additional 634 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.
Insider Activity
In other news, EVP Barry Schneider sold 50,000 shares of the company’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $248.91, for a total value of $12,445,500.00. Following the completion of the transaction, the executive vice president owned 196,399 shares in the company, valued at approximately $48,885,675.09. This represents a 20.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 6.60% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on STLD shares. Weiss Ratings raised shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, October 28th. BMO Capital Markets lowered their price target on shares of Steel Dynamics from $296.00 to $290.00 and set an “outperform” rating for the company in a report on Tuesday, September 29th. Wells Fargo & Company increased their price objective on shares of Steel Dynamics from $257.00 to $271.00 and gave the company an “overweight” rating in a research report on Wednesday, October 21st. Wall Street Zen downgraded shares of Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research report on Sunday, September 20th. Finally, Morgan Stanley decreased their price objective on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 22nd. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $275.17.
View Our Latest Research Report on STLD
Steel Dynamics Price Performance
Shares of NASDAQ STLD opened at $240.12 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.48 and a current ratio of 3.14. Steel Dynamics, Inc. has a fifty-two week low of $150.03 and a fifty-two week high of $288.74. The firm has a market capitalization of $34.15 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 0.35 and a beta of 1.45. The stock’s 50-day simple moving average is $238.91 and its 200-day simple moving average is $224.40.
Steel Dynamics (NASDAQ:STLD – Get Free Report) last posted its earnings results on Monday, October 19th. The basic materials company reported $5.26 earnings per share for the quarter, missing the consensus estimate of $5.48 by ($0.22). The business had revenue of $6.51 billion for the quarter, compared to analysts’ expectations of $6.43 billion. Steel Dynamics had a return on equity of 21.57% and a net margin of 8.82%. Steel Dynamics’s revenue for the quarter was up 34.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.74 EPS. As a group, equities research analysts forecast that Steel Dynamics, Inc. will post 18.12 EPS for the current fiscal year.
Steel Dynamics Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Wednesday, September 30th. Steel Dynamics’s payout ratio is currently 15.65%.
Steel Dynamics Company Profile
Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company manufactures steel products using electric arc furnace technology and serves customers across industries such as construction, automotive, manufacturing, and energy.
Its operations include the production of flat rolled steel, long steel products, structural steel, rail, and specialty products. Steel Dynamics also provides steel processing and fabrication services, including the manufacture of steel joists, deck systems, and other components used in commercial and industrial construction.
The company operates metals recycling facilities that collect, process, and supply ferrous and nonferrous scrap to support its steelmaking operations.
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