Edgestream Partners L.P. lessened its stake in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 45.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,754 shares of the basic materials company’s stock after selling 8,009 shares during the quarter. Edgestream Partners L.P.’s holdings in Steel Dynamics were worth $1,756,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in STLD. Prosperity Bancshares Inc bought a new stake in shares of Steel Dynamics during the fourth quarter worth $25,000. MV Capital Management Inc. bought a new stake in Steel Dynamics in the 4th quarter valued at $27,000. Sound Income Strategies LLC lifted its position in Steel Dynamics by 1,500.0% in the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after acquiring an additional 150 shares in the last quarter. Cedar Mountain Advisors LLC acquired a new position in Steel Dynamics in the 1st quarter worth $31,000. Finally, DV Equities LLC acquired a new position in Steel Dynamics in the 4th quarter worth $33,000. Institutional investors and hedge funds own 82.41% of the company’s stock.
Wall Street Analysts Forecast Growth
STLD has been the topic of several recent research reports. Wells Fargo & Company dropped their price target on Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 22nd. Barclays boosted their price target on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. The Goldman Sachs Group initiated coverage on Steel Dynamics in a report on Wednesday, July 29th. They set a “buy” rating and a $300.00 price objective for the company. Finally, BMO Capital Markets lifted their target price on Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $249.00.
Steel Dynamics Stock Up 2.8%
Steel Dynamics stock opened at $258.38 on Tuesday. The company has a market cap of $37.03 billion, a P/E ratio of 23.43, a price-to-earnings-growth ratio of 0.47 and a beta of 1.52. Steel Dynamics, Inc. has a 1-year low of $119.89 and a 1-year high of $288.74. The company has a fifty day simple moving average of $249.01 and a 200 day simple moving average of $214.94. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45.
Steel Dynamics (NASDAQ:STLD – Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The firm had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. During the same period in the previous year, the business earned $2.01 EPS. The company’s revenue was up 33.4% compared to the same quarter last year. Research analysts anticipate that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year.
Steel Dynamics Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Tuesday, June 30th were given a $0.53 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.8%. Steel Dynamics’s payout ratio is currently 19.22%.
Insider Transactions at Steel Dynamics
In related news, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total transaction of $538,453.00. Following the sale, the senior vice president owned 28,618 shares in the company, valued at approximately $6,699,759.98. This represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP James Stanley Anderson sold 10,000 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the sale, the senior vice president owned 102,837 shares in the company, valued at $27,632,301.90. The trade was a 8.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.60% of the stock is currently owned by insiders.
Steel Dynamics Profile
Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.
The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.
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