Kingsview Wealth Management LLC acquired a new stake in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) in the second quarter, Holdings Channel.com reports. The fund acquired 6,945 shares of the basic materials company’s stock, valued at approximately $1,594,000.
Several other institutional investors and hedge funds have also recently modified their holdings of STLD. Strs Ohio increased its stake in Steel Dynamics by 7.3% during the fourth quarter. Strs Ohio now owns 153,878 shares of the basic materials company’s stock worth $26,075,000 after purchasing an additional 10,519 shares during the period. Canada Post Corp Registered Pension Plan lifted its position in shares of Steel Dynamics by 70.5% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 11,692 shares of the basic materials company’s stock worth $1,981,000 after purchasing an additional 4,835 shares in the last quarter. Ethic Inc. boosted its stake in shares of Steel Dynamics by 56.5% in the fourth quarter. Ethic Inc. now owns 18,548 shares of the basic materials company’s stock valued at $3,143,000 after purchasing an additional 6,695 shares during the period. Sapient Capital LLC boosted its stake in shares of Steel Dynamics by 34.6% in the second quarter. Sapient Capital LLC now owns 447,664 shares of the basic materials company’s stock valued at $102,958,000 after purchasing an additional 115,080 shares during the period. Finally, Donoghue Forlines LLC purchased a new position in shares of Steel Dynamics in the fourth quarter valued at approximately $2,268,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.
Analysts Set New Price Targets
STLD has been the topic of several recent research reports. Barclays upped their target price on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 22nd. The Goldman Sachs Group started coverage on shares of Steel Dynamics in a research report on Wednesday, July 29th. They issued a “buy” rating and a $300.00 price target for the company. Wells Fargo & Company dropped their price target on shares of Steel Dynamics from $275.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, August 24th. JPMorgan Chase & Co. upped their price objective on Steel Dynamics from $256.00 to $260.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Finally, KeyCorp reiterated an “overweight” rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $257.27.
Steel Dynamics Stock Down 0.5%
STLD stock opened at $234.66 on Friday. The company’s 50 day moving average price is $242.07 and its 200 day moving average price is $223.62. The firm has a market capitalization of $33.63 billion, a price-to-earnings ratio of 21.27, a PEG ratio of 0.44 and a beta of 1.52. Steel Dynamics, Inc. has a fifty-two week low of $126.88 and a fifty-two week high of $288.74. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18.
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, topping analysts’ consensus estimates of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The company had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $5.56 billion. During the same quarter in the previous year, the firm earned $2.01 earnings per share. The firm’s quarterly revenue was up 33.4% on a year-over-year basis. On average, equities research analysts anticipate that Steel Dynamics, Inc. will post 17.16 EPS for the current fiscal year.
Steel Dynamics Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is presently 19.22%.
Insider Activity
In other news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the sale, the senior vice president directly owned 102,837 shares of the company’s stock, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.60% of the company’s stock.
Steel Dynamics Company 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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