Allstate Corp Invests $604,000 in Steel Dynamics, Inc. $STLD

Allstate Corp purchased a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,335 shares of the basic materials company’s stock, valued at approximately $604,000.

Other hedge funds have also bought and sold shares of the company. Norges Bank acquired a new position in shares of Steel Dynamics during the 2nd quarter worth approximately $339,769,000. Nordea Investment Management AB raised its position in shares of Steel Dynamics by 43.3% in the second quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock valued at $271,238,000 after buying an additional 630,935 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of Steel Dynamics by 40.6% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,675,973 shares of the basic materials company’s stock valued at $214,541,000 after buying an additional 484,304 shares during the period. Qube Research & Technologies Ltd acquired a new stake in Steel Dynamics during the second quarter worth approximately $48,746,000. Finally, AQR Capital Management LLC increased its stake in Steel Dynamics by 79.1% during the 2nd quarter. AQR Capital Management LLC now owns 627,542 shares of the basic materials company’s stock worth $80,332,000 after acquiring an additional 277,166 shares during the period. 82.41% of the stock is owned by institutional investors.

Steel Dynamics Trading Down 0.6%

Shares of STLD stock opened at $178.81 on Friday. Steel Dynamics, Inc. has a twelve month low of $103.17 and a twelve month high of $182.81. The stock’s fifty day simple moving average is $169.20 and its 200 day simple moving average is $148.62. The company has a quick ratio of 1.47, a current ratio of 3.11 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $26.11 billion, a P/E ratio of 23.68, a P/E/G ratio of 0.75 and a beta of 1.48.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Tuesday, October 21st. The basic materials company reported $2.74 EPS for the quarter, beating the consensus estimate of $2.63 by $0.11. The firm had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.74 billion. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.The business’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period last year, the company earned $2.05 earnings per share. As a group, sell-side analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 9th. Investors of record on Wednesday, December 31st were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Wednesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is 26.49%.

Insider Buying and Selling

In other Steel Dynamics news, SVP Miguel Alvarez sold 8,251 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

STLD has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their target price on Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. Wells Fargo & Company boosted their price target on Steel Dynamics from $172.00 to $190.00 and gave the company an “overweight” rating in a research note on Monday, December 15th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Steel Dynamics in a research report on Monday, December 29th. BMO Capital Markets raised their target price on shares of Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. Finally, UBS Group set a $165.00 target price on shares of Steel Dynamics in a research report on Tuesday, November 4th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $182.00.

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.