Axxcess Wealth Management LLC Purchases New Shares in Steel Dynamics, Inc. $STLD

Axxcess Wealth Management LLC purchased a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 3,283 shares of the basic materials company’s stock, valued at approximately $556,000.

Several other hedge funds also recently made changes to their positions in the company. Cornerstone Planning Group LLC increased its position in Steel Dynamics by 1,636.4% during the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock valued at $27,000 after buying an additional 180 shares in the last quarter. Sound Income Strategies LLC increased its position in Steel Dynamics by 1,500.0% during the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after buying an additional 150 shares in the last quarter. Torren Management LLC bought a new position in Steel Dynamics during the 4th quarter valued at approximately $34,000. Covestor Ltd increased its position in Steel Dynamics by 44.3% during the 3rd quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock valued at $42,000 after buying an additional 93 shares in the last quarter. Finally, Nvest Wealth Strategies Inc. bought a new position in Steel Dynamics during the 4th quarter valued at approximately $42,000. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Stock Up 4.4%

Steel Dynamics stock opened at $250.49 on Wednesday. The firm has a market cap of $36.25 billion, a price-to-earnings ratio of 26.79, a PEG ratio of 0.51 and a beta of 1.48. The stock has a fifty day simple moving average of $205.48 and a two-hundred day simple moving average of $186.48. Steel Dynamics, Inc. has a 12 month low of $119.89 and a 12 month high of $250.68. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.39 billion. Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The firm’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.44 EPS. Equities analysts predict that Steel Dynamics, Inc. will post 14.77 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.8%. Steel Dynamics’s dividend payout ratio (DPR) is presently 22.67%.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Miguel Alvarez sold 4,825 shares of Steel Dynamics stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total value of $1,088,423.50. Following the completion of the sale, the senior vice president owned 122,257 shares of the company’s stock, valued at approximately $27,578,734.06. This trade represents a 3.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Richard A. Poinsatte sold 2,300 shares of Steel Dynamics stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total value of $538,453.00. Following the completion of the sale, the senior vice president directly owned 28,618 shares of the company’s stock, valued at approximately $6,699,759.98. The trade was a 7.44% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 12,125 shares of company stock valued at $2,751,227. Corporate insiders own 6.60% of the company’s stock.

Analyst Upgrades and Downgrades

STLD has been the subject of a number of analyst reports. Weiss Ratings raised Steel Dynamics from a “hold (c)” rating to a “buy (b-)” rating in a research report on Wednesday, April 29th. Wall Street Zen raised Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. Citigroup raised their price objective on Steel Dynamics from $180.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Finally, Morgan Stanley reaffirmed an “underperform” rating and set a $190.00 price objective on shares of Steel Dynamics in a research report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Steel Dynamics currently has an average rating of “Moderate Buy” and a consensus price target of $219.36.

About Steel Dynamics

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.