Cornerstone Wealth Group LLC Lowers Position in Steel Dynamics, Inc. $STLD

Cornerstone Wealth Group LLC cut its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 18.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,254 shares of the basic materials company’s stock after selling 5,167 shares during the period. Cornerstone Wealth Group LLC’s holdings in Steel Dynamics were worth $4,186,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Jacobi Capital Management LLC lifted its position in shares of Steel Dynamics by 1.6% during the fourth quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock valued at $599,000 after purchasing an additional 55 shares in the last quarter. Optas LLC grew its position in Steel Dynamics by 3.0% in the 4th quarter. Optas LLC now owns 1,979 shares of the basic materials company’s stock worth $335,000 after purchasing an additional 58 shares in the last quarter. Hohimer Wealth Management LLC increased its stake in Steel Dynamics by 1.1% in the 4th quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock valued at $967,000 after buying an additional 61 shares during the last quarter. Wright Investors Service Inc. increased its stake in Steel Dynamics by 1.2% in the 4th quarter. Wright Investors Service Inc. now owns 5,555 shares of the basic materials company’s stock valued at $941,000 after buying an additional 64 shares during the last quarter. Finally, Kestra Private Wealth Services LLC increased its stake in Steel Dynamics by 2.7% in the 1st quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company’s stock valued at $431,000 after buying an additional 64 shares during the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Stock Down 2.2%

Steel Dynamics stock opened at $245.49 on Friday. Steel Dynamics, Inc. has a twelve month low of $119.89 and a twelve month high of $288.74. The firm has a 50 day moving average price of $244.38 and a 200-day moving average price of $202.86. The company has a market capitalization of $35.53 billion, a P/E ratio of 26.26, a P/E/G ratio of 0.48 and a beta of 1.50. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly 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). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.39 billion. During the same period last year, the firm posted $1.44 EPS. The company’s revenue for the quarter was up 19.1% compared to the same quarter last year. As a group, equities analysts predict that Steel Dynamics, Inc. will post 16.78 EPS for the current year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be paid a $0.53 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. Steel Dynamics’s payout ratio is presently 22.67%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on STLD. Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. Barclays assumed coverage on Steel Dynamics in a research report on Thursday, May 21st. They set an “overweight” rating and a $270.00 price target for the company. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a report on Saturday, April 18th. Morgan Stanley boosted their price objective on Steel Dynamics from $227.00 to $270.00 and gave the stock an “equal weight” rating in a research report on Monday, June 22nd. Finally, Weiss Ratings upgraded Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $236.36.

Insider Transactions at Steel Dynamics

In related news, SVP Richard A. Poinsatte sold 2,300 shares of Steel Dynamics stock in a transaction dated 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 owned 28,618 shares of the company’s stock, valued at approximately $6,699,759.98. This trade represents a 7.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth W. Cornew sold 5,000 shares of Steel Dynamics stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total value of $1,124,350.00. Following the completion of the sale, the director directly owned 31,299 shares of the company’s stock, valued at approximately $7,038,206.13. This trade represents a 13.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 22,125 shares of company stock valued at $5,438,226. Corporate insiders own 6.60% of the company’s stock.

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.