5,698 Shares in Steel Dynamics, Inc. $STLD Acquired by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC bought a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the 1st quarter, Holdings Channel.com reports. The firm bought 5,698 shares of the basic materials company’s stock, valued at approximately $1,027,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Capital Research Global Investors raised its position in Steel Dynamics by 0.3% in the fourth quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company’s stock worth $613,926,000 after acquiring an additional 9,959 shares during the period. Life Cycle Investment Partners Ltd purchased a new stake in shares of Steel Dynamics in the 4th quarter worth $586,702,000. Norges Bank purchased a new stake in shares of Steel Dynamics in the 4th quarter worth $564,590,000. Robeco Institutional Asset Management B.V. raised its holdings in Steel Dynamics by 3.7% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company’s stock worth $340,289,000 after purchasing an additional 72,122 shares during the period. Finally, Invesco Ltd. lifted its position in Steel Dynamics by 6.3% during the fourth quarter. Invesco Ltd. now owns 1,965,092 shares of the basic materials company’s stock valued at $332,985,000 after purchasing an additional 116,379 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Barclays began coverage on Steel Dynamics in a report on Thursday, May 21st. They set an “overweight” rating and a $270.00 price target for the company. Wells Fargo & Company cut their price objective on Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating for the company in a research note on Thursday, June 18th. Jefferies Financial Group reissued a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. KeyCorp raised their target price on shares of Steel Dynamics from $241.00 to $262.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Finally, Bank of America lowered their price target on shares of Steel Dynamics from $285.00 to $280.00 and set a “neutral” rating on the stock in a report on Thursday, June 18th. One investment 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 company presently has an average rating of “Moderate Buy” and an average target price of $236.36.

Steel Dynamics Stock Performance

NASDAQ STLD opened at $227.07 on Tuesday. The firm has a market cap of $32.86 billion, a price-to-earnings ratio of 24.29, a price-to-earnings-growth ratio of 0.43 and a beta of 1.53. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average price of $245.88 and a 200-day moving average price of $205.47. Steel Dynamics, Inc. has a twelve month low of $119.89 and a twelve month high of $288.74.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same period last year, the business posted $1.44 EPS. The firm’s revenue for the quarter was up 19.1% compared to the same quarter last year. As a group, equities research analysts predict that Steel Dynamics, Inc. will post 16.78 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, June 30th. Steel Dynamics’s dividend payout ratio (DPR) is 22.67%.

Insider Activity at Steel Dynamics

In related news, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total transaction of $538,453.00. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Miguel Alvarez sold 4,825 shares of the firm’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the transaction, the senior vice president directly owned 122,257 shares of the company’s stock, valued at $27,578,734.06. The trade was a 3.80% decrease in their ownership of the stock. 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 worth $5,438,226. 6.60% of the stock is currently owned by corporate insiders.

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.