Steel Dynamics, Inc. (NASDAQ:STLD) Shares Acquired by Covestor Ltd

Covestor Ltd boosted its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 10.8% in the 3rd quarter, Holdings Channel reports. The fund owned 951 shares of the basic materials company’s stock after acquiring an additional 93 shares during the quarter. Covestor Ltd’s holdings in Steel Dynamics were worth $120,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of STLD. Innealta Capital LLC purchased a new position in shares of Steel Dynamics during the 2nd quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Steel Dynamics in the 2nd quarter valued at about $41,000. Cullen Frost Bankers Inc. grew its stake in shares of Steel Dynamics by 33.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock valued at $52,000 after buying an additional 100 shares during the period. HHM Wealth Advisors LLC purchased a new stake in shares of Steel Dynamics during the 2nd quarter valued at approximately $52,000. Finally, Eagle Bay Advisors LLC acquired a new position in Steel Dynamics in the third quarter valued at approximately $64,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on STLD. BMO Capital Markets lifted their target price on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research report on Friday, October 18th. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their target price for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price target for the company from $140.00 to $155.00 in a research report on Tuesday, October 1st. Morgan Stanley decreased their price objective on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Steel Dynamics currently has a consensus rating of “Hold” and a consensus target price of $144.29.

Insider Buying and Selling

In other news, VP Chad Bickford sold 2,000 shares of Steel Dynamics stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $134.86, for a total transaction of $269,720.00. Following the sale, the vice president now owns 17,100 shares in the company, valued at approximately $2,306,106. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Steel Dynamics news, VP Chad Bickford sold 2,000 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $134.86, for a total transaction of $269,720.00. Following the transaction, the vice president now directly owns 17,100 shares of the company’s stock, valued at approximately $2,306,106. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Glenn Pushis sold 17,941 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the sale, the senior vice president now owns 146,693 shares of the company’s stock, valued at $19,523,371.37. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is owned by company insiders.

Steel Dynamics Stock Down 2.3 %

Shares of NASDAQ STLD opened at $144.35 on Wednesday. Steel Dynamics, Inc. has a 12-month low of $104.60 and a 12-month high of $155.56. The stock has a market cap of $22.27 billion, a P/E ratio of 13.06 and a beta of 1.31. The company has a current ratio of 2.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.31. The business’s fifty day simple moving average is $127.31 and its 200-day simple moving average is $126.90.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.98 by $0.07. The company had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.18 billion. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The firm’s revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.47 EPS. As a group, equities analysts predict that Steel Dynamics, Inc. will post 10.18 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is 16.65%.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.