Jennison Associates LLC Invests $15.79 Million in Steel Dynamics, Inc. $STLD

Jennison Associates LLC purchased a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 93,182 shares of the basic materials company’s stock, valued at approximately $15,790,000.

Other large investors have also modified their holdings of the company. Sound Income Strategies LLC lifted its position in shares of Steel Dynamics by 1,500.0% during the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 150 shares during the last quarter. Cornerstone Planning Group LLC lifted its position in shares of Steel Dynamics by 1,636.4% during the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 180 shares during the last quarter. Torren Management LLC bought a new position in shares of Steel Dynamics during the fourth quarter worth about $34,000. Nvest Wealth Strategies Inc. bought a new position in shares of Steel Dynamics during the fourth quarter worth about $42,000. Finally, Eagle Bay Advisors LLC bought a new position in shares of Steel Dynamics during the fourth quarter worth about $45,000. Institutional investors own 82.41% of the company’s stock.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, SVP Miguel Alvarez sold 4,825 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total value of $1,088,423.50. Following the sale, the senior vice president owned 122,257 shares in the company, valued at approximately $27,578,734.06. This trade represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kenneth W. Cornew sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the sale, the director owned 31,299 shares in the company, valued at $7,038,206.13. The trade was a 13.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.60% of the stock is currently owned by company insiders.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $229.27 on Friday. The firm’s 50 day moving average is $190.61 and its two-hundred day moving average is $176.99. Steel Dynamics, Inc. has a 52 week low of $119.89 and a 52 week high of $230.94. The firm has a market capitalization of $33.06 billion, a P/E ratio of 24.52, a PEG ratio of 0.58 and a beta of 1.48. 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 announced its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 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 firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same quarter in the previous year, the business posted $1.44 EPS. Steel Dynamics’s revenue for the quarter was up 19.1% compared to the same quarter last year. Analysts anticipate that Steel Dynamics, Inc. will post 14.77 earnings per share for the current year.

Steel Dynamics Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st were paid a $0.53 dividend. The ex-dividend date was Tuesday, March 31st. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is 22.67%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on STLD. BMO Capital Markets increased their price target on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 22nd. Bank of America cut shares of Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 target price on the stock. in a report on Thursday. JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $192.00 to $205.00 and gave the stock a “neutral” rating in a report on Tuesday, April 14th. Morgan Stanley reissued an “underperform” rating and issued a $190.00 target price on shares of Steel Dynamics in a report on Tuesday, March 17th. Finally, KeyCorp raised their target price on shares of Steel Dynamics from $190.00 to $241.00 and gave the stock an “overweight” rating in a report on Wednesday, April 22nd. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $214.30.

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.