SteelPeak Wealth LLC Reduces Stake in Steel Dynamics, Inc. $STLD

SteelPeak Wealth LLC lowered its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 17.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,529 shares of the basic materials company’s stock after selling 3,383 shares during the period. SteelPeak Wealth LLC’s holdings in Steel Dynamics were worth $2,984,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Prosperity Bancshares Inc purchased a new position in Steel Dynamics in the fourth quarter valued at approximately $25,000. MV Capital Management Inc. purchased a new stake in Steel Dynamics in the fourth quarter worth $27,000. Sound Income Strategies LLC increased its position in Steel Dynamics by 1,500.0% in the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock worth $28,000 after buying an additional 150 shares during the last quarter. Cedar Mountain Advisors LLC bought a new stake in shares of Steel Dynamics in the first quarter valued at $31,000. Finally, DV Equities LLC bought a new stake in shares of Steel Dynamics in the fourth quarter valued at $33,000. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Trading Up 0.2%

Shares of STLD opened at $235.51 on Friday. The firm has a market cap of $34.08 billion, a price-to-earnings ratio of 25.19, a PEG ratio of 0.44 and a beta of 1.53. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. Steel Dynamics, Inc. has a fifty-two week low of $119.89 and a fifty-two week high of $288.74. The firm has a 50 day moving average price of $245.95 and a 200-day moving average price of $208.80.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.01). The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The company’s revenue was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.44 earnings per share. As a group, equities research analysts forecast that Steel Dynamics, Inc. will post 17.27 earnings per share for the current year.

Steel Dynamics Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. Morgan Stanley raised their price objective on shares of Steel Dynamics from $227.00 to $270.00 and gave the stock an “equal weight” rating in a report on Monday, June 22nd. Barclays began coverage on shares of Steel Dynamics in a research note on Thursday, May 21st. They issued an “overweight” rating and a $270.00 price objective for the company. Citigroup raised their price target on Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Finally, Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $239.18.

Insider Activity at Steel Dynamics

In related news, SVP James Stanley Anderson sold 10,000 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the sale, the senior vice president directly owned 102,837 shares of the company’s stock, valued at $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth W. Cornew sold 5,000 shares of the company’s stock in a transaction dated Thursday, April 23rd. The stock was 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 directly owned 31,299 shares in the company, valued at $7,038,206.13. This represents a 13.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 22,125 shares of company stock valued at $5,438,226 over the last quarter. Company insiders own 6.60% of the company’s stock.

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.