Leigh Baldwin & CO. LLC Purchases Shares of 2,360 Steel Dynamics, Inc. $STLD

Leigh Baldwin & CO. LLC purchased a new position in Steel Dynamics, Inc. (NASDAQ:STLD) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,360 shares of the basic materials company’s stock, valued at approximately $425,000.

Several other hedge funds and other institutional investors have also made changes to their positions in STLD. Capital Research Global Investors increased its holdings in shares of 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 purchasing an additional 9,959 shares during the last quarter. Life Cycle Investment Partners Ltd bought a new position in Steel Dynamics during the fourth quarter valued at approximately $586,702,000. Norges Bank bought a new position in Steel Dynamics during the fourth quarter valued at approximately $564,590,000. Robeco Institutional Asset Management B.V. grew its holdings in Steel Dynamics by 3.7% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company’s stock valued at $340,289,000 after buying an additional 72,122 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in Steel Dynamics by 6.3% during the 4th quarter. Invesco Ltd. now owns 1,965,092 shares of the basic materials company’s stock valued at $332,985,000 after buying an additional 116,379 shares in the last quarter. Institutional investors own 82.41% of the company’s stock.

Insider Buying and Selling

In other news, SVP James Stanley Anderson sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the transaction, the senior vice president owned 102,837 shares of the company’s stock, valued at approximately $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Richard A. Poinsatte sold 2,300 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $6,699,759.98. The trade was a 7.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 6.60% of the company’s stock.

Analysts Set New Price Targets

STLD has been the topic of several recent research reports. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. KeyCorp reissued an “overweight” rating on shares of Steel Dynamics in a report on Wednesday, July 22nd. The Goldman Sachs Group started coverage on shares of Steel Dynamics in a research report on Wednesday. They issued a “buy” rating and a $300.00 price target on the stock. Bank of America decreased their price target on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Finally, Wall Street Zen raised shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $249.00.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $252.50 on Friday. Steel Dynamics, Inc. has a 12-month low of $119.89 and a 12-month high of $288.74. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. The firm has a 50-day moving average price of $248.41 and a 200-day moving average price of $213.74. The firm has a market capitalization of $36.19 billion, a PE ratio of 22.89, a price-to-earnings-growth ratio of 0.48 and a beta of 1.53.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating the consensus estimate of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The company had revenue of $6.09 billion for the quarter, compared to the consensus estimate of $5.56 billion. During the same period in the prior year, the firm posted $2.01 EPS. The firm’s revenue was up 33.4% compared to the same quarter last year. As a group, equities research analysts forecast that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Tuesday, June 30th. Steel Dynamics’s payout ratio is 19.22%.

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.