Concord Asset Management LLC VA Boosts Stake in Steel Dynamics, Inc. $STLD

Concord Asset Management LLC VA raised its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 7.9% during the second quarter, Holdings Channel.com reports. The firm owned 17,934 shares of the basic materials company’s stock after purchasing an additional 1,320 shares during the period. Concord Asset Management LLC VA’s holdings in Steel Dynamics were worth $2,296,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ritholtz Wealth Management grew its stake in Steel Dynamics by 24.4% during the 1st quarter. Ritholtz Wealth Management now owns 6,687 shares of the basic materials company’s stock worth $836,000 after purchasing an additional 1,310 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Steel Dynamics by 10.4% during the 1st quarter. Farther Finance Advisors LLC now owns 1,535 shares of the basic materials company’s stock worth $190,000 after purchasing an additional 145 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Steel Dynamics by 31.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,511 shares of the basic materials company’s stock worth $3,441,000 after acquiring an additional 6,604 shares in the last quarter. Golden State Wealth Management LLC boosted its position in shares of Steel Dynamics by 124.1% during the 1st quarter. Golden State Wealth Management LLC now owns 948 shares of the basic materials company’s stock worth $119,000 after acquiring an additional 525 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its position in shares of Steel Dynamics by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 16,583 shares of the basic materials company’s stock worth $2,074,000 after acquiring an additional 435 shares in the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on STLD shares. Morgan Stanley upped their price objective on Steel Dynamics from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Friday, June 20th. Wells Fargo & Company upped their target price on Steel Dynamics from $143.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, September 15th. JPMorgan Chase & Co. upped their target price on Steel Dynamics from $138.00 to $150.00 and gave the company a “neutral” rating in a research report on Monday, July 14th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Steel Dynamics in a research note on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $148.78.

Insider Activity

In other news, SVP Christopher A. Graham sold 12,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the completion of the transaction, the senior vice president directly owned 66,738 shares of the company’s stock, valued at approximately $8,456,371.98. This represents a 15.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 6.30% of the company’s stock.

Steel Dynamics Stock Down 4.4%

STLD opened at $141.23 on Monday. The business has a 50 day moving average price of $133.25 and a two-hundred day moving average price of $129.94. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43. The company has a market cap of $20.79 billion, a PE ratio of 20.59, a P/E/G ratio of 1.15 and a beta of 1.40. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $155.56.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Monday, July 21st. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.04). The business had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Steel Dynamics had a return on equity of 11.88% and a net margin of 6.07%.The business’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period last year, the company posted $2.72 earnings per share. As a group, research analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Tuesday, September 30th. Steel Dynamics’s dividend payout ratio is 29.15%.

Steel Dynamics Profile

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.