Howard Bailey Securities LLC Has $790,000 Holdings in Steel Dynamics, Inc. $STLD

Howard Bailey Securities LLC reduced its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 58.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,662 shares of the basic materials company’s stock after selling 6,540 shares during the period. Howard Bailey Securities LLC’s holdings in Steel Dynamics were worth $790,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of STLD. Sound Income Strategies LLC increased its position in Steel Dynamics by 1,500.0% in the 4th 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. Torren Management LLC acquired a new position in Steel Dynamics in the 4th quarter worth about $34,000. Nvest Wealth Strategies Inc. acquired a new position in Steel Dynamics in the 4th quarter worth about $42,000. Eagle Bay Advisors LLC acquired a new position in Steel Dynamics in the 4th quarter worth about $45,000. Finally, Measured Wealth Private Client Group LLC acquired a new position in Steel Dynamics in the 3rd quarter worth about $46,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Kenneth W. Cornew sold 5,000 shares of the stock in a transaction that occurred on 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 owned 31,299 shares in the company, valued at $7,038,206.13. This represents a 13.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the sale, the senior vice president owned 102,837 shares of the company’s stock, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 22,125 shares of company stock worth $5,438,227 in the last 90 days. 6.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on STLD shares. Morgan Stanley reaffirmed an “underperform” rating and issued a $190.00 target price on shares of Steel Dynamics in a research report on Tuesday, March 17th. Weiss Ratings raised Steel Dynamics from a “hold (c)” rating to a “buy (b-)” rating in a research report on Wednesday, April 29th. Citigroup increased their price objective on Steel Dynamics from $180.00 to $255.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Wells Fargo & Company increased their price objective on Steel Dynamics from $235.00 to $293.00 and gave the company an “overweight” rating in a report on Thursday. Finally, BMO Capital Markets increased their price objective on Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Steel Dynamics presently has an average rating of “Moderate Buy” and a consensus target price of $224.64.

Steel Dynamics Stock Performance

Shares of NASDAQ STLD opened at $267.20 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. The firm has a market cap of $38.67 billion, a price-to-earnings ratio of 28.58, a P/E/G ratio of 0.57 and a beta of 1.50. The business’s 50-day simple moving average is $222.85 and its 200-day simple moving average is $193.61. Steel Dynamics, Inc. has a 52 week low of $119.89 and a 52 week high of $280.49.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The business’s revenue was up 19.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.44 EPS. As a group, equities research analysts expect that Steel Dynamics, Inc. will post 14.77 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.53 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.12 annualized dividend and a yield of 0.8%. Steel Dynamics’s dividend payout ratio is presently 22.67%.

Steel Dynamics 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.