Steel Dynamics, Inc. $STLD Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC boosted its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 0.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,644,180 shares of the basic materials company’s stock after purchasing an additional 6,875 shares during the quarter. Geode Capital Management LLC owned about 2.45% of Steel Dynamics worth $464,559,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP boosted its holdings in Steel Dynamics by 119.3% in the 2nd quarter. Allworth Financial LP now owns 11,012 shares of the basic materials company’s stock valued at $1,410,000 after purchasing an additional 5,991 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Steel Dynamics by 43.3% during the 2nd quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock valued at $271,238,000 after buying an additional 630,935 shares during the period. OFI Invest Asset Management purchased a new stake in shares of Steel Dynamics during the 2nd quarter valued at approximately $4,221,000. Geneos Wealth Management Inc. lifted its holdings in Steel Dynamics by 72.4% in the first quarter. Geneos Wealth Management Inc. now owns 1,143 shares of the basic materials company’s stock valued at $143,000 after acquiring an additional 480 shares during the last quarter. Finally, Callan Family Office LLC grew its position in Steel Dynamics by 155.0% in the second quarter. Callan Family Office LLC now owns 5,593 shares of the basic materials company’s stock worth $716,000 after acquiring an additional 3,400 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Miguel Alvarez sold 8,251 shares of Steel Dynamics stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the completion of the sale, the senior vice president directly owned 117,068 shares of the company’s stock, valued at approximately $19,057,499.72. The trade was a 6.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 6.30% of the company’s stock.

Steel Dynamics Price Performance

Shares of NASDAQ STLD opened at $155.41 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.11 and a quick ratio of 1.34. The company has a market cap of $22.70 billion, a price-to-earnings ratio of 20.58, a price-to-earnings-growth ratio of 1.39 and a beta of 1.45. The stock’s 50-day moving average is $145.58 and its two-hundred day moving average is $135.65. Steel Dynamics, Inc. has a 1-year low of $103.17 and a 1-year high of $164.73.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, October 21st. The basic materials company reported $2.74 EPS for the quarter, topping analysts’ consensus estimates of $2.63 by $0.11. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.The business had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.74 billion. During the same period in the previous year, the company posted $2.05 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. Analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Wednesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is presently 26.49%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Steel Dynamics in a research note on Thursday. KeyCorp upped their target price on shares of Steel Dynamics from $152.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. UBS Group set a $165.00 price target on shares of Steel Dynamics in a research report on Tuesday, November 4th. The Goldman Sachs Group set a $172.00 price objective on shares of Steel Dynamics and gave the stock a “neutral” rating in a research report on Friday, October 31st. Finally, Wells Fargo & Company lifted their target price on shares of Steel Dynamics from $169.00 to $172.00 and gave the company an “overweight” rating in a report on Friday. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $170.44.

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.