VCI Wealth Management LLC Takes $957,000 Position in Steel Dynamics, Inc. $STLD

VCI Wealth Management LLC purchased a new position in Steel Dynamics, Inc. (NASDAQ:STLD) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 6,863 shares of the basic materials company’s stock, valued at approximately $957,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in STLD. State Street Corp boosted its holdings in shares of Steel Dynamics by 3.3% in the 2nd quarter. State Street Corp now owns 7,300,813 shares of the basic materials company’s stock worth $938,196,000 after purchasing an additional 230,582 shares during the period. Norges Bank purchased a new stake in Steel Dynamics during the 2nd quarter valued at $339,769,000. Nordea Investment Management AB lifted its position in Steel Dynamics by 43.3% in the second quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock worth $271,238,000 after buying an additional 630,935 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in Steel Dynamics by 40.6% during the second quarter. Robeco Institutional Asset Management B.V. now owns 1,675,973 shares of the basic materials company’s stock worth $214,541,000 after buying an additional 484,304 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Steel Dynamics by 3.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,599,076 shares of the basic materials company’s stock valued at $200,012,000 after acquiring an additional 52,218 shares during the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Steel Dynamics

In related news, SVP Miguel Alvarez sold 8,251 shares of Steel Dynamics stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total value of $1,343,180.29. Following the completion of the sale, the senior vice president directly owned 117,068 shares in the company, valued at $19,057,499.72. The trade was a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 6.30% of the company’s stock.

Wall Street Analyst Weigh In

STLD has been the subject of several analyst reports. Citigroup raised their target price on shares of Steel Dynamics from $150.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. UBS Group set a $165.00 price objective on shares of Steel Dynamics in a research note on Tuesday, November 4th. The Goldman Sachs Group set a $172.00 target price on Steel Dynamics and gave the company a “neutral” rating in a research report on Friday, October 31st. BMO Capital Markets increased their price target on Steel Dynamics from $155.00 to $167.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a research note on Monday. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Steel Dynamics has an average rating of “Moderate Buy” and an average price target of $176.89.

Steel Dynamics Stock Performance

Shares of NASDAQ:STLD opened at $175.06 on Friday. The firm’s 50 day simple moving average is $161.71 and its 200-day simple moving average is $142.83. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.47 and a current ratio of 3.11. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $178.36. The firm has a market cap of $25.57 billion, a PE ratio of 23.19, a price-to-earnings-growth ratio of 1.19 and a beta of 1.47.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.63 by $0.11. The company had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.Steel Dynamics’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.05 earnings per share. As a group, equities analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st will be paid a dividend of $0.50 per share. The ex-dividend date is Wednesday, December 31st. This represents a $2.00 annualized dividend and a dividend yield of 1.1%. Steel Dynamics’s dividend payout ratio (DPR) is currently 26.49%.

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.