Summit Wealth Group LLC Co. Makes New Investment in Steel Dynamics, Inc. $STLD

Summit Wealth Group LLC Co. acquired a new position in Steel Dynamics, Inc. (NASDAQ:STLD) in the 3rd quarter, Holdings Channel.com reports. The firm acquired 6,152 shares of the basic materials company’s stock, valued at approximately $1,363,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of STLD. Security Financial Services INC. increased its holdings in shares of Steel Dynamics by 2.0% in the 3rd quarter. Security Financial Services INC. now owns 5,223 shares of the basic materials company’s stock valued at $1,158,000 after purchasing an additional 100 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Steel Dynamics in the third quarter valued at about $8,128,000. ProShare Advisors LLC boosted its holdings in Steel Dynamics by 2.1% during the third quarter. ProShare Advisors LLC now owns 25,477 shares of the basic materials company’s stock worth $5,646,000 after buying an additional 531 shares in the last quarter. Vise Technologies Inc. boosted its holdings in Steel Dynamics by 15.7% during the third quarter. Vise Technologies Inc. now owns 4,675 shares of the basic materials company’s stock worth $1,036,000 after buying an additional 634 shares in the last quarter. Finally, Summit Global Investments acquired a new position in Steel Dynamics during the third quarter worth about $403,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on STLD. Wall Street Zen cut shares of Steel Dynamics from a “strong-buy” rating to a “buy” rating in a report on Sunday, September 20th. Wells Fargo & Company lifted their price target on shares of Steel Dynamics from $257.00 to $271.00 and gave the company an “overweight” rating in a research report on Wednesday, October 21st. BMO Capital Markets decreased their price target on Steel Dynamics from $296.00 to $290.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 29th. KeyCorp upped their price target on Steel Dynamics from $262.00 to $265.00 and gave the stock an “overweight” rating in a report on Friday, October 23rd. Finally, Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, October 28th. Nine equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $275.17.

Steel Dynamics Stock Performance

Shares of STLD opened at $247.66 on Wednesday. The company has a current ratio of 3.14, a quick ratio of 1.48 and a debt-to-equity ratio of 0.43. The stock has a market cap of $35.22 billion, a P/E ratio of 18.28, a PEG ratio of 0.36 and a beta of 1.45. The company has a 50-day moving average of $238.73 and a two-hundred day moving average of $224.07. Steel Dynamics, Inc. has a 12-month low of $150.03 and a 12-month high of $288.74.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Monday, October 19th. The basic materials company reported $5.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.48 by ($0.22). The business had revenue of $6.51 billion during the quarter, compared to analysts’ expectations of $6.43 billion. Steel Dynamics had a net margin of 8.82% and a return on equity of 21.57%. The firm’s revenue for the quarter was up 34.8% on a year-over-year basis. During the same period last year, the company earned $2.74 EPS. As a group, research analysts predict that Steel Dynamics, Inc. will post 18.12 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Wednesday, September 30th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Wednesday, September 30th. Steel Dynamics’s payout ratio is currently 15.65%.

Steel Dynamics Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company manufactures steel products using electric arc furnace technology and serves customers across industries such as construction, automotive, manufacturing, and energy.

Its operations include the production of flat rolled steel, long steel products, structural steel, rail, and specialty products. Steel Dynamics also provides steel processing and fabrication services, including the manufacture of steel joists, deck systems, and other components used in commercial and industrial construction.

The company operates metals recycling facilities that collect, process, and supply ferrous and nonferrous scrap to support its steelmaking operations.