Steel Dynamics, Inc. $STLD Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp increased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 2.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 272,567 shares of the basic materials company’s stock after acquiring an additional 7,306 shares during the quarter. Van ECK Associates Corp owned approximately 0.19% of Steel Dynamics worth $62,543,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of STLD. Keating Financial Advisory Services Inc. boosted its stake in Steel Dynamics by 27.1% during the 2nd quarter. Keating Financial Advisory Services Inc. now owns 197 shares of the basic materials company’s stock worth $45,000 after purchasing an additional 42 shares during the period. Jacobi Capital Management LLC increased its stake in Steel Dynamics by 1.6% in the fourth quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock valued at $599,000 after purchasing an additional 55 shares during the period. Hohimer Wealth Management LLC increased its stake in Steel Dynamics by 1.1% in the fourth quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock valued at $967,000 after purchasing an additional 61 shares during the period. Kestra Private Wealth Services LLC raised its holdings in shares of Steel Dynamics by 2.7% in the first quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company’s stock valued at $431,000 after buying an additional 64 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Steel Dynamics by 4.1% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 1,764 shares of the basic materials company’s stock valued at $246,000 after buying an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. KeyCorp reissued an “overweight” rating on shares of Steel Dynamics in a report on Wednesday, July 22nd. Morgan Stanley reduced their price objective on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 22nd. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $256.00 to $260.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Finally, Bank of America lowered their target price on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $257.27.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $234.66 on Friday. Steel Dynamics, Inc. has a one year low of $126.88 and a one year high of $288.74. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. The business has a fifty day moving average of $242.07 and a two-hundred day moving average of $223.62. The company has a market cap of $33.63 billion, a P/E ratio of 21.27, a price-to-earnings-growth ratio of 0.44 and a beta of 1.52.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, topping analysts’ consensus estimates of $3.63 by $0.06. The business had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The business’s revenue for the quarter was up 33.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.01 EPS. As a group, analysts predict that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. Steel Dynamics’s payout ratio is currently 19.22%.

Insider Buying and Selling

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the transaction, the senior vice president directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 6.60% of the company’s stock.

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.