Steel Dynamics, Inc. (NASDAQ:STLD) Shares Purchased by Concentric Capital Strategies LP

Concentric Capital Strategies LP boosted its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 38.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,114 shares of the basic materials company’s stock after purchasing an additional 13,331 shares during the period. Concentric Capital Strategies LP’s holdings in Steel Dynamics were worth $6,066,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Innealta Capital LLC purchased a new stake in shares of Steel Dynamics during the 2nd quarter valued at approximately $33,000. Private Trust Co. NA raised its position in Steel Dynamics by 532.6% in the third quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 245 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Steel Dynamics in the 2nd quarter valued at $41,000. Cullen Frost Bankers Inc. grew its holdings in shares of Steel Dynamics by 33.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 100 shares during the period. Finally, HHM Wealth Advisors LLC purchased a new position in shares of Steel Dynamics during the 2nd quarter worth $52,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

STLD has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upped their target price on shares of Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. The Goldman Sachs Group initiated coverage on shares of Steel Dynamics in a research report on Monday. They set a “neutral” rating and a $155.00 price objective for the company. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the company from $140.00 to $155.00 in a research report on Tuesday, October 1st. Finally, Morgan Stanley decreased their price target on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $145.63.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $145.27 on Monday. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. Steel Dynamics, Inc. has a 52-week low of $104.60 and a 52-week high of $155.56. The firm has a market cap of $22.12 billion, a PE ratio of 13.15 and a beta of 1.31. The company’s 50 day moving average is $135.06 and its two-hundred day moving average is $127.82.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.07. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The business had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.18 billion. During the same period last year, the firm earned $3.47 earnings per share. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, research analysts expect that Steel Dynamics, Inc. will post 10.1 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio is presently 16.65%.

Insider Buying and Selling

In related news, SVP Richard A. Poinsatte sold 2,000 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $138.75, for a total transaction of $277,500.00. Following the completion of the transaction, the senior vice president now owns 21,101 shares in the company, valued at approximately $2,927,763.75. The trade was a 8.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Glenn Pushis sold 17,941 shares of the firm’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $133.09, for a total value of $2,387,767.69. Following the sale, the senior vice president now directly owns 146,693 shares in the company, valued at $19,523,371.37. This trade represents a 10.90 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,591 shares of company stock worth $3,885,938. Company insiders own 6.00% of the company’s stock.

About Steel Dynamics

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.