Kinsale Capital Group Inc. Increases Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Kinsale Capital Group Inc. grew its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 124.6% in the 1st quarter, HoldingsChannel.com reports. The firm owned 35,920 shares of the basic materials company’s stock after purchasing an additional 19,928 shares during the period. Kinsale Capital Group Inc.’s holdings in Steel Dynamics were worth $4,493,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norden Group LLC bought a new stake in shares of Steel Dynamics during the 1st quarter worth $548,000. Mackenzie Financial Corp raised its stake in shares of Steel Dynamics by 7.6% during the 1st quarter. Mackenzie Financial Corp now owns 18,787 shares of the basic materials company’s stock worth $2,350,000 after purchasing an additional 1,326 shares during the period. Sheaff Brock Investment Advisors LLC raised its stake in shares of Steel Dynamics by 60.2% during the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 9,367 shares of the basic materials company’s stock worth $1,172,000 after purchasing an additional 3,520 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Steel Dynamics by 1.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,900 shares of the basic materials company’s stock worth $4,615,000 after purchasing an additional 554 shares during the period. Finally, Empirical Finance LLC raised its stake in shares of Steel Dynamics by 8.3% during the 1st quarter. Empirical Finance LLC now owns 2,582 shares of the basic materials company’s stock worth $323,000 after purchasing an additional 198 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Trading Up 3.2%

Shares of STLD opened at $130.83 on Monday. The business has a 50-day moving average of $131.27 and a 200 day moving average of $128.13. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $155.56. The firm has a market cap of $19.42 billion, a P/E ratio of 19.07, a price-to-earnings-growth ratio of 1.06 and a beta of 1.37. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 3.13.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Monday, July 21st. The basic materials company reported $2.01 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.04). The company had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.72 EPS. As a group, research analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on STLD shares. BMO Capital Markets upgraded Steel Dynamics from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $135.00 to $145.00 in a research note on Monday, March 31st. Morgan Stanley lifted their target price on Steel Dynamics from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Friday, June 20th. JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $138.00 to $150.00 and gave the stock a “neutral” rating in a research note on Monday, July 14th. Finally, Wall Street Zen cut Steel Dynamics from a “hold” rating to a “sell” rating in a research note on Friday, April 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Steel Dynamics presently has an average rating of “Moderate Buy” and an average price target of $149.33.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, SVP Miguel Alvarez sold 7,495 shares of Steel Dynamics stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $135.26, for a total transaction of $1,013,773.70. Following the completion of the transaction, the senior vice president owned 125,319 shares of the company’s stock, valued at $16,950,647.94. The trade was a 5.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gabriel Shaheen sold 1,254 shares of Steel Dynamics stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $134.11, for a total value of $168,173.94. Following the transaction, the director directly owned 81,812 shares of the company’s stock, valued at $10,971,807.32. The trade was a 1.51% decrease in their position. The disclosure for this sale can be found here. 6.30% of the stock is owned by insiders.

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.