Allstate Corp Purchases 1,478 Shares of Steel Dynamics, Inc. $STLD

Allstate Corp raised its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 33.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,842 shares of the basic materials company’s stock after buying an additional 1,478 shares during the quarter. Allstate Corp’s holdings in Steel Dynamics were worth $731,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in STLD. Victory Capital Management Inc. boosted its stake in shares of Steel Dynamics by 433.1% in the 1st quarter. Victory Capital Management Inc. now owns 1,816,525 shares of the basic materials company’s stock valued at $227,211,000 after purchasing an additional 1,475,767 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Steel Dynamics by 25.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,066,300 shares of the basic materials company’s stock valued at $883,854,000 after purchasing an additional 1,437,897 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of Steel Dynamics by 531.0% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,191,669 shares of the basic materials company’s stock valued at $149,054,000 after purchasing an additional 1,002,813 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Steel Dynamics in the 1st quarter valued at approximately $62,470,000. Finally, GAMMA Investing LLC boosted its stake in shares of Steel Dynamics by 18,398.4% in the 1st quarter. GAMMA Investing LLC now owns 447,661 shares of the basic materials company’s stock valued at $55,993,000 after purchasing an additional 445,241 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

STLD has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on shares of Steel Dynamics from $138.00 to $150.00 and gave the company a “neutral” rating in a research note on Monday, July 14th. Wells Fargo & Company upgraded shares of Steel Dynamics to a “strong-buy” rating in a research report on Thursday, August 14th. Finally, Morgan Stanley lifted their target price on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Friday, June 20th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.70.

Insider Buying and Selling

In other news, SVP Christopher A. Graham sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total value of $1,520,520.00. Following the transaction, the senior vice president owned 66,738 shares in the company, valued at approximately $8,456,371.98. The trade was a 15.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gabriel Shaheen sold 1,254 shares of the business’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $134.11, for a total transaction of $168,173.94. Following the completion of the transaction, the director owned 81,812 shares in the company, valued at $10,971,807.32. This trade represents a 1.51% decrease in their position. The disclosure for this sale can be found here. 6.30% of the stock is currently owned by insiders.

Steel Dynamics Stock Up 5.5%

NASDAQ:STLD opened at $132.68 on Monday. The firm’s 50 day simple moving average is $129.13 and its 200 day simple moving average is $128.19. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.13 and a quick ratio of 1.34. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $155.56. The company has a market cap of $19.53 billion, a PE ratio of 19.34, a P/E/G ratio of 1.07 and a beta of 1.38.

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

Steel Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a $0.50 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.5%. Steel Dynamics’s payout ratio is 29.15%.

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.