Concord Asset Management LLC VA Purchases 1,320 Shares of Steel Dynamics, Inc. $STLD

Concord Asset Management LLC VA lifted its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 7.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,934 shares of the basic materials company’s stock after buying an additional 1,320 shares during the quarter. Concord Asset Management LLC VA’s holdings in Steel Dynamics were worth $2,296,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in STLD. Ritholtz Wealth Management boosted its position in Steel Dynamics by 24.4% during the first quarter. Ritholtz Wealth Management now owns 6,687 shares of the basic materials company’s stock valued at $836,000 after purchasing an additional 1,310 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Steel Dynamics by 10.4% in the first quarter. Farther Finance Advisors LLC now owns 1,535 shares of the basic materials company’s stock valued at $190,000 after buying an additional 145 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Steel Dynamics by 31.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,511 shares of the basic materials company’s stock valued at $3,441,000 after buying an additional 6,604 shares during the last quarter. Golden State Wealth Management LLC raised its stake in Steel Dynamics by 124.1% in the first quarter. Golden State Wealth Management LLC now owns 948 shares of the basic materials company’s stock valued at $119,000 after buying an additional 525 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Steel Dynamics by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 16,583 shares of the basic materials company’s stock valued at $2,074,000 after buying an additional 435 shares during the last quarter. Institutional investors own 82.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on STLD. Weiss Ratings reiterated a “hold (c)” rating on shares of Steel Dynamics in a research note on Wednesday, October 8th. JPMorgan Chase & Co. raised their price objective on Steel Dynamics from $138.00 to $150.00 and gave the stock a “neutral” rating in a research note on Monday, July 14th. Wells Fargo & Company raised their price objective on Steel Dynamics from $143.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, September 15th. Finally, Morgan Stanley raised their price objective on Steel Dynamics from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Friday, June 20th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $148.78.

Steel Dynamics Stock Down 4.4%

Shares of STLD stock opened at $141.23 on Monday. The stock has a 50 day moving average of $133.25 and a 200 day moving average of $129.94. The company has a current ratio of 3.13, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43. The stock has a market cap of $20.79 billion, a P/E ratio of 20.59, a P/E/G ratio of 1.15 and a beta of 1.40. Steel Dynamics, Inc. has a twelve month low of $103.17 and a twelve month high of $155.56.

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

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 1.4%. Steel Dynamics’s payout ratio is 29.15%.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Christopher A. Graham sold 12,000 shares of the business’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the transaction, the senior vice president owned 66,738 shares of the company’s stock, valued at approximately $8,456,371.98. The trade was a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 6.30% of the company’s stock.

Steel Dynamics Profile

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.