Forum Financial Management LP Raises Stock Position in Steel Dynamics, Inc. $STLD

Forum Financial Management LP increased its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 2.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,524 shares of the basic materials company’s stock after acquiring an additional 109 shares during the quarter. Forum Financial Management LP’s holdings in Steel Dynamics were worth $579,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cary Street Partners Investment Advisory LLC increased its holdings in Steel Dynamics by 493.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 163 shares in the last quarter. Financial Gravity Asset Management Inc. acquired a new stake in Steel Dynamics during the 1st quarter worth $25,000. Trust Co. of Toledo NA OH acquired a new stake in Steel Dynamics during the 2nd quarter worth $30,000. Zions Bancorporation National Association UT acquired a new stake in Steel Dynamics during the 1st quarter worth $32,000. Finally, WPG Advisers LLC acquired a new stake in Steel Dynamics during the 1st quarter worth $32,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on STLD. BMO Capital Markets lifted their target price on shares of Steel Dynamics from $155.00 to $167.00 and gave the stock an “outperform” rating in a research note on Wednesday. Jefferies Financial Group lifted their target price on shares of Steel Dynamics from $165.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday. Morgan Stanley boosted their price target on shares of Steel Dynamics from $145.00 to $173.00 and gave the company an “overweight” rating in a research report on Friday. JPMorgan Chase & Co. boosted their price target on shares of Steel Dynamics from $150.00 to $160.00 and gave the company a “neutral” rating in a research report on Monday, October 13th. Finally, UBS Group set a $158.00 price target on shares of Steel Dynamics and gave the company a “buy” rating in a research report on Tuesday. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Steel Dynamics presently has an average rating of “Moderate Buy” and a consensus price target of $162.44.

Insider Buying and Selling

In other Steel Dynamics news, SVP Christopher A. Graham sold 12,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $8,456,371.98. This represents a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 6.30% of the stock is owned by insiders.

Steel Dynamics Trading Up 1.5%

NASDAQ STLD opened at $152.95 on Friday. The firm’s 50-day moving average is $137.91 and its two-hundred day moving average is $131.80. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $156.24. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.13 and a quick ratio of 1.34. The stock has a market capitalization of $22.52 billion, a P/E ratio of 20.26, a PEG ratio of 1.26 and a beta of 1.40.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Monday, October 20th. The basic materials company reported $2.74 EPS for the quarter, beating analysts’ consensus estimates of $2.63 by $0.11. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.93%. The company had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter in the prior year, the company posted $2.05 earnings per share. Steel Dynamics’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were given a $0.50 dividend. 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 1.3%. Steel Dynamics’s dividend payout ratio is presently 26.49%.

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.