Savvy Advisors Inc. Purchases 1,583 Shares of Steel Dynamics, Inc. $STLD

Savvy Advisors Inc. grew its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 48.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,825 shares of the basic materials company’s stock after buying an additional 1,583 shares during the quarter. Savvy Advisors Inc.’s holdings in Steel Dynamics were worth $618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Steel Dynamics by 493.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company’s stock valued at $25,000 after buying an additional 163 shares during the period. Financial Gravity Asset Management Inc. bought a new position in Steel Dynamics in the 1st quarter worth $25,000. Trust Co. of Toledo NA OH bought a new position in Steel Dynamics in the 2nd quarter worth $30,000. Zions Bancorporation National Association UT bought a new position in Steel Dynamics in the 1st quarter worth $32,000. Finally, WPG Advisers LLC bought a new position in Steel Dynamics in the 1st quarter worth $32,000. 82.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. KeyCorp raised their target price on Steel Dynamics from $152.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday. Citigroup raised their target price on Steel Dynamics from $150.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday. BMO Capital Markets raised their target price on Steel Dynamics from $155.00 to $167.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Steel Dynamics in a report on Wednesday, October 8th. Finally, Jefferies Financial Group raised their target price on Steel Dynamics from $165.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $169.33.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $156.80 on Friday. The company has a quick ratio of 1.34, a current ratio of 3.11 and a debt-to-equity ratio of 0.43. The business’s 50-day simple moving average is $141.10 and its two-hundred day simple moving average is $133.31. The stock has a market cap of $22.90 billion, a PE ratio of 20.77, a P/E/G ratio of 1.39 and a beta of 1.40. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $164.73.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly 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. The business had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.The business’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period last year, the firm earned $2.05 earnings per share. As a group, analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were given a dividend of $0.50 per share. The ex-dividend date was Tuesday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.3%. Steel Dynamics’s dividend payout ratio (DPR) is presently 26.49%.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Miguel Alvarez sold 8,251 shares of the firm’s stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the completion of the transaction, the senior vice president owned 117,068 shares in the company, valued at $19,057,499.72. This trade represents a 6.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 6.30% of the stock is currently owned by insiders.

Steel Dynamics Company 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.