Meeder Asset Management Inc. Purchases 18,404 Shares of Steel Dynamics, Inc. $STLD

Meeder Asset Management Inc. increased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 645.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,255 shares of the basic materials company’s stock after buying an additional 18,404 shares during the period. Meeder Asset Management Inc.’s holdings in Steel Dynamics were worth $2,964,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Trust Co. of Toledo NA OH acquired a new position in Steel Dynamics during the 2nd quarter worth $30,000. Rosenberg Matthew Hamilton lifted its position in shares of Steel Dynamics by 306.2% during the 2nd quarter. Rosenberg Matthew Hamilton now owns 264 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 199 shares during the last quarter. Toth Financial Advisory Corp boosted its stake in Steel Dynamics by 50.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 300 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 100 shares during the period. True Wealth Design LLC grew its holdings in Steel Dynamics by 120.4% in the 2nd quarter. True Wealth Design LLC now owns 324 shares of the basic materials company’s stock valued at $41,000 after buying an additional 177 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC grew its holdings in Steel Dynamics by 24.8% in the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 377 shares of the basic materials company’s stock valued at $53,000 after buying an additional 75 shares during the last quarter. Institutional investors own 82.41% of the company’s stock.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Miguel Alvarez sold 8,251 shares of the stock in a transaction on 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 directly owned 117,068 shares in the company, valued at $19,057,499.72. This represents a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

STLD has been the subject of several research reports. Jefferies Financial Group increased their price objective on Steel Dynamics from $180.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, December 10th. UBS Group set a $165.00 price target on shares of Steel Dynamics in a report on Tuesday, November 4th. KeyCorp restated an “overweight” rating and issued a $190.00 price target on shares of Steel Dynamics in a research report on Wednesday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Steel Dynamics in a research report on Monday, December 29th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $194.00 target price (up previously from $173.00) on shares of Steel Dynamics in a research note on Friday. Five equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $182.00.

Steel Dynamics Price Performance

Shares of Steel Dynamics stock opened at $169.27 on Monday. The firm has a market cap of $24.72 billion, a P/E ratio of 22.42, a price-to-earnings-growth ratio of 0.70 and a beta of 1.48. The firm’s 50-day simple moving average is $165.62 and its 200-day simple moving average is $146.18. Steel Dynamics, Inc. has a twelve month low of $103.17 and a twelve month high of $178.36. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.47 and a current ratio of 3.11.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 EPS for the quarter, topping analysts’ consensus estimates of $2.63 by $0.11. The firm had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.05 earnings per share. As a group, research analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 9th. Investors of record on Wednesday, December 31st were paid a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $2.00 annualized dividend and a yield of 1.2%. Steel Dynamics’s payout ratio is currently 26.49%.

About Steel Dynamics

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.