Peregrine Capital Management LLC Sells 3,114 Shares of Steel Dynamics, Inc. $STLD

Peregrine Capital Management LLC lessened its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 3.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,722 shares of the basic materials company’s stock after selling 3,114 shares during the period. Peregrine Capital Management LLC owned approximately 0.05% of Steel Dynamics worth $13,630,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Jacobi Capital Management LLC lifted its holdings in shares of Steel Dynamics by 1.6% during the 4th quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock worth $599,000 after acquiring an additional 55 shares during the last quarter. Optas LLC increased its stake in Steel Dynamics by 3.0% in the fourth quarter. Optas LLC now owns 1,979 shares of the basic materials company’s stock valued at $335,000 after acquiring an additional 58 shares during the last quarter. Hohimer Wealth Management LLC raised its position in Steel Dynamics by 1.1% during the fourth quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock valued at $967,000 after purchasing an additional 61 shares in the last quarter. Wright Investors Service Inc. raised its position in Steel Dynamics by 1.2% during the fourth quarter. Wright Investors Service Inc. now owns 5,555 shares of the basic materials company’s stock valued at $941,000 after purchasing an additional 64 shares in the last quarter. Finally, Kestra Private Wealth Services LLC lifted its stake in Steel Dynamics by 2.7% during the first quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company’s stock worth $431,000 after purchasing an additional 64 shares during the last quarter. Institutional investors own 82.41% of the company’s stock.

Insider Activity

In related news, Director Kenneth W. Cornew sold 5,000 shares of the company’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the sale, the director directly owned 31,299 shares in the company, valued at $7,038,206.13. This represents a 13.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Richard A. Poinsatte sold 2,300 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total transaction of $538,453.00. Following the sale, the senior vice president directly owned 28,618 shares of the company’s stock, valued at $6,699,759.98. The trade was a 7.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,125 shares of company stock valued at $5,438,226 in the last three months. Corporate insiders own 6.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. BMO Capital Markets increased their price objective on Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. KeyCorp upped their target price on Steel Dynamics from $241.00 to $262.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Weiss Ratings upgraded shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. Bank of America decreased their price target on shares of Steel Dynamics from $285.00 to $280.00 and set a “neutral” rating on the stock in a research note on Thursday, June 18th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Steel Dynamics from $192.00 to $205.00 and gave the stock a “neutral” rating in a report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $236.36.

Steel Dynamics Trading Down 2.0%

NASDAQ STLD opened at $229.46 on Wednesday. The firm has a market cap of $33.21 billion, a PE ratio of 24.54, a price-to-earnings-growth ratio of 0.45 and a beta of 1.50. Steel Dynamics, Inc. has a 1-year low of $119.89 and a 1-year high of $288.74. The stock has a 50-day moving average of $245.73 and a 200-day moving average of $204.01. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter in the previous year, the business earned $1.44 earnings per share. Steel Dynamics’s revenue was up 19.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Steel Dynamics, Inc. will post 16.78 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, June 30th. Steel Dynamics’s payout ratio is presently 22.67%.

Steel Dynamics Profile

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.