3,573 Shares of Steel Dynamics, Inc. $STLD Bought by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC bought a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) in the third quarter, HoldingsChannel reports. The fund bought 3,573 shares of the basic materials company’s stock, valued at approximately $792,000.

Other large investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. acquired a new position in Steel Dynamics during the second quarter worth approximately $26,000. Wealth Enhancement Trust Services Inc. lifted its stake in Steel Dynamics by 1,200.0% in the third quarter. Wealth Enhancement Trust Services Inc. now owns 117 shares of the basic materials company’s stock valued at $26,000 after buying an additional 108 shares during the last quarter. NBH Bank purchased a new stake in Steel Dynamics in the second quarter valued at approximately $31,000. City State Bank acquired a new stake in shares of Steel Dynamics in the third quarter valued at approximately $32,000. Finally, Caitlin John LLC acquired a new stake in shares of Steel Dynamics in the second quarter valued at approximately $35,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Steel Dynamics from $257.00 to $271.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 21st. UBS Group upped their price target on shares of Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. KeyCorp increased their price target on shares of Steel Dynamics from $262.00 to $265.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. BNP Paribas Exane raised their price objective on shares of Steel Dynamics from $275.00 to $276.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 21st. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $299.00 price objective (down from $301.00) on shares of Steel Dynamics in a research report on Tuesday, October 20th. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $275.17.

Steel Dynamics Stock Down 3.0%

STLD opened at $240.12 on Thursday. Steel Dynamics, Inc. has a 52 week low of $150.03 and a 52 week high of $288.74. The business has a 50 day moving average price of $238.91 and a two-hundred day moving average price of $224.40. The company has a quick ratio of 1.48, a current ratio of 3.14 and a debt-to-equity ratio of 0.43. The company has a market cap of $34.15 billion, a PE ratio of 17.72, a P/E/G ratio of 0.35 and a beta of 1.45.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Monday, October 19th. The basic materials company reported $5.26 earnings per share for the quarter, missing the consensus estimate of $5.48 by ($0.22). The company had revenue of $6.51 billion during the quarter, compared to analysts’ expectations of $6.43 billion. Steel Dynamics had a net margin of 8.82% and a return on equity of 21.57%. The company’s revenue for the quarter was up 34.8% compared to the same quarter last year. During the same quarter last year, the business posted $2.74 earnings per share. As a group, research analysts anticipate that Steel Dynamics, Inc. will post 18.12 EPS for the current year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Wednesday, September 30th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is currently 15.65%.

Insider Buying and Selling at Steel Dynamics

In related news, EVP Barry Schneider sold 50,000 shares of Steel Dynamics stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $248.91, for a total value of $12,445,500.00. Following the transaction, the executive vice president directly owned 196,399 shares in the company, valued at $48,885,675.09. This trade represents a 20.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 6.60% of the stock is currently owned by corporate insiders.

Steel Dynamics Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company manufactures steel products using electric arc furnace technology and serves customers across industries such as construction, automotive, manufacturing, and energy.

Its operations include the production of flat rolled steel, long steel products, structural steel, rail, and specialty products. Steel Dynamics also provides steel processing and fabrication services, including the manufacture of steel joists, deck systems, and other components used in commercial and industrial construction.

The company operates metals recycling facilities that collect, process, and supply ferrous and nonferrous scrap to support its steelmaking operations.