Y Intercept Hong Kong Ltd Purchases Shares of 2,886 Steel Dynamics, Inc. $STLD

Y Intercept Hong Kong Ltd acquired a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 2,886 shares of the basic materials company’s stock, valued at approximately $519,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Capital Research Global Investors increased its stake in Steel Dynamics by 0.3% in the fourth quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company’s stock valued at $613,926,000 after acquiring an additional 9,959 shares during the period. Life Cycle Investment Partners Ltd bought a new position in Steel Dynamics during the fourth quarter worth about $586,702,000. Norges Bank bought a new position in Steel Dynamics during the fourth quarter worth about $564,590,000. Robeco Institutional Asset Management B.V. boosted its holdings in Steel Dynamics by 3.7% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company’s stock valued at $340,289,000 after purchasing an additional 72,122 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Steel Dynamics by 6.3% during the fourth quarter. Invesco Ltd. now owns 1,965,092 shares of the basic materials company’s stock valued at $332,985,000 after purchasing an additional 116,379 shares in the last quarter. 82.41% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, SVP James Stanley Anderson sold 10,000 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the completion of the sale, the senior vice president directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Richard A. Poinsatte sold 2,300 shares of Steel Dynamics stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total value of $538,453.00. Following the completion of the transaction, the senior vice president directly owned 28,618 shares of the company’s stock, valued at $6,699,759.98. This represents a 7.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 22,125 shares of company stock valued at $5,438,226. 6.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on STLD. Jefferies Financial Group reiterated a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. Barclays initiated coverage on Steel Dynamics in a research note on Thursday, May 21st. They issued an “overweight” rating and a $270.00 price target on the stock. BMO Capital Markets upped their price target on Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. Morgan Stanley increased their price objective on Steel Dynamics from $227.00 to $270.00 and gave the stock an “equal weight” rating in a research note on Monday, June 22nd. Finally, Bank of America cut their price objective on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Steel Dynamics has an average rating of “Moderate Buy” and an average price target of $234.55.

Steel Dynamics Stock Up 2.5%

Shares of STLD opened at $234.14 on Tuesday. The company has a market capitalization of $33.88 billion, a P/E ratio of 25.04, a PEG ratio of 0.44 and a beta of 1.53. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33. Steel Dynamics, Inc. has a one year low of $119.89 and a one year high of $288.74. The business’s 50 day simple moving average is $246.11 and its 200-day simple moving average is $207.36.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter last year, the company earned $1.44 earnings per share. The firm’s revenue was up 19.1% on a year-over-year basis. As a group, sell-side analysts predict that Steel Dynamics, Inc. will post 16.73 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Tuesday, June 30th. Steel Dynamics’s dividend 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.