CreativeOne Wealth LLC Takes Position in Steel Dynamics, Inc. (NASDAQ:STLD)

CreativeOne Wealth LLC bought a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,230 shares of the basic materials company’s stock, valued at approximately $331,000.

A number of other institutional investors have also modified their holdings of the business. CANADA LIFE ASSURANCE Co increased its holdings in shares of Steel Dynamics by 50.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 179,410 shares of the basic materials company’s stock valued at $26,613,000 after acquiring an additional 60,080 shares during the period. Lake Street Advisors Group LLC acquired a new position in shares of Steel Dynamics in the 1st quarter valued at $230,000. Bessemer Group Inc. increased its stake in Steel Dynamics by 2,679.3% in the 1st quarter. Bessemer Group Inc. now owns 10,867 shares of the basic materials company’s stock valued at $1,611,000 after buying an additional 10,476 shares during the period. UniSuper Management Pty Ltd increased its stake in Steel Dynamics by 372.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 8,906 shares of the basic materials company’s stock valued at $1,320,000 after buying an additional 7,019 shares during the period. Finally, O Shaughnessy Asset Management LLC increased its stake in Steel Dynamics by 43.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 477,446 shares of the basic materials company’s stock valued at $70,772,000 after buying an additional 143,879 shares during the period. 82.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

STLD has been the topic of several recent research reports. JPMorgan Chase & Co. boosted their price objective on shares of Steel Dynamics from $118.00 to $120.00 and gave the company an “underweight” rating in a research note on Tuesday, July 16th. Jefferies Financial Group initiated coverage on shares of Steel Dynamics in a research note on Monday, May 20th. They issued a “hold” rating and a $150.00 price objective on the stock. BMO Capital Markets dropped their price objective on shares of Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a research note on Tuesday, June 18th. Finally, Bank of America dropped their price objective on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $133.86.

Steel Dynamics Price Performance

Shares of NASDAQ STLD traded up $2.94 during trading on Friday, hitting $130.54. 1,064,732 shares of the company were exchanged, compared to its average volume of 1,321,850. The company has a market cap of $20.51 billion, a price-to-earnings ratio of 8.97 and a beta of 1.35. Steel Dynamics, Inc. has a 1 year low of $95.53 and a 1 year high of $151.34. The firm’s fifty day moving average price is $128.03 and its 200 day moving average price is $129.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The company had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.43 billion. During the same period in the previous year, the firm earned $4.81 EPS. The business’s revenue was down 8.8% on a year-over-year basis. On average, sell-side analysts expect that Steel Dynamics, Inc. will post 11.35 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Sunday, June 30th were given a $0.46 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.84 annualized dividend and a dividend yield of 1.41%. Steel Dynamics’s dividend payout ratio is presently 12.64%.

Insider Buying and Selling

In related news, SVP Christopher A. Graham sold 21,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $136.81, for a total value of $2,873,010.00. Following the sale, the senior vice president now directly owns 60,415 shares in the company, valued at approximately $8,265,376.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 6.00% of the company’s stock.

About Steel Dynamics

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.