Allworth Financial LP Increases Position in Steel Dynamics, Inc. $STLD

Allworth Financial LP increased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 119.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,012 shares of the basic materials company’s stock after acquiring an additional 5,991 shares during the quarter. Allworth Financial LP’s holdings in Steel Dynamics were worth $1,410,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its holdings in Steel Dynamics by 25.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,066,300 shares of the basic materials company’s stock worth $883,854,000 after purchasing an additional 1,437,897 shares during the last quarter. Nordea Investment Management AB grew its position in shares of Steel Dynamics by 43.3% during the second quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock worth $271,238,000 after buying an additional 630,935 shares in the last quarter. Nuveen LLC bought a new stake in shares of Steel Dynamics in the first quarter worth $62,470,000. Robeco Institutional Asset Management B.V. increased its stake in shares of Steel Dynamics by 40.6% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,675,973 shares of the basic materials company’s stock worth $214,541,000 after buying an additional 484,304 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in Steel Dynamics by 302.3% in the first quarter. AQR Capital Management LLC now owns 350,376 shares of the basic materials company’s stock valued at $42,988,000 after acquiring an additional 263,278 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on STLD. The Goldman Sachs Group set a $172.00 price objective on shares of Steel Dynamics and gave the stock a “neutral” rating in a report on Friday, October 31st. JPMorgan Chase & Co. increased their price target on shares of Steel Dynamics from $150.00 to $160.00 and gave the stock a “neutral” rating in a research report on Monday, October 13th. Jefferies Financial Group boosted their price objective on Steel Dynamics from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Morgan Stanley upped their price objective on Steel Dynamics from $145.00 to $173.00 and gave the company an “overweight” rating in a research note on Friday, October 24th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Steel Dynamics in a research report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $170.11.

Steel Dynamics Price Performance

Shares of NASDAQ STLD opened at $154.59 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.11 and a quick ratio of 1.34. The firm has a market capitalization of $22.58 billion, a PE ratio of 20.48, a P/E/G ratio of 1.39 and a beta of 1.45. Steel Dynamics, Inc. has a 1-year low of $103.17 and a 1-year high of $164.73. The business’s fifty day moving average price is $145.17 and its two-hundred day moving average price is $135.42.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Tuesday, October 21st. The basic materials company reported $2.74 EPS for the quarter, topping the consensus estimate 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%. Steel Dynamics’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.05 EPS. On average, research analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Wednesday, December 31st will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.3%. The ex-dividend date is Wednesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is currently 26.49%.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Miguel Alvarez sold 8,251 shares of Steel Dynamics 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 sale, the senior vice president owned 117,068 shares of the company’s stock, valued at $19,057,499.72. The trade was a 6.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.30% of the stock is owned by insiders.

Steel Dynamics Company Profile

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.