Econ Financial Services Corp Takes Position in Steel Dynamics, Inc. $STLD

Econ Financial Services Corp purchased a new position in Steel Dynamics, Inc. (NASDAQ:STLD) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,908 shares of the basic materials company’s stock, valued at approximately $1,171,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Versant Capital Management Inc grew its position in Steel Dynamics by 13.2% in the 3rd quarter. Versant Capital Management Inc now owns 548 shares of the basic materials company’s stock valued at $76,000 after acquiring an additional 64 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Steel Dynamics by 4.1% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 1,764 shares of the basic materials company’s stock worth $246,000 after purchasing an additional 70 shares during the last quarter. Bartlett & CO. Wealth Management LLC lifted its position in shares of Steel Dynamics by 24.8% during the third quarter. Bartlett & CO. Wealth Management LLC now owns 377 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 75 shares during the last quarter. Choreo LLC boosted its stake in shares of Steel Dynamics by 3.3% during the third quarter. Choreo LLC now owns 2,521 shares of the basic materials company’s stock valued at $353,000 after purchasing an additional 80 shares during the period. Finally, Laird Norton Wetherby Wealth Management LLC boosted its stake in shares of Steel Dynamics by 2.4% during the third quarter. Laird Norton Wetherby Wealth Management LLC now owns 3,468 shares of the basic materials company’s stock valued at $484,000 after purchasing an additional 80 shares during the period. 82.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on STLD shares. KeyCorp started coverage on shares of Steel Dynamics in a report on Wednesday, March 25th. They issued an “overweight” rating and a $190.00 price target on the stock. Morgan Stanley reissued an “underperform” rating and issued a $190.00 price objective on shares of Steel Dynamics in a research report on Tuesday, March 17th. Wells Fargo & Company dropped their target price on shares of Steel Dynamics from $210.00 to $196.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 18th. JPMorgan Chase & Co. reduced their target price on shares of Steel Dynamics from $194.00 to $192.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 18th. Finally, Wall Street Zen downgraded shares of Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 7th. Five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $182.44.

Steel Dynamics Stock Up 4.8%

Shares of NASDAQ STLD opened at $180.00 on Wednesday. Steel Dynamics, Inc. has a 12-month low of $103.17 and a 12-month high of $208.47. The stock’s fifty day simple moving average is $184.74 and its two-hundred day simple moving average is $167.60. The stock has a market capitalization of $26.05 billion, a PE ratio of 22.47, a price-to-earnings-growth ratio of 0.47 and a beta of 1.43. The company has a current ratio of 3.06, a quick ratio of 1.29 and a debt-to-equity ratio of 0.48.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, January 27th. The basic materials company reported $1.82 EPS for the quarter, topping the consensus estimate of $1.72 by $0.10. The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.62 billion. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The business’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.36 EPS. As a group, analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be issued a $0.53 dividend. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.50. This represents a $2.12 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Tuesday, March 31st. Steel Dynamics’s dividend payout ratio is presently 24.97%.

About Steel Dynamics

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.