Allstate Corp Acquires Shares of 4,335 Steel Dynamics, Inc. $STLD

Allstate Corp bought a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 4,335 shares of the basic materials company’s stock, valued at approximately $604,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ninety One UK Ltd lifted its holdings in shares of Steel Dynamics by 33.5% in the third quarter. Ninety One UK Ltd now owns 119,863 shares of the basic materials company’s stock valued at $16,712,000 after purchasing an additional 30,102 shares in the last quarter. Allworth Financial LP raised its position in Steel Dynamics by 119.3% in the 2nd quarter. Allworth Financial LP now owns 11,012 shares of the basic materials company’s stock valued at $1,410,000 after buying an additional 5,991 shares during the last quarter. Generali Asset Management SPA SGR bought a new stake in Steel Dynamics in the 3rd quarter valued at approximately $1,315,000. Nomura Asset Management Co. Ltd. boosted its position in Steel Dynamics by 21.9% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 88,558 shares of the basic materials company’s stock worth $11,336,000 after acquiring an additional 15,931 shares during the last quarter. Finally, VCI Wealth Management LLC acquired a new position in Steel Dynamics during the 3rd quarter worth approximately $957,000. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Trading Down 0.6%

STLD stock opened at $178.81 on Friday. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $182.81. The stock has a market cap of $26.11 billion, a price-to-earnings ratio of 23.68, a price-to-earnings-growth ratio of 0.75 and a beta of 1.48. The company has a fifty day moving average price of $169.20 and a two-hundred day moving average price of $148.62. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.11 and a quick ratio of 1.47.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.63 by $0.11. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The company had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter last year, the company posted $2.05 EPS. Steel Dynamics’s quarterly revenue was up 11.2% compared to the same quarter last year. Equities analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st were given a dividend of $0.50 per share. The ex-dividend date was Wednesday, December 31st. This represents a $2.00 annualized dividend and a yield of 1.1%. Steel Dynamics’s dividend payout ratio (DPR) is 26.49%.

Insider Activity

In other news, SVP Miguel Alvarez sold 8,251 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total value of $1,343,180.29. Following the transaction, the senior vice president owned 117,068 shares of the company’s stock, valued at approximately $19,057,499.72. This represents a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

STLD has been the topic of a number of research reports. The Goldman Sachs Group set a $172.00 price objective on shares of Steel Dynamics and gave the stock a “neutral” rating in a research report on Friday, October 31st. Morgan Stanley reiterated an “equal weight” rating and issued a $194.00 price target (up from $173.00) on shares of Steel Dynamics in a research note on Friday, January 9th. Citigroup increased their price objective on shares of Steel Dynamics from $150.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. BMO Capital Markets raised their price objective on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $182.00.

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.