Wolverine Asset Management LLC Acquires New Position in Steel Dynamics, Inc. $STLD

Wolverine Asset Management LLC acquired a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the fourth quarter, HoldingsChannel reports. The fund acquired 6,000 shares of the basic materials company’s stock, valued at approximately $1,017,000.

A number of other institutional investors have also modified their holdings of STLD. Cornerstone Planning Group LLC grew its position in shares of Steel Dynamics by 1,636.4% during the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock valued at $27,000 after buying an additional 180 shares during the last quarter. Sound Income Strategies LLC grew its position in shares of Steel Dynamics by 1,500.0% during the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after buying an additional 150 shares during the last quarter. Torren Management LLC bought a new stake in shares of Steel Dynamics during the 4th quarter valued at about $34,000. Covestor Ltd grew its position in shares of Steel Dynamics by 44.3% during the 3rd quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock valued at $42,000 after buying an additional 93 shares during the last quarter. Finally, Nvest Wealth Strategies Inc. bought a new stake in shares of Steel Dynamics during the 4th quarter valued at about $42,000. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Trading Up 3.3%

Steel Dynamics stock opened at $237.46 on Wednesday. The firm has a 50 day simple moving average of $191.49 and a 200-day simple moving average of $177.85. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33. The stock has a market capitalization of $34.24 billion, a PE ratio of 25.40, a price-to-earnings-growth ratio of 0.49 and a beta of 1.48. Steel Dynamics, Inc. has a 12-month low of $119.89 and a 12-month high of $238.74.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The company’s revenue was up 19.1% on a year-over-year basis. During the same quarter last year, the business earned $1.44 earnings per share. As a group, equities research analysts expect that Steel Dynamics, Inc. will post 14.77 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Tuesday, March 31st were issued a dividend of $0.53 per share. The ex-dividend date was Tuesday, March 31st. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.50. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. Steel Dynamics’s payout ratio is 22.67%.

Insider Buying and Selling

In related news, SVP Miguel Alvarez sold 4,825 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the completion of the sale, the senior vice president directly owned 122,257 shares in the company, valued at approximately $27,578,734.06. This trade represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kenneth W. Cornew sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the sale, the director owned 31,299 shares of the company’s stock, valued at $7,038,206.13. The trade was a 13.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 6.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on STLD shares. Citigroup upped their price objective on Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Morgan Stanley restated an “underperform” rating and set a $190.00 price objective on shares of Steel Dynamics in a research note on Tuesday, March 17th. BMO Capital Markets upped their price objective on Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 22nd. Weiss Ratings upgraded Steel Dynamics from a “hold (c)” rating to a “buy (b-)” rating in a research note on Wednesday, April 29th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $214.30.

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.