Contravisory Investment Management Inc. Invests $1.07 Million in Steel Dynamics, Inc. $STLD

Contravisory Investment Management Inc. purchased a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the 1st quarter, Holdings Channel.com reports. The firm purchased 5,929 shares of the basic materials company’s stock, valued at approximately $1,067,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Jacobi Capital Management LLC boosted its stake in Steel Dynamics by 1.6% during the 4th quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock worth $599,000 after purchasing an additional 55 shares during the last quarter. Optas LLC grew its holdings in shares of Steel Dynamics by 3.0% during the fourth quarter. Optas LLC now owns 1,979 shares of the basic materials company’s stock worth $335,000 after buying an additional 58 shares in the last quarter. Hohimer Wealth Management LLC raised its position in shares of Steel Dynamics by 1.1% in the fourth quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock valued at $967,000 after buying an additional 61 shares during the last quarter. Wright Investors Service Inc. lifted its stake in shares of Steel Dynamics by 1.2% in the fourth quarter. Wright Investors Service Inc. now owns 5,555 shares of the basic materials company’s stock worth $941,000 after buying an additional 64 shares in the last quarter. Finally, Kestra Private Wealth Services LLC lifted its stake in shares of Steel Dynamics by 2.7% in the first quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company’s stock worth $431,000 after buying an additional 64 shares in the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on STLD shares. KeyCorp boosted their price target on shares of Steel Dynamics from $241.00 to $262.00 and gave the stock an “overweight” rating in a research report on Wednesday. Morgan Stanley raised their target price on shares of Steel Dynamics from $227.00 to $270.00 and gave the stock an “equal weight” rating in a research note on Monday. Bank of America lowered their target price on Steel Dynamics from $285.00 to $280.00 and set a “neutral” rating on the stock in a report on Thursday, June 18th. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Finally, Barclays initiated coverage on Steel Dynamics in a report on Thursday, May 21st. They issued an “overweight” rating and a $270.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Steel Dynamics has a consensus rating of “Moderate Buy” and an average price target of $236.36.

Steel Dynamics Price Performance

Shares of STLD stock opened at $251.00 on Friday. 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 company has a market capitalization of $36.32 billion, a PE ratio of 26.84, a price-to-earnings-growth ratio of 0.47 and a beta of 1.50. The firm’s 50-day moving average is $243.35 and its two-hundred day moving average is $202.56. Steel Dynamics, Inc. has a 12 month low of $119.89 and a 12 month high of $288.74.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. During the same quarter in the prior year, the business earned $1.44 EPS. The firm’s quarterly revenue was up 19.1% on a year-over-year basis. Analysts predict that Steel Dynamics, Inc. will post 16.91 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Steel Dynamics’s dividend payout ratio is 22.67%.

Insiders Place Their Bets

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the transaction, the senior vice president owned 102,837 shares of the company’s stock, valued at $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kenneth W. Cornew sold 5,000 shares of Steel Dynamics stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the sale, the director owned 31,299 shares of the company’s stock, valued at $7,038,206.13. This trade represents a 13.77% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 22,125 shares of company stock valued at $5,438,226. 6.60% of the stock is owned by company insiders.

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.