Bessemer Group Inc. Buys 541,250 Shares of Steel Dynamics, Inc. $STLD

Bessemer Group Inc. increased its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 56,088.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 542,215 shares of the basic materials company’s stock after purchasing an additional 541,250 shares during the quarter. Bessemer Group Inc.’s holdings in Steel Dynamics were worth $97,598,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its position in Steel Dynamics by 2.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,038 shares of the basic materials company’s stock worth $1,287,000 after acquiring an additional 182 shares in the last quarter. D.A. Davidson & CO. grew its position in shares of Steel Dynamics by 3.4% in the 1st quarter. D.A. Davidson & CO. now owns 6,253 shares of the basic materials company’s stock valued at $1,126,000 after acquiring an additional 204 shares during the period. Twin Capital Management Inc. bought a new position in shares of Steel Dynamics in the 1st quarter valued at about $446,000. Bank of New York Mellon Corp increased its stake in shares of Steel Dynamics by 3.7% during the 1st quarter. Bank of New York Mellon Corp now owns 938,585 shares of the basic materials company’s stock worth $168,945,000 after purchasing an additional 33,434 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its stake in shares of Steel Dynamics by 4,377.8% during the 1st quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 40,300 shares of the basic materials company’s stock worth $7,272,000 after purchasing an additional 39,400 shares during the last quarter. 82.41% of the stock is owned by institutional investors.

Insider Transactions at Steel Dynamics

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

Steel Dynamics Stock Performance

NASDAQ STLD opened at $235.51 on Friday. The stock has a market cap of $34.08 billion, a PE ratio of 25.19, a P/E/G ratio of 0.44 and a beta of 1.53. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. The firm has a 50-day moving average of $245.95 and a 200-day moving average of $208.80. Steel Dynamics, Inc. has a 52-week low of $119.89 and a 52-week high of $288.74.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share 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 firm’s revenue was up 19.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.44 earnings per share. On average, sell-side analysts anticipate that Steel Dynamics, Inc. will post 17.27 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Tuesday, June 30th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Steel Dynamics’s dividend payout ratio (DPR) is presently 22.67%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on STLD shares. BMO Capital Markets raised their target price on shares of Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research note on Wednesday, April 22nd. Wells Fargo & Company reduced their price target on Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating for the company in a report on Thursday, June 18th. Morgan Stanley boosted their price target on Steel Dynamics from $227.00 to $270.00 and gave the stock an “equal weight” rating in a research report on Monday, June 22nd. KeyCorp upped their price objective on Steel Dynamics from $241.00 to $262.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. Finally, Bank of America reduced their target price on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Steel Dynamics presently has an average rating of “Moderate Buy” and a consensus target price of $239.18.

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.