Pallas Capital Advisors LLC Makes New Investment in Steel Dynamics, Inc. $STLD

Pallas Capital Advisors LLC acquired a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,851 shares of the basic materials company’s stock, valued at approximately $654,000.

A number of other hedge funds also recently made changes to their positions in STLD. Prosperity Bancshares Inc purchased a new position in shares of Steel Dynamics in the fourth quarter valued at $25,000. MV Capital Management Inc. purchased a new stake in Steel Dynamics during the 4th quarter worth $27,000. Cedar Mountain Advisors LLC purchased a new stake in Steel Dynamics during the 1st quarter worth $31,000. DV Equities LLC acquired a new position in Steel Dynamics in the 4th quarter worth $33,000. Finally, Torren Management LLC purchased a new position in Steel Dynamics in the 4th quarter valued at about $34,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Wall Street Analyst Weigh In

STLD has been the subject of several recent analyst reports. Bank of America lowered 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. KeyCorp reissued an “overweight” rating on shares of Steel Dynamics in a report on Wednesday, July 22nd. UBS Group increased their price target on Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a report on Monday, August 10th. JPMorgan Chase & Co. raised their price objective on Steel Dynamics from $256.00 to $260.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Finally, Morgan Stanley dropped their price objective on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 22nd. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $259.09.

Steel Dynamics Price Performance

STLD opened at $231.01 on Thursday. The company has a market capitalization of $33.11 billion, a P/E ratio of 20.94, a PEG ratio of 0.47 and a beta of 1.52. The company has a 50-day moving average of $247.35 and a 200-day moving average of $221.95. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. Steel Dynamics, Inc. has a 1-year low of $124.77 and a 1-year high of $288.74.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, topping the consensus estimate of $3.63 by $0.06. The business had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The company’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.01 earnings per share. Equities analysts expect that Steel Dynamics, Inc. will post 17.16 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is currently 19.22%.

Insider Activity at Steel Dynamics

In other news, SVP James Stanley Anderson sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the completion of the sale, the senior vice president directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 6.60% of the company’s stock.

Steel Dynamics Company 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.