Prestige Wealth Management Group LLC Boosts Holdings in Steel Dynamics, Inc. $STLD

Prestige Wealth Management Group LLC increased its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 78.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,384 shares of the basic materials company’s stock after buying an additional 2,365 shares during the period. Prestige Wealth Management Group LLC’s holdings in Steel Dynamics were worth $915,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Sound Income Strategies LLC increased its holdings in Steel Dynamics by 1,500.0% during the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock worth $28,000 after buying an additional 150 shares during the last quarter. Cornerstone Planning Group LLC increased its holdings in Steel Dynamics by 1,636.4% during the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after buying an additional 180 shares during the last quarter. Torren Management LLC purchased a new stake in Steel Dynamics during the fourth quarter worth about $34,000. Nvest Wealth Strategies Inc. purchased a new stake in Steel Dynamics during the fourth quarter worth about $42,000. Finally, Eagle Bay Advisors LLC purchased a new stake in Steel Dynamics during the fourth quarter worth about $45,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. KeyCorp raised their price objective on shares of Steel Dynamics from $190.00 to $241.00 and gave the stock an “overweight” rating in a report on Wednesday, April 22nd. Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. Wells Fargo & Company raised their price objective on shares of Steel Dynamics from $235.00 to $293.00 and gave the stock an “overweight” rating in a report on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Steel Dynamics from $192.00 to $205.00 and gave the company a “neutral” rating in a research note on Tuesday, April 14th. Finally, BMO Capital Markets lifted their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Steel Dynamics presently has a consensus rating of “Moderate Buy” and a consensus target price of $224.64.

Insider Activity at Steel Dynamics

In related news, SVP Richard A. Poinsatte sold 2,300 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total transaction of $538,453.00. Following the completion of the transaction, the senior vice president owned 28,618 shares of the company’s stock, valued at approximately $6,699,759.98. The trade was a 7.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth W. Cornew sold 5,000 shares of the business’s 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 transaction, the director directly owned 31,299 shares of the company’s stock, valued at approximately $7,038,206.13. This represents a 13.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 12,125 shares of company stock valued at $2,751,227. Corporate insiders own 6.60% of the company’s stock.

Steel Dynamics Stock Up 0.6%

Steel Dynamics stock opened at $276.85 on Friday. Steel Dynamics, Inc. has a 1-year low of $119.89 and a 1-year high of $280.49. The firm has a market capitalization of $40.07 billion, a price-to-earnings ratio of 29.61, a P/E/G ratio of 0.59 and a beta of 1.50. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46. The firm has a 50 day simple moving average of $219.09 and a 200 day simple moving average of $192.02.

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

Steel Dynamics Dividend Announcement

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

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.