Steel Dynamics, Inc. $STLD Stock Bought by Kinsale Capital Group Inc.

Kinsale Capital Group Inc. boosted its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 19.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 67,445 shares of the basic materials company’s stock after acquiring an additional 11,187 shares during the period. Steel Dynamics makes up about 2.0% of Kinsale Capital Group Inc.’s portfolio, making the stock its 17th largest position. Kinsale Capital Group Inc.’s holdings in Steel Dynamics were worth $14,946,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of STLD. BlackRock Inc. bought a new stake in Steel Dynamics in the second quarter valued at approximately $2,844,501,000. Bank of America Corp DE increased its holdings in shares of Steel Dynamics by 19.1% during the 1st quarter. Bank of America Corp DE now owns 1,340,234 shares of the basic materials company’s stock worth $241,242,000 after acquiring an additional 215,029 shares during the last quarter. Bank of New York Mellon Corp increased its holdings 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 acquiring an additional 33,434 shares during the last quarter. Deutsche Bank AG bought a new stake in Steel Dynamics in the 2nd quarter valued at $126,579,000. Finally, Bessemer Group Inc. raised its stake in Steel Dynamics by 56,088.1% in the 1st quarter. Bessemer Group Inc. now owns 542,215 shares of the basic materials company’s stock valued at $97,598,000 after acquiring an additional 541,250 shares during the period. Institutional investors own 82.41% of the company’s stock.

Insider Buying and Selling at Steel Dynamics

In other news, EVP Barry Schneider sold 50,000 shares of Steel Dynamics stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $248.91, for a total transaction of $12,445,500.00. Following the completion of the sale, the executive vice president owned 196,399 shares of the company’s stock, valued at approximately $48,885,675.09. This trade represents a 20.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 6.60% of the company’s stock.

Steel Dynamics Price Performance

Shares of NASDAQ STLD opened at $227.56 on Tuesday. The firm has a market cap of $32.36 billion, a P/E ratio of 16.79, a price-to-earnings-growth ratio of 0.34 and a beta of 1.45. The business’s 50 day moving average is $238.23 and its 200-day moving average is $225.13. The company has a current ratio of 3.14, a quick ratio of 1.48 and a debt-to-equity ratio of 0.43. Steel Dynamics, Inc. has a 1-year low of $150.22 and a 1-year high of $288.74.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Monday, October 19th. The basic materials company reported $5.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.48 by ($0.22). Steel Dynamics had a net margin of 8.82% and a return on equity of 21.57%. The firm had revenue of $6.51 billion during the quarter, compared to the consensus estimate of $6.43 billion. During the same quarter last year, the firm earned $2.74 earnings per share. The business’s revenue for the quarter was up 34.8% compared to the same quarter last year. Equities research analysts predict that Steel Dynamics, Inc. will post 18.12 earnings per share for the current year.

Steel Dynamics declared that its board has approved a share repurchase program on Monday, November 9th that allows the company to buy back $3 billion in shares. This buyback authorization allows the basic materials company to buy up to 8.8% of its shares through open market purchases. Share buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 8th. Stockholders of record on Thursday, December 31st will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is currently 15.65%.

Analyst Ratings Changes

A number of research firms have commented on STLD. BMO Capital Markets reduced their price objective on shares of Steel Dynamics from $296.00 to $290.00 and set an “outperform” rating for the company in a research report on Tuesday, September 29th. Wells Fargo & Company increased their price objective on shares of Steel Dynamics from $257.00 to $271.00 and gave the company an “overweight” rating in a research report on Wednesday, October 21st. UBS Group raised their target price on shares of Steel Dynamics from $165.00 to $276.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. BNP Paribas Exane lifted their target price on shares of Steel Dynamics from $275.00 to $276.00 and gave the stock an “outperform” rating in a report on Wednesday, October 21st. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $299.00 target price (down from $301.00) on shares of Steel Dynamics in a report on Tuesday, October 20th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $275.17.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based steel producer and metals recycler founded in 1993. The company operates electric-arc-furnace steel mills and produces flat-rolled, structural, engineered bar, merchant bar and rail products for customers across a range of industries.

Its businesses also include metals recycling, steel fabrication and aluminum operations. Through these activities, Steel Dynamics collects and processes scrap metal, manufactures steel components and supplies products used in construction, automotive manufacturing, energy and other markets.

Headquartered in Fort Wayne, Indiana, the company serves customers primarily in the United States and Mexico.