Wealthfront Advisers LLC Buys New Shares in Steel Dynamics, Inc. $STLD

Wealthfront Advisers LLC acquired a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 31,793 shares of the basic materials company’s stock, valued at approximately $7,295,000.

A number of other large investors also recently modified their holdings of STLD. BlackRock Inc. acquired a new position in shares of Steel Dynamics during the second quarter valued at about $2,844,501,000. Life Cycle Investment Partners Ltd purchased a new stake in Steel Dynamics in the 4th quarter valued at about $586,702,000. Norges Bank purchased a new stake in Steel Dynamics in the 4th quarter valued at about $564,590,000. Boston Partners lifted its position in shares of Steel Dynamics by 147.9% during the 4th quarter. Boston Partners now owns 1,793,630 shares of the basic materials company’s stock worth $303,970,000 after buying an additional 1,070,042 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Steel Dynamics during the 2nd quarter worth approximately $211,159,000. 82.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on STLD shares. JPMorgan Chase & Co. boosted their target price on Steel Dynamics from $256.00 to $260.00 and gave the stock a “neutral” rating in a research note 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 research report on Monday, August 10th. Morgan Stanley cut their price objective on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 22nd. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. Finally, KeyCorp reiterated an “overweight” rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Eight investment 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, Steel Dynamics currently has an average rating of “Moderate Buy” and an average target price of $259.09.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $231.01 on Thursday. The stock 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 firm’s 50 day moving average is $247.35 and its 200 day moving average is $221.95. Steel Dynamics, Inc. has a 12 month low of $124.77 and a 12 month high of $288.74. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, beating the consensus estimate of $3.63 by $0.06. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company had revenue of $6.09 billion during the quarter, compared to analysts’ expectations of $5.56 billion. During the same period in the previous year, the business earned $2.01 earnings per share. The firm’s quarterly revenue was up 33.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Steel Dynamics, Inc. will post 17.16 earnings per share for the current year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend 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 presently 19.22%.

Insider Buying and Selling

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president directly owned 102,837 shares in the company, valued at $27,632,301.90. This represents a 8.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.60% of the stock is currently owned by insiders.

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.