Principal Financial Group Inc. Has $30.41 Million Position in Steel Dynamics, Inc. $STLD

Principal Financial Group Inc. raised its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 1.8% during the first quarter, Holdings Channel.com reports. The fund owned 168,940 shares of the basic materials company’s stock after purchasing an additional 2,973 shares during the period. Principal Financial Group Inc.’s holdings in Steel Dynamics were worth $30,409,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of STLD. Capital Research Global Investors raised its position in shares of Steel Dynamics by 0.3% during the 4th quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company’s stock valued at $613,926,000 after acquiring an additional 9,959 shares during the last quarter. Life Cycle Investment Partners Ltd bought a new position in shares of Steel Dynamics in the 4th quarter worth $586,702,000. Norges Bank acquired a new stake in shares of Steel Dynamics during the fourth quarter worth $564,590,000. Robeco Institutional Asset Management B.V. grew its stake in shares of Steel Dynamics by 3.7% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company’s stock worth $340,289,000 after purchasing an additional 72,122 shares during the period. Finally, Invesco Ltd. increased its holdings in Steel Dynamics by 6.3% in the fourth quarter. Invesco Ltd. now owns 1,965,092 shares of the basic materials company’s stock valued at $332,985,000 after purchasing an additional 116,379 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. Wells Fargo & Company cut their price target on shares of Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating on the stock in a research report on Thursday, June 18th. Bank of America decreased their price objective on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. KeyCorp lifted their price target on shares of Steel Dynamics from $241.00 to $262.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 24th. Finally, Barclays started coverage on shares of Steel Dynamics in a report on Thursday, May 21st. They issued an “overweight” rating and a $270.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $239.18.

Insider Activity

In other Steel Dynamics news, SVP Miguel Alvarez sold 4,825 shares of Steel Dynamics stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total value of $1,088,423.50. Following the completion of the transaction, the senior vice president directly owned 122,257 shares of the company’s stock, valued at $27,578,734.06. The trade was a 3.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction 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 sale, the senior vice president directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 22,125 shares of company stock valued at $5,438,226 in the last ninety days. Corporate insiders own 6.60% of the company’s stock.

Steel Dynamics Price Performance

Shares of NASDAQ STLD opened at $235.51 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33. The business has a 50-day moving average of $245.95 and a 200-day moving average of $209.05. The stock has a market capitalization of $34.08 billion, a price-to-earnings ratio of 25.19, a PEG ratio of 0.45 and a beta of 1.53. Steel Dynamics, Inc. has a fifty-two week low of $119.89 and a fifty-two week high of $288.74.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results 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 company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The business’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same period last year, the company posted $1.44 earnings per share. As a group, sell-side analysts predict that Steel Dynamics, Inc. will post 16.92 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

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