Providence First Trust Co Makes New $398,000 Investment in Steel Dynamics, Inc. $STLD

Providence First Trust Co purchased a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 2,348 shares of the basic materials company’s stock, valued at approximately $398,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in STLD. Boston Partners acquired a new position in Steel Dynamics during the third quarter worth about $101,254,000. Qube Research & Technologies Ltd acquired a new stake in shares of Steel Dynamics in the 2nd quarter worth approximately $48,746,000. Caisse de depot et placement du Quebec increased its stake in Steel Dynamics by 134.9% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 493,290 shares of the basic materials company’s stock valued at $68,779,000 after purchasing an additional 283,300 shares in the last quarter. AQR Capital Management LLC raised its holdings in Steel Dynamics by 79.1% during the second quarter. AQR Capital Management LLC now owns 627,542 shares of the basic materials company’s stock worth $80,332,000 after purchasing an additional 277,166 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC boosted its position in Steel Dynamics by 6,163.9% during the third quarter. Schonfeld Strategic Advisors LLC now owns 274,861 shares of the basic materials company’s stock worth $38,324,000 after purchasing an additional 270,473 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, SVP Miguel Alvarez sold 4,825 shares of the stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the transaction, the senior vice president owned 122,257 shares of the company’s stock, valued at $27,578,734.06. This represents a 3.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kenneth W. Cornew sold 5,000 shares of the firm’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total value of $1,124,350.00. Following the sale, the director owned 31,299 shares in the company, valued at $7,038,206.13. This trade represents a 13.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 6.60% of the company’s stock.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $241.85 on Thursday. Steel Dynamics, Inc. has a 12-month low of $119.89 and a 12-month high of $243.73. The firm has a market cap of $34.88 billion, a price-to-earnings ratio of 25.87, a price-to-earnings-growth ratio of 0.51 and a beta of 1.48. The company’s 50-day moving average is $192.41 and its two-hundred day moving average is $178.55. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46.

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 analysts’ consensus estimates 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 return on equity of 15.54% and a net margin of 7.22%.The business’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.44 earnings per share. Research analysts expect that Steel Dynamics, Inc. will post 14.77 EPS for the current year.

Steel Dynamics Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, March 31st. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.50. Steel Dynamics’s dividend payout ratio is presently 22.67%.

Analyst Upgrades and Downgrades

STLD has been the subject of a number of research analyst reports. BMO Capital Markets raised their price target on Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. Citigroup boosted their price objective on shares of Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Jefferies Financial Group reissued a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. Weiss Ratings upgraded shares of Steel Dynamics from a “hold (c)” rating to a “buy (b-)” rating in a report on Wednesday, April 29th. Finally, Bank of America cut shares of Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 target price for the company. in a research report on Thursday, April 30th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $214.30.

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.