ABC Arbitrage SA Buys New Position in Steel Dynamics, Inc. $STLD

ABC Arbitrage SA purchased a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 14,681 shares of the basic materials company’s stock, valued at approximately $2,488,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cornerstone Planning Group LLC lifted its position in shares of 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 purchasing an additional 180 shares in the last quarter. Sound Income Strategies LLC grew its holdings in Steel Dynamics by 1,500.0% during the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 150 shares in the last quarter. Torren Management LLC acquired a new stake in Steel Dynamics during the 4th quarter valued at $34,000. Covestor Ltd increased its stake in Steel Dynamics by 44.3% during the 3rd quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock worth $42,000 after buying an additional 93 shares during the period. Finally, Nvest Wealth Strategies Inc. purchased a new stake in Steel Dynamics during the 4th quarter worth $42,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on STLD. Morgan Stanley reissued an “underperform” rating and issued a $190.00 price objective on shares of Steel Dynamics in a research report on Tuesday, March 17th. Bank of America lowered Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 target price on the stock. in a research report on Thursday, April 30th. Wells Fargo & Company boosted their price target on Steel Dynamics from $207.00 to $235.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 22nd. Jefferies Financial Group reissued a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. Finally, BMO Capital Markets raised their price objective on Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research note on Wednesday, April 22nd. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $214.30.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, SVP Miguel Alvarez sold 4,825 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the completion of the sale, the senior vice president owned 122,257 shares in the company, valued at $27,578,734.06. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth W. Cornew sold 5,000 shares of the stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the sale, the director directly owned 31,299 shares in the company, valued at $7,038,206.13. This trade represents a 13.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 6.60% of the company’s stock.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $235.97 on Tuesday. The stock has a market capitalization of $34.03 billion, a price-to-earnings ratio of 25.24, a PEG ratio of 0.50 and a beta of 1.48. Steel Dynamics, Inc. has a one year low of $119.89 and a one year high of $243.73. The company’s 50-day simple moving average is $194.99 and its 200-day simple moving average is $180.39. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. During the same quarter in the previous year, the company earned $1.44 EPS. The company’s quarterly revenue was up 19.1% compared to the same quarter last year. Equities analysts anticipate that Steel Dynamics, Inc. will post 14.77 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, June 30th. Steel Dynamics’s dividend 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.