Cornerstone Wealth Group LLC Reduces Stock Position in Steel Dynamics, Inc. $STLD

Cornerstone Wealth Group LLC cut its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 18.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 23,254 shares of the basic materials company’s stock after selling 5,167 shares during the period. Cornerstone Wealth Group LLC’s holdings in Steel Dynamics were worth $4,186,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Louisiana State Employees Retirement System bought a new position in shares of Steel Dynamics in the first quarter worth $1,260,000. Contravisory Investment Management Inc. bought a new stake in shares of Steel Dynamics during the 1st quarter valued at $1,067,000. Fairvoy Private Wealth LLC bought a new stake in shares of Steel Dynamics during the 1st quarter valued at $874,000. Kestra Private Wealth Services LLC lifted its holdings in Steel Dynamics by 2.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company’s stock worth $431,000 after purchasing an additional 64 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in Steel Dynamics by 23.0% during the 1st quarter. Blue Trust Inc. now owns 1,037 shares of the basic materials company’s stock worth $187,000 after purchasing an additional 194 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the sale, the senior vice president directly owned 102,837 shares in the company, valued at $27,632,301.90. The trade was a 8.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Miguel Alvarez sold 4,825 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president directly owned 122,257 shares of the company’s stock, valued at approximately $27,578,734.06. This represents a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 22,125 shares of company stock valued at $5,438,226. Company insiders own 6.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on STLD shares. Bank of America reduced their target price on Steel Dynamics from $285.00 to $280.00 and set a “neutral” rating for the company in a report on Thursday, June 18th. Wall Street Zen raised shares of Steel Dynamics from a “hold” rating to a “buy” rating in a report on Saturday, April 18th. Barclays assumed coverage on shares of Steel Dynamics in a research report on Thursday, May 21st. They issued an “overweight” rating and a $270.00 price objective for the company. Wells Fargo & Company decreased their target price on shares of Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating on the stock in a report on Thursday, June 18th. Finally, Weiss Ratings upgraded shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Steel Dynamics has a consensus rating of “Moderate Buy” and a consensus price target of $236.36.

Steel Dynamics Price Performance

Shares of NASDAQ STLD opened at $245.49 on Friday. The firm has a market capitalization of $35.53 billion, a P/E ratio of 26.26, a P/E/G ratio of 0.48 and a beta of 1.50. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46. The stock’s 50-day simple moving average is $244.38 and its two-hundred day simple moving average is $202.86. Steel Dynamics, Inc. has a twelve month low of $119.89 and a twelve month high of $288.74.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.01). The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations 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 was up 19.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.44 EPS. As a group, equities analysts anticipate that Steel Dynamics, Inc. will post 16.78 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, June 30th. 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.