Sierra Summit Advisors LLC Raises Position in Steel Dynamics, Inc. $STLD

Sierra Summit Advisors LLC grew its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 5.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,894 shares of the basic materials company’s stock after acquiring an additional 3,560 shares during the period. Steel Dynamics comprises approximately 1.7% of Sierra Summit Advisors LLC’s portfolio, making the stock its 19th largest position. Sierra Summit Advisors LLC’s holdings in Steel Dynamics were worth $11,861,000 as of its most recent SEC filing.

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

Steel Dynamics Trading Down 0.6%

NASDAQ:STLD opened at $220.39 on Friday. Steel Dynamics, Inc. has a 1 year low of $119.89 and a 1 year high of $288.74. The stock has a market cap of $31.89 billion, a P/E ratio of 23.57, a P/E/G ratio of 0.43 and a beta of 1.53. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. The stock has a 50-day simple moving average of $245.99 and a 200-day simple moving average of $204.70.

Steel Dynamics (NASDAQ:STLD) last posted its 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 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%.Steel Dynamics’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.44 EPS. As a group, analysts anticipate that Steel Dynamics, Inc. will post 16.78 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a yield of 1.0%. Steel Dynamics’s dividend payout ratio (DPR) is presently 22.67%.

Insider Activity at Steel Dynamics

In other news, SVP Miguel Alvarez sold 4,825 shares of the business’s stock in a transaction that occurred 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 approximately $27,578,734.06. The trade was a 3.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total transaction of $538,453.00. Following the completion of the transaction, the senior vice president owned 28,618 shares of the company’s stock, valued at approximately $6,699,759.98. The trade was a 7.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,125 shares of company stock worth $5,438,226 over the last 90 days. 6.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on STLD. Morgan Stanley upped their target price on shares of Steel Dynamics from $227.00 to $270.00 and gave the stock an “equal weight” rating in a research note on Monday, June 22nd. Jefferies Financial Group reiterated a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. BMO Capital Markets lifted their price target on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 22nd. Bank of America lowered their price target on shares of Steel Dynamics from $285.00 to $280.00 and set a “neutral” rating for the company in a report on Thursday, June 18th. Finally, KeyCorp increased their price objective on shares of Steel Dynamics from $241.00 to $262.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $236.36.

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.