5,698 Shares in Steel Dynamics, Inc. $STLD Purchased by Elevation Point Wealth Partners LLC

Key Points

• Elevation Point Wealth Partners LLC opened a new position in Steel Dynamics, buying 5,698 shares valued at about $1.03 million in the first quarter.
• Institutional interest in STLD remains strong, with several firms adding to or initiating positions; overall, institutions own 82.41% of the company’s shares.
• Analysts are generally positive on the stock, with a consensus rating of Moderate Buy and an average price target of $236.36, while the company also recently paid a $0.53 quarterly dividend.

Elevation Point Wealth Partners LLC acquired a new position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,698 shares of the basic materials company's stock, valued at approximately $1,027,000.

A number of other institutional investors and hedge funds have also made changes to their positions in STLD. Strs Ohio increased its holdings in shares of Steel Dynamics by 7.3% during the fourth quarter. Strs Ohio now owns 153,878 shares of the basic materials company's stock valued at $26,075,000 after acquiring an additional 10,519 shares in the last quarter. Concentric Capital Strategies LP bought a new position in Steel Dynamics in the 3rd quarter worth about $24,349,000. Robeco Institutional Asset Management B.V. grew its position in Steel Dynamics by 3.7% during 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 purchasing an additional 72,122 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Steel Dynamics by 1.0% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,046,791 shares of the basic materials company's stock valued at $145,953,000 after purchasing an additional 10,537 shares in the last quarter. Finally, Econ Financial Services Corp bought a new stake in Steel Dynamics during the 4th quarter valued at about $1,171,000. Institutional investors own 82.41% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Steel Dynamics from a "hold" rating to a "buy" rating in a research note on Saturday, April 18th. Weiss Ratings raised shares of Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, June 18th. KeyCorp boosted their price objective on shares of Steel Dynamics from $241.00 to $262.00 and gave the stock an "overweight" rating in a report on Wednesday, June 24th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. Finally, Barclays initiated coverage on Steel Dynamics in a research note on Thursday, May 21st. They set an "overweight" rating and a $270.00 target price on the stock. One investment 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 MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $236.36.

Steel Dynamics Stock Performance

Shares of NASDAQ STLD opened at $227.07 on Tuesday. The firm's 50-day moving average price is $245.88 and its 200-day moving average price is $205.47. 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 company has a market cap of $32.86 billion, a PE ratio of 24.29, a PEG ratio of 0.43 and a beta of 1.53. Steel Dynamics, Inc. has a 52-week low of $119.89 and a 52-week high of $288.74.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced 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 company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.39 billion. Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The business's revenue was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.44 earnings per share. As a group, analysts anticipate that Steel Dynamics, Inc. will post 16.78 EPS for the current year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be given 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 payout ratio is 22.67%.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,300 shares of the business'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 sale, the senior vice president directly owned 28,618 shares in the company, valued at approximately $6,699,759.98. The trade was a 7.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kenneth W. Cornew sold 5,000 shares of the stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total value of $1,124,350.00. Following the transaction, the director directly owned 31,299 shares in the company, valued at $7,038,206.13. The trade was a 13.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 22,125 shares of company stock valued at $5,438,226 in the last quarter. 6.60% of the stock is currently owned by corporate insiders.

Steel Dynamics 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.

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