Apollon Wealth Management LLC Grows Stock Holdings in Steel Dynamics, Inc. $STLD

Key Points

• Apollon Wealth Management LLC increased its stake in Steel Dynamics by 63.4% in Q2, owning 4,659 shares valued at $596,000.
• Steel Dynamics reported a miss on quarterly earnings with EPS of $2.01 against estimates of $2.05, and revenue of $4.57 billion versus a $4.82 billion forecast.
• The company recently announced a quarterly dividend of $0.50 per share, representing a 1.4% yield, with a payout ratio of 29.15%.

Apollon Wealth Management LLC boosted its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 63.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,659 shares of the basic materials company's stock after buying an additional 1,808 shares during the period. Apollon Wealth Management LLC's holdings in Steel Dynamics were worth $596,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of STLD. Financial Gravity Asset Management Inc. purchased a new position in Steel Dynamics in the 1st quarter valued at approximately $25,000. Cary Street Partners Investment Advisory LLC grew its stake in Steel Dynamics by 493.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company's stock valued at $25,000 after buying an additional 163 shares in the last quarter. Trust Co. of Toledo NA OH purchased a new position in Steel Dynamics in the 2nd quarter valued at approximately $30,000. Zions Bancorporation National Association UT purchased a new position in shares of Steel Dynamics during the 1st quarter valued at $32,000. Finally, WPG Advisers LLC purchased a new position in shares of Steel Dynamics during the 1st quarter valued at $32,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Stock Performance

NASDAQ STLD opened at $142.65 on Friday. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $155.56. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 3.13. The company has a market capitalization of $21.00 billion, a P/E ratio of 20.79, a P/E/G ratio of 1.19 and a beta of 1.40. The company has a fifty day moving average of $135.09 and a 200-day moving average of $130.44.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings data on Monday, July 21st. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.05 by ($0.04). Steel Dynamics had a return on equity of 11.88% and a net margin of 6.07%.The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the prior year, the firm posted $2.72 earnings per share. The business's revenue was down 1.5% on a year-over-year basis. As a group, equities research analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Tuesday, September 30th. Steel Dynamics's payout ratio is currently 29.15%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Morgan Stanley boosted their price target on shares of Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. JPMorgan Chase & Co. boosted their price target on shares of Steel Dynamics from $150.00 to $160.00 and gave the company a "neutral" rating in a research report on Monday. Wells Fargo & Company boosted their price target on shares of Steel Dynamics from $143.00 to $150.00 and gave the company an "overweight" rating in a research report on Monday, September 15th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Steel Dynamics in a research report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Steel Dynamics currently has an average rating of "Moderate Buy" and a consensus price target of $149.89.

Insider Activity

In other Steel Dynamics news, SVP Christopher A. Graham sold 12,000 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total value of $1,520,520.00. Following the completion of the sale, the senior vice president directly owned 66,738 shares of the company's stock, valued at $8,456,371.98. The trade was a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 6.30% of the company's stock.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.

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