Cetera Investment Advisers Boosts Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Key Points

• Cetera Investment Advisers increased its stake in Steel Dynamics, Inc. by 14.5%, purchasing an additional 2,649 shares, which brings its total holdings to 20,957 shares valued at approximately $2.62 million.
• In the first quarter, several institutional investors, including Grove Bank & Trust and Wayfinding Financial LLC, also increased their positions in Steel Dynamics, highlighting strong institutional interest in the company.
• Steel Dynamics reported earnings of $2.01 per share for the last quarter, missing analysts' expectations, and its quarterly revenue was down 1.5% year-over-year, indicating potential challenges ahead for the company.

Cetera Investment Advisers boosted its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 14.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,957 shares of the basic materials company's stock after buying an additional 2,649 shares during the period. Cetera Investment Advisers' holdings in Steel Dynamics were worth $2,621,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Steel Dynamics by 8.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,628,403 shares of the basic materials company's stock valued at $642,033,000 after purchasing an additional 451,630 shares during the last quarter. Capital Research Global Investors grew its position in Steel Dynamics by 29.4% in the 4th quarter. Capital Research Global Investors now owns 3,592,670 shares of the basic materials company's stock worth $409,816,000 after purchasing an additional 815,629 shares in the last quarter. First Trust Advisors LP increased its stake in Steel Dynamics by 14.1% in the 4th quarter. First Trust Advisors LP now owns 3,179,062 shares of the basic materials company's stock valued at $362,636,000 after buying an additional 393,516 shares during the last quarter. Victory Capital Management Inc. increased its stake in Steel Dynamics by 433.1% in the 1st quarter. Victory Capital Management Inc. now owns 1,816,525 shares of the basic materials company's stock valued at $227,211,000 after buying an additional 1,475,767 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Steel Dynamics by 17.1% during the 4th quarter. Northern Trust Corp now owns 1,775,286 shares of the basic materials company's stock worth $202,507,000 after buying an additional 259,361 shares in the last quarter. 82.41% of the stock is owned by institutional investors.

Insider Activity at Steel Dynamics

In other news, SVP Miguel Alvarez sold 7,495 shares of Steel Dynamics stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $135.26, for a total value of $1,013,773.70. Following the completion of the transaction, the senior vice president owned 125,319 shares in the company, valued at $16,950,647.94. This trade represents a 5.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Christopher A. Graham sold 12,000 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the completion of the sale, the senior vice president directly owned 66,738 shares in the company, valued at approximately $8,456,371.98. This trade represents a 15.24% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,749 shares of company stock worth $2,702,468. Company insiders own 6.30% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their target price on Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Morgan Stanley boosted their price objective on Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Finally, Wall Street Zen downgraded Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $149.33.

Steel Dynamics Stock Performance

Shares of NASDAQ:STLD traded up $0.95 during mid-day trading on Friday, reaching $123.02. The company had a trading volume of 891,408 shares, compared to its average volume of 1,632,907. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $155.56. The company has a current ratio of 3.13, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43. The company's 50-day moving average price is $130.46 and its 200-day moving average price is $128.15. The firm has a market cap of $18.26 billion, a price-to-earnings ratio of 17.93, a PEG ratio of 0.99 and a beta of 1.38.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its earnings results 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 firm had revenue of $4.57 billion during the quarter, compared to analysts' expectations of $4.82 billion. During the same period in the prior year, the business earned $2.72 earnings per share. The business's quarterly revenue was down 1.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Company Profile

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.