Concord Asset Management LLC VA Acquires Shares of 16,614 Steel Dynamics, Inc. (NASDAQ:STLD)

Concord Asset Management LLC VA purchased a new stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 16,614 shares of the basic materials company's stock, valued at approximately $2,035,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its stake in Steel Dynamics by 8.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,628,403 shares of the basic materials company's stock worth $642,033,000 after acquiring an additional 451,630 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Steel Dynamics by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 3,688,494 shares of the basic materials company's stock valued at $419,697,000 after acquiring an additional 30,350 shares during the period. Capital Research Global Investors lifted its position in Steel Dynamics by 29.4% during the fourth quarter. Capital Research Global Investors now owns 3,592,670 shares of the basic materials company's stock valued at $409,816,000 after purchasing an additional 815,629 shares during the last quarter. First Trust Advisors LP lifted its position in Steel Dynamics by 14.1% during the fourth quarter. First Trust Advisors LP now owns 3,179,062 shares of the basic materials company's stock valued at $362,636,000 after purchasing an additional 393,516 shares during the last quarter. Finally, Norges Bank bought a new stake in Steel Dynamics during the fourth quarter valued at approximately $336,426,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on STLD shares. Morgan Stanley lifted their price target on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. JPMorgan Chase & Co. lifted their target price on shares of Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a research note on Monday. BMO Capital Markets raised shares of Steel Dynamics from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $135.00 to $145.00 in a research note on Monday, March 31st. Wall Street Zen downgraded shares of Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Finally, UBS Group raised shares of Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 target price on the stock in a research note on Monday, March 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $149.33.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, Director Gabriel Shaheen sold 1,254 shares of Steel Dynamics stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $134.11, for a total value of $168,173.94. Following the completion of the sale, the director owned 81,812 shares of the company's stock, valued at approximately $10,971,807.32. The trade was a 1.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Miguel Alvarez sold 7,495 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $135.26, for a total transaction of $1,013,773.70. Following the sale, the senior vice president directly owned 125,319 shares of the company's stock, valued at $16,950,647.94. The trade was a 5.64% decrease in their position. The disclosure for this sale can be found here. 6.30% of the stock is owned by corporate insiders.

Steel Dynamics Trading Down 3.3%

Steel Dynamics stock traded down $4.36 during mid-day trading on Tuesday, reaching $128.86. 962,641 shares of the company traded hands, compared to its average volume of 1,527,575. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.74 and a quick ratio of 1.38. The firm's 50 day moving average price is $131.70 and its 200 day moving average price is $127.06. The firm has a market capitalization of $19.13 billion, a price-to-earnings ratio of 17.02, a P/E/G ratio of 1.04 and a beta of 1.37. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $155.56.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share for the quarter, topping analysts' consensus estimates of $1.40 by $0.04. The firm had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.17 billion. Steel Dynamics had a net margin of 6.80% and a return on equity of 13.26%. During the same period in the prior year, the firm earned $3.67 EPS. On average, analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Monday, June 30th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend was Monday, June 30th. Steel Dynamics's dividend payout ratio is presently 26.42%.

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.