Concord Wealth Partners Invests $1.80 Million in Steel Dynamics, Inc. (NASDAQ:STLD)

Concord Wealth Partners bought a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 14,417 shares of the basic materials company's stock, valued at approximately $1,803,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Financial Gravity Asset Management Inc. acquired a new position in Steel Dynamics during the 1st quarter worth $25,000. Grove Bank & Trust increased its holdings in shares of Steel Dynamics by 194.7% during the 1st quarter. Grove Bank & Trust now owns 277 shares of the basic materials company's stock worth $35,000 after purchasing an additional 183 shares during the period. Wayfinding Financial LLC bought a new position in shares of Steel Dynamics during the 1st quarter worth about $36,000. Bartlett & CO. Wealth Management LLC bought a new position in shares of Steel Dynamics during the 1st quarter worth about $38,000. Finally, Investment Management Corp VA ADV bought a new position in shares of Steel Dynamics during the 4th quarter worth about $40,000. Institutional investors and hedge funds own 82.41% of the company's stock.

Steel Dynamics Price Performance

NASDAQ STLD traded up $0.48 on Friday, reaching $131.63. The company's stock had a trading volume of 928,984 shares, compared to its average volume of 1,526,192. The firm has a market cap of $19.54 billion, a PE ratio of 17.39, a price-to-earnings-growth ratio of 0.99 and a beta of 1.37. The business has a 50-day moving average price of $131.63 and a 200 day moving average price of $127.31. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $155.56. The company has a current ratio of 2.74, a quick ratio of 1.38 and a debt-to-equity ratio of 0.44.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.40 by $0.04. The business had revenue of $4.37 billion for the quarter, compared to analysts' expectations of $4.17 billion. Steel Dynamics had a net margin of 6.80% and a return on equity of 13.26%. During the same quarter in the previous year, the firm posted $3.67 earnings per share. Sell-side analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Monday, June 30th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.00 annualized dividend and a yield of 1.52%. Steel Dynamics's dividend payout ratio is 26.42%.

Analyst Upgrades and Downgrades

STLD has been the topic of several research reports. Morgan Stanley boosted their price objective on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. UBS Group upgraded shares of Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price objective on the stock in a report on Monday, March 24th. Wall Street Zen downgraded shares of Steel Dynamics from a "hold" rating to a "sell" rating in a report on Friday, April 25th. BMO Capital Markets upgraded shares of Steel Dynamics from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $135.00 to $145.00 in a report on Monday, March 31st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a report on Monday. 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. Based on data from MarketBeat, Steel Dynamics has a consensus rating of "Moderate Buy" and a consensus price target of $149.33.

Insider Activity

In other Steel Dynamics news, Director Gabriel Shaheen sold 1,254 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $134.11, for a total transaction of $168,173.94. Following the sale, the director directly owned 81,812 shares of the company's stock, valued at approximately $10,971,807.32. This represents a 1.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Miguel Alvarez sold 7,495 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was 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 in the company, valued at $16,950,647.94. This represents a 5.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.30% of the stock is currently owned by corporate insiders.

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.