Concurrent Investment Advisors LLC Raises Holdings in Steel Dynamics, Inc. $STLD

Key Points

• Concurrent Investment Advisors LLC increased its Steel Dynamics holdings by 444% in the second quarter, reaching 10,826 shares valued at approximately $2.48 million. Institutional investors collectively own 82.41% of the company.
• Wall Street maintains a positive outlook, with eight analysts rating STLD a Buy and four assigning a Hold rating. MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $257.27.
• Steel Dynamics exceeded quarterly expectations with earnings of $3.69 per share and revenue of $6.09 billion, up 33.4% year over year. The company also declared a quarterly dividend of $0.53 per share, representing a 0.9% yield.

Concurrent Investment Advisors LLC increased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 444.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,826 shares of the basic materials company's stock after buying an additional 8,836 shares during the period. Concurrent Investment Advisors LLC's holdings in Steel Dynamics were worth $2,484,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of STLD. NewEdge Advisors LLC lifted its stake in shares of Steel Dynamics by 307.5% during the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company's stock worth $102,000 after purchasing an additional 618 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Steel Dynamics by 82.7% in the first quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company's stock worth $435,000 after purchasing an additional 1,578 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Steel Dynamics during the second quarter valued at about $1,019,000. Qube Research & Technologies Ltd purchased a new stake in shares of Steel Dynamics during the second quarter valued at about $48,746,000. Finally, Sei Investments Co. boosted its holdings in shares of Steel Dynamics by 7.9% in the 2nd quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company's stock valued at $13,447,000 after buying an additional 7,712 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on STLD. The Goldman Sachs Group started coverage on shares of Steel Dynamics in a research report on Wednesday, July 29th. They issued a "buy" rating and a $300.00 price objective on the stock. Weiss Ratings upgraded shares of Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, June 18th. Morgan Stanley cut their price target on shares of Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 22nd. Barclays upped their price target on Steel Dynamics from $270.00 to $272.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 22nd. Finally, UBS Group raised their price objective on Steel Dynamics from $165.00 to $276.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $257.27.

Steel Dynamics Trading Down 0.7%

Steel Dynamics stock opened at $240.31 on Wednesday. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. Steel Dynamics, Inc. has a 52 week low of $129.41 and a 52 week high of $288.74. The company has a market capitalization of $34.44 billion, a price-to-earnings ratio of 21.79, a price-to-earnings-growth ratio of 0.46 and a beta of 1.50. The stock has a 50-day moving average price of $241.84 and a 200 day moving average price of $225.96.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, topping the consensus estimate of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The company had revenue of $6.09 billion for the quarter, compared to the consensus estimate of $5.56 billion. During the same quarter in the prior year, the company earned $2.01 EPS. Steel Dynamics's quarterly revenue was up 33.4% on a year-over-year basis. Sell-side analysts anticipate that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Steel Dynamics's dividend payout ratio is 19.22%.

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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