Corient IA LLC Acquires New Stake in Steel Dynamics, Inc. $STLD

Key Points

• Corient IA LLC has acquired a new position in Steel Dynamics, Inc. worth approximately $375,000, purchasing 3,000 shares in the first quarter.
• Steel Dynamics recently announced a quarterly dividend of $0.50 per share, with an annualized dividend yielding 1.6%, scheduled for payment on October 10th.
• The company's stock opened at $126.42 and has experienced a 0.8% decline. Steel Dynamics reported earnings of $2.01 per share for the last quarter, missing expectations by $0.04.

Corient IA LLC purchased a new position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,000 shares of the basic materials company's stock, valued at approximately $375,000.

Other large investors have also bought and sold shares of the company. Ritholtz Wealth Management increased its stake in Steel Dynamics by 24.4% in the 1st quarter. Ritholtz Wealth Management now owns 6,687 shares of the basic materials company's stock worth $836,000 after purchasing an additional 1,310 shares during the period. Farther Finance Advisors LLC grew its position in shares of Steel Dynamics by 10.4% in the 1st quarter. Farther Finance Advisors LLC now owns 1,535 shares of the basic materials company's stock worth $190,000 after buying an additional 145 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Steel Dynamics by 31.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,511 shares of the basic materials company's stock worth $3,441,000 after buying an additional 6,604 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Steel Dynamics in the 4th quarter worth approximately $16,495,000. Finally, Golden State Wealth Management LLC grew its position in shares of Steel Dynamics by 124.1% in the 1st quarter. Golden State Wealth Management LLC now owns 948 shares of the basic materials company's stock worth $119,000 after buying an additional 525 shares during the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Christopher A. Graham sold 12,000 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total value of $1,520,520.00. Following the completion of the transaction, the senior vice president owned 66,738 shares in the company, 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 Securities & Exchange Commission, which is available through this link. Also, Director Gabriel Shaheen sold 1,254 shares of the business's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $134.11, for a total value of $168,173.94. Following the completion of the transaction, the director owned 81,812 shares of the company's stock, valued at $10,971,807.32. This represents a 1.51% decrease in their position. The disclosure for this sale can be found here. Insiders own 6.30% of the company's stock.

Steel Dynamics Stock Up 5.5%

Steel Dynamics stock traded up $6.92 during mid-day trading on Friday, hitting $132.68. The company had a trading volume of 2,462,823 shares, compared to its average volume of 1,619,787. 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 stock's 50 day moving average price is $129.14 and its two-hundred day moving average price is $128.16. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $155.56. The company has a market capitalization of $19.53 billion, a PE ratio of 19.34, a price-to-earnings-growth ratio of 1.01 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 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.82 billion. During the same period last year, the firm posted $2.72 earnings per share. The company's revenue was down 1.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 30th. Steel Dynamics's payout ratio is 29.15%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wall Street Zen lowered Steel Dynamics from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. Morgan Stanley lifted 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. Wells Fargo & Company upgraded Steel Dynamics to a "strong-buy" rating in a research report on Thursday, August 14th. Finally, JPMorgan Chase & Co. lifted their price objective on Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Steel Dynamics currently has an average rating of "Moderate Buy" and a consensus price target of $148.70.

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.