Corient Private Wealth LP Acquires New Position in Steel Dynamics, Inc. $STLD

Key Points

• Corient Private Wealth acquired 36,550 Steel Dynamics shares worth approximately $8.4 million during the second quarter. Institutional investors and hedge funds collectively own 82.41% of the company.
• Steel Dynamics exceeded quarterly expectations, reporting $3.69 earnings per share and $6.09 billion in revenue, with revenue up 33.4% year over year. The company also declared a quarterly dividend of $0.53 per share, yielding about 0.9% annually.
• Analyst sentiment remains generally positive, with eight Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $257.27 versus the stock’s reported $234.66 price.

Corient Private Wealth LP bought a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 36,550 shares of the basic materials company's stock, valued at approximately $8,387,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Steel Dynamics during the 2nd quarter worth $2,844,501,000. Capital Research Global Investors boosted its holdings in Steel Dynamics by 0.3% in the fourth quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company's stock valued at $613,926,000 after purchasing an additional 9,959 shares during the last quarter. Life Cycle Investment Partners Ltd acquired a new stake in shares of Steel Dynamics during the fourth quarter worth approximately $586,702,000. Norges Bank acquired a new position in Steel Dynamics during the 4th quarter worth $564,590,000. Finally, Invesco Ltd. increased its holdings in Steel Dynamics by 6.3% in the fourth quarter. Invesco Ltd. now owns 1,965,092 shares of the basic materials company's stock valued at $332,985,000 after buying an additional 116,379 shares during the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance

Shares of STLD opened at $234.66 on Monday. Steel Dynamics, Inc. has a one year low of $126.88 and a one year high of $288.74. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45. The stock has a market cap of $33.63 billion, a price-to-earnings ratio of 21.27, a PEG ratio of 0.44 and a beta of 1.52. The company has a 50-day moving average of $242.07 and a two-hundred day moving average of $223.77.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, beating analysts' consensus estimates of $3.63 by $0.06. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.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. The firm's quarterly revenue was up 33.4% on a year-over-year basis. On average, equities research analysts expect that Steel Dynamics, Inc. will post 17.16 earnings per share for the current year.

Steel Dynamics Announces Dividend

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

Insider Buying and Selling at Steel Dynamics

In related news, SVP James Stanley Anderson sold 10,000 shares of the company's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the sale, the senior vice president directly owned 102,837 shares of the company's stock, valued at approximately $27,632,301.90. This represents a 8.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 6.60% of the company's stock.

Analyst Ratings Changes

STLD has been the topic of several research analyst reports. Morgan Stanley reduced their price objective on Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 22nd. KeyCorp restated an "overweight" rating on shares of Steel Dynamics in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. raised their target price on Steel Dynamics from $256.00 to $260.00 and gave the company a "neutral" rating in a research report on Wednesday, July 22nd. Bank of America dropped their price target on shares of Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating on the stock in a research report on Thursday, July 9th. Finally, UBS Group upped their price objective on Steel Dynamics from $165.00 to $276.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Steel Dynamics currently has an average rating of "Moderate Buy" and an average target price of $257.27.

Steel Dynamics Company 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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