Steel Dynamics, Inc. (NASDAQ:STLD) Stake Raised by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC lifted its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 10.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 27,343 shares of the basic materials company's stock after buying an additional 2,475 shares during the period. Cornerstone Wealth Group LLC's holdings in Steel Dynamics were worth $3,420,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in STLD. Forum Financial Management LP boosted its position in shares of Steel Dynamics by 2.5% during the 4th quarter. Forum Financial Management LP now owns 3,113 shares of the basic materials company's stock worth $355,000 after purchasing an additional 75 shares in the last quarter. OneAscent Financial Services LLC grew its position in Steel Dynamics by 2.2% during the fourth quarter. OneAscent Financial Services LLC now owns 4,605 shares of the basic materials company's stock worth $527,000 after buying an additional 101 shares during the period. Parallel Advisors LLC increased its holdings in Steel Dynamics by 6.3% in the first quarter. Parallel Advisors LLC now owns 1,734 shares of the basic materials company's stock valued at $217,000 after buying an additional 102 shares in the last quarter. Optas LLC lifted its position in shares of Steel Dynamics by 7.1% during the 1st quarter. Optas LLC now owns 1,911 shares of the basic materials company's stock valued at $239,000 after acquiring an additional 126 shares during the period. Finally, Axxcess Wealth Management LLC boosted its stake in shares of Steel Dynamics by 7.0% during the 4th quarter. Axxcess Wealth Management LLC now owns 1,967 shares of the basic materials company's stock worth $224,000 after acquiring an additional 128 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company's stock.

Analyst Upgrades and Downgrades

STLD has been the topic of several research reports. UBS Group raised Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 target price on the stock in a report on Monday, March 24th. JPMorgan Chase & Co. increased their target price on Steel Dynamics from $135.00 to $138.00 and gave the stock a "neutral" rating in a research report on Thursday, April 24th. Morgan Stanley lifted their price target on shares of Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a report on Friday. Wolfe Research raised shares of Steel Dynamics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, February 27th. Finally, BMO Capital Markets raised Steel Dynamics from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $135.00 to $145.00 in a research report on Monday, March 31st. One equities 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. According to MarketBeat, Steel Dynamics presently has an average rating of "Moderate Buy" and a consensus price target of $148.00.

Steel Dynamics Stock Up 0.6%

Shares of STLD stock traded up $0.79 during trading hours on Tuesday, hitting $128.22. 962,775 shares of the company were exchanged, compared to its average volume of 1,536,172. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $155.56. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.38 and a current ratio of 2.74. The stock has a market capitalization of $19.03 billion, a price-to-earnings ratio of 16.94, a P/E/G ratio of 0.87 and a beta of 1.38. The business's 50-day simple moving average is $129.28 and its two-hundred day simple moving average is $126.06.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The basic materials company reported $1.44 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.04. The firm had revenue of $4.37 billion during 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 quarter in the previous year, the company posted $3.67 earnings per share. Sell-side analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 1.56%. Steel Dynamics's dividend payout ratio is currently 26.42%.

Steel Dynamics announced that its Board of Directors has authorized a share repurchase plan on Monday, February 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the basic materials company to purchase up to 7.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Steel Dynamics

In related news, Director Gabriel Shaheen sold 1,254 shares of Steel Dynamics stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $134.11, for a total value of $168,173.94. Following the sale, the director now directly owns 81,812 shares in the company, valued at $10,971,807.32. This trade represents a 1.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Miguel Alvarez sold 7,495 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the senior vice president now owns 125,319 shares in the company, 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 currently owned by insiders.

Steel Dynamics 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.