Empowered Funds LLC Invests $6.55 Million in Steel Dynamics, Inc. $STLD

Empowered Funds LLC bought a new position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 28,552 shares of the basic materials company's stock, valued at approximately $6,552,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Prosperity Bancshares Inc purchased a new stake in Steel Dynamics in the fourth quarter worth about $25,000. Meeder Asset Management Inc. purchased a new position in shares of Steel Dynamics during the 2nd quarter valued at about $26,000. MV Capital Management Inc. purchased a new position in shares of Steel Dynamics during the 4th quarter valued at about $27,000. Cedar Mountain Advisors LLC bought a new position in shares of Steel Dynamics during the 1st quarter valued at approximately $31,000. Finally, DV Equities LLC bought a new position in shares of Steel Dynamics during the 4th quarter valued at approximately $33,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Stock Down 0.0%

Shares of NASDAQ:STLD opened at $234.66 on Monday. The firm has a market capitalization of $33.63 billion, a PE ratio of 21.27, a price-to-earnings-growth ratio of 0.44 and a beta of 1.52. The business has a 50 day simple moving average of $242.07 and a two-hundred day simple moving average of $223.77. Steel Dynamics, Inc. has a 1 year low of $126.88 and a 1 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.

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 return on equity of 18.12% and a net margin of 7.83%.The firm had revenue of $6.09 billion for the quarter, compared to the consensus estimate of $5.56 billion. During the same period in the prior year, the business posted $2.01 earnings per share. The company's revenue for the quarter was up 33.4% on a year-over-year basis. On average, equities analysts predict that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms have commented on STLD. 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. UBS Group boosted their price objective on Steel Dynamics from $165.00 to $276.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. Barclays upped their target price on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 22nd. Morgan Stanley dropped their price target on Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 22nd. Finally, Wells Fargo & Company lowered their price objective on shares of Steel Dynamics from $275.00 to $255.00 and set an "overweight" rating for the company in a research report on Monday, August 24th. 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.com, Steel Dynamics currently has an average rating of "Moderate Buy" and an average target price of $257.27.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the business's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $268.70, for a total value 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 $27,632,301.90. The trade was a 8.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.60% of the stock is currently owned by company insiders.

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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