Ieq Capital LLC Invests $867,000 in Steel Dynamics, Inc. $STLD

Key Points

• Ieq Capital LLC has invested approximately $867,000 in Steel Dynamics, Inc. by acquiring 6,933 shares during the first quarter.
• Analysts have provided positive ratings for Steel Dynamics, with Morgan Stanley raising its price target from $140.00 to $145.00, while JPMorgan increased the target from $138.00 to $150.00.
• Steel Dynamics announced a quarterly dividend of $0.50 per share, resulting in an annualized dividend of $2.00 and a dividend yield of 1.6%.

Ieq Capital LLC bought a new position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 6,933 shares of the basic materials company's stock, valued at approximately $867,000.

A number of other large investors also recently modified their holdings of STLD. Financial Gravity Asset Management Inc. bought a new position in shares of Steel Dynamics in the first quarter valued at approximately $25,000. Cary Street Partners Investment Advisory LLC boosted its position in shares of Steel Dynamics by 493.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company's stock valued at $25,000 after acquiring an additional 163 shares during the period. Zions Bancorporation National Association UT bought a new position in shares of Steel Dynamics in the first quarter valued at approximately $32,000. Grove Bank & Trust boosted its position in shares of Steel Dynamics by 194.7% in the first quarter. Grove Bank & Trust now owns 277 shares of the basic materials company's stock valued at $35,000 after acquiring an additional 183 shares during the period. Finally, Wayfinding Financial LLC bought a new position in shares of Steel Dynamics in the first quarter valued at approximately $36,000. 82.41% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on STLD shares. Morgan Stanley raised their price objective on shares of Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Wells Fargo & Company upgraded shares of Steel Dynamics to a "strong-buy" rating in a research report on Thursday, August 14th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given 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 $148.70.

Steel Dynamics Trading Down 1.5%

Shares of Steel Dynamics stock opened at $129.02 on Wednesday. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56. The firm has a market cap of $18.99 billion, a PE ratio of 18.81, a PEG ratio of 1.06 and a beta of 1.40. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.13 and a quick ratio of 1.34. The company has a 50 day simple moving average of $129.39 and a two-hundred day simple moving average of $128.17.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its earnings results on Monday, July 21st. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.04). Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the previous year, the firm earned $2.72 earnings per share. The company's revenue for the quarter was down 1.5% compared to the same quarter last year. Analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Tuesday, September 30th. Steel Dynamics's payout ratio is presently 29.15%.

Insider Buying and Selling

In other news, SVP Christopher A. Graham sold 12,000 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total value of $1,520,520.00. Following the completion of the sale, the senior vice president directly owned 66,738 shares in the company, valued at approximately $8,456,371.98. The trade was a 15.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Gabriel Shaheen sold 1,254 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $134.11, for a total transaction of $168,173.94. Following the completion of the sale, the director owned 81,812 shares of the company's stock, valued at approximately $10,971,807.32. The trade was a 1.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.30% of the company's stock.

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.

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