Kingsview Wealth Management LLC Trims Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Kingsview Wealth Management LLC lowered its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 90.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,409 shares of the basic materials company's stock after selling 67,649 shares during the quarter. Kingsview Wealth Management LLC's holdings in Steel Dynamics were worth $927,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Financial Gravity Asset Management Inc. purchased a new stake in Steel Dynamics during the first quarter valued at $25,000. Grove Bank & Trust increased its position in Steel Dynamics by 194.7% during 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 last quarter. Wayfinding Financial LLC purchased a new stake in Steel Dynamics during the first quarter valued at $36,000. Bartlett & CO. Wealth Management LLC purchased a new stake in Steel Dynamics during the first quarter valued at $38,000. Finally, Investment Management Corp VA ADV bought a new stake in Steel Dynamics during the fourth quarter valued at about $40,000. Hedge funds and other institutional investors own 82.41% of the company's stock.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD traded down $2.29 during mid-day trading on Tuesday, reaching $132.24. The stock had a trading volume of 2,726,452 shares, compared to its average volume of 1,529,530. The company has a current ratio of 2.74, a quick ratio of 1.38 and a debt-to-equity ratio of 0.44. The company has a market cap of $19.63 billion, a P/E ratio of 17.47, a price-to-earnings-growth ratio of 1.04 and a beta of 1.37. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56. The business's 50 day moving average price is $131.65 and its 200 day moving average price is $127.64.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.05 by ($0.04). Steel Dynamics had a net margin of 6.80% and a return on equity of 13.26%. The company had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.82 billion. During the same quarter last year, the company earned $2.72 earnings per share. The company's revenue for the quarter was down 1.5% on a year-over-year basis. Research analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Monday, June 30th were given a dividend of $0.50 per share. The ex-dividend date was Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 1.51%. Steel Dynamics's dividend payout ratio (DPR) is presently 26.42%.

Insider Buying and Selling

In other news, SVP Miguel Alvarez sold 7,495 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $135.26, for a total value of $1,013,773.70. Following the sale, the senior vice president directly owned 125,319 shares in the company, valued at approximately $16,950,647.94. This represents a 5.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gabriel Shaheen sold 1,254 shares of the stock in a transaction that occurred 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 sale, the director owned 81,812 shares in the company, 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. Corporate insiders own 6.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wall Street Zen lowered Steel Dynamics from a "hold" rating to a "sell" rating in a report on Friday, April 25th. JPMorgan Chase & Co. boosted their price target on Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a report on Monday, July 14th. BMO Capital Markets raised Steel Dynamics from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $135.00 to $145.00 in a research note on Monday, March 31st. UBS Group raised Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price objective for the company in a research note on Monday, March 24th. Finally, Morgan Stanley upped their price objective on Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $149.33.

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.