Kinsale Capital Group Inc. Purchases 19,928 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Key Points

• Kinsale Capital Group Inc. increased its holdings in Steel Dynamics, Inc. by 124.6% in the first quarter, acquiring 19,928 shares to bring total ownership to 35,920 shares valued at approximately $4.49 million.
• Director Gabriel Shaheen recently sold 1,254 shares of Steel Dynamics, resulting in a 1.51% decrease in his position, while SVP Miguel Alvarez sold 7,495 shares, decreasing his ownership by 5.64%.
• Steel Dynamics, Inc. reported $2.01 EPS for the latest quarter, missing analysts' expectations, with revenue down 1.5% year-over-year at $4.57 billion. Analysts predict an average of 9.01 EPS for the current fiscal year.

Kinsale Capital Group Inc. raised its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 124.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,920 shares of the basic materials company's stock after purchasing an additional 19,928 shares during the quarter. Kinsale Capital Group Inc.'s holdings in Steel Dynamics were worth $4,493,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its position in Steel Dynamics by 8.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,628,403 shares of the basic materials company's stock valued at $642,033,000 after purchasing an additional 451,630 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Steel Dynamics by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 3,688,494 shares of the basic materials company's stock worth $419,697,000 after acquiring an additional 30,350 shares in the last quarter. Capital Research Global Investors raised its stake in shares of Steel Dynamics by 29.4% during the fourth quarter. Capital Research Global Investors now owns 3,592,670 shares of the basic materials company's stock worth $409,816,000 after acquiring an additional 815,629 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Steel Dynamics by 14.1% during the fourth quarter. First Trust Advisors LP now owns 3,179,062 shares of the basic materials company's stock worth $362,636,000 after acquiring an additional 393,516 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Steel Dynamics during the fourth quarter worth approximately $336,426,000. 82.41% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, SVP Miguel Alvarez sold 7,495 shares of the business's stock in a transaction 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 sale, the senior vice president owned 125,319 shares in the company, valued at approximately $16,950,647.94. The trade was a 5.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gabriel Shaheen sold 1,254 shares of the business's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $134.11, for a total transaction of $168,173.94. Following the sale, the director owned 81,812 shares in the company, valued at approximately $10,971,807.32. This trade represents a 1.51% decrease in their position. The disclosure for this sale can be found here. 6.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have commented on STLD shares. Wall Street Zen downgraded shares of Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. JPMorgan Chase & Co. lifted their price target on shares of Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a research note on Monday, July 14th. BMO Capital Markets raised shares of Steel Dynamics from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $135.00 to $145.00 in a research note on Monday, March 31st. Finally, Morgan Stanley lifted their price target on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $149.33.

Steel Dynamics Trading Down 0.5%

Shares of NASDAQ STLD traded down $0.60 during mid-day trading on Monday, hitting $130.23. The stock had a trading volume of 1,066,036 shares, compared to its average volume of 1,242,055. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 3.13. The business has a 50 day moving average price of $131.15 and a two-hundred day moving average price of $128.23. The firm has a market cap of $19.33 billion, a P/E ratio of 18.98, a price-to-earnings-growth ratio of 1.06 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.

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). The company had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.82 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The firm's revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.72 earnings per share. On average, equities analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

About Steel Dynamics

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.