Navellier & Associates Inc. Buys 23,084 Shares of Steel Dynamics, Inc. $STLD

Key Points

• Navellier & Associates raised its stake in Steel Dynamics (NASDAQ:STLD) by 267.1%, buying 23,084 shares to hold 31,728 shares valued at about $5.38 million.
• Analyst sentiment is mixed—six Buy, four Hold and one Sell—resulting in an average rating of "Hold" with an average price target of $214.30, while KeyCorp raised its target to $241 and Bank of America downgraded to Neutral with a $250 target.
• Steel Dynamics slightly missed the quarter (EPS $2.78 vs. $2.79 est., revenue $5.20B vs. $5.39B est.) but revenue was up 19.1% year-over-year and the company raised its quarterly dividend to $0.53 ($2.12 annual).

Navellier & Associates Inc. raised its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 267.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 31,728 shares of the basic materials company's stock after buying an additional 23,084 shares during the period. Navellier & Associates Inc.'s holdings in Steel Dynamics were worth $5,376,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Sound Income Strategies LLC lifted its stake in shares of Steel Dynamics by 1,500.0% in the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company's stock valued at $28,000 after purchasing an additional 150 shares during the period. Cornerstone Planning Group LLC lifted its stake in shares of Steel Dynamics by 1,636.4% in the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 180 shares during the period. Torren Management LLC acquired a new position in shares of Steel Dynamics in the 4th quarter valued at about $34,000. Nvest Wealth Strategies Inc. acquired a new position in shares of Steel Dynamics in the 4th quarter valued at about $42,000. Finally, Eagle Bay Advisors LLC acquired a new position in shares of Steel Dynamics in the 4th quarter valued at about $45,000. Institutional investors own 82.41% of the company's stock.

Analyst Ratings Changes

STLD has been the topic of a number of recent analyst reports. Weiss Ratings raised Steel Dynamics from a "hold (c)" rating to a "buy (b-)" rating in a research note on Wednesday, April 29th. Wall Street Zen raised Steel Dynamics from a "hold" rating to a "buy" rating in a research note on Saturday, April 18th. Jefferies Financial Group reissued a "buy" rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. KeyCorp boosted their price objective on Steel Dynamics from $190.00 to $241.00 and gave the company an "overweight" rating in a research note on Wednesday, April 22nd. Finally, Bank of America downgraded Steel Dynamics from a "buy" rating to a "neutral" rating and set a $250.00 price target on the stock. in a research note on Thursday, April 30th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $214.30.

Insider Activity at Steel Dynamics

In other news, Director Kenneth W. Cornew sold 5,000 shares of the stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total value of $1,124,350.00. Following the completion of the sale, the director directly owned 31,299 shares of the company's stock, valued at $7,038,206.13. This represents a 13.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Miguel Alvarez sold 4,825 shares of the stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total value of $1,088,423.50. Following the completion of the sale, the senior vice president directly owned 122,257 shares of the company's stock, valued at approximately $27,578,734.06. This trade represents a 3.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 6.60% of the company's stock.

Steel Dynamics Stock Up 3.3%

STLD stock opened at $237.46 on Wednesday. The stock's 50 day simple moving average is $191.49 and its 200 day simple moving average is $177.85. Steel Dynamics, Inc. has a fifty-two week low of $119.89 and a fifty-two week high of $238.74. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. The company has a market cap of $34.24 billion, a P/E ratio of 25.40, a price-to-earnings-growth ratio of 0.49 and a beta of 1.48.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing analysts' consensus estimates of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. During the same period last year, the company posted $1.44 earnings per share. The firm's quarterly revenue was up 19.1% compared to the same quarter last year. On average, research analysts expect that Steel Dynamics, Inc. will post 14.77 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. This is a boost from Steel Dynamics's previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Tuesday, March 31st. Steel Dynamics's dividend payout ratio (DPR) is currently 22.67%.

About Steel Dynamics

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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