Nuveen LLC Purchases Shares of 499,438 Steel Dynamics, Inc. (NASDAQ:STLD)

Key Points

• Nuveen LLC purchased a significant stake of 499,438 shares in Steel Dynamics, Inc. during the first quarter, valued at approximately $62.47 million, raising its ownership to about 0.33% of the company.
• Steel Dynamics reported an EPS of $2.01 for the last quarter, missing analysts' expectations, with revenue of $4.57 billion, slightly lower than anticipated.
• Wall Street analysts have mixed views on Steel Dynamics, with ratings ranging from "sell" to "overweight", and an average price target currently set at $149.33.

Nuveen LLC purchased a new stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund purchased 499,438 shares of the basic materials company's stock, valued at approximately $62,470,000. Nuveen LLC owned about 0.33% of Steel Dynamics as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of STLD. Financial Gravity Asset Management Inc. bought a new stake in Steel Dynamics in the 1st quarter valued at $25,000. Cary Street Partners Investment Advisory LLC increased its holdings in Steel Dynamics by 493.9% in the 1st 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 last quarter. Zions Bancorporation National Association UT bought a new stake in Steel Dynamics in the 1st quarter valued at $32,000. Grove Bank & Trust increased its holdings in Steel Dynamics by 194.7% in the 1st 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. Finally, Wayfinding Financial LLC purchased a new position in shares of Steel Dynamics in the 1st quarter worth $36,000. 82.41% of the stock is currently owned by institutional investors.

Insider Activity at Steel Dynamics

In related news, SVP Christopher A. Graham sold 12,000 shares of Steel Dynamics stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the completion of the sale, the senior vice president owned 66,738 shares in the company, valued at $8,456,371.98. This trade represents a 15.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Miguel Alvarez sold 7,495 shares of Steel Dynamics stock in a transaction dated 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 of the company's stock, valued at $16,950,647.94. The trade was a 5.64% decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,749 shares of company stock worth $2,702,468 in the last 90 days. 6.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

STLD has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective 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. Wall Street Zen cut shares of Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Morgan Stanley lifted their price objective 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. Finally, Wells Fargo & Company initiated coverage on shares of Steel Dynamics in a research note on Wednesday. They issued an "overweight" rating for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, Steel Dynamics currently has an average rating of "Moderate Buy" and an average price target of $149.33.

Steel Dynamics Price Performance

STLD stock opened at $129.24 on Thursday. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $155.56. The company has a current ratio of 3.13, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average price of $129.86 and a 200 day moving average price of $128.21. The stock has a market cap of $19.03 billion, a PE ratio of 18.84, a P/E/G ratio of 1.02 and a beta of 1.38.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The basic materials company reported $2.01 EPS for the quarter, missing analysts' consensus estimates of $2.05 by ($0.04). Steel Dynamics had a return on equity of 11.88% and a net margin of 6.07%. The firm had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.82 billion. During the same period in the prior year, the firm posted $2.72 earnings per share. Steel Dynamics's revenue for the quarter was down 1.5% on a year-over-year basis. Equities research analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current 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.

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