Pallas Capital Advisors LLC Buys New Position in Steel Dynamics, Inc. $STLD

Key Points

• Pallas Capital Advisors LLC acquired 4,361 shares of Steel Dynamics, Inc. (NASDAQ: STLD) in the 2nd quarter, valued at approximately $558,000.
• Analysts have raised their price targets for Steel Dynamics, with JPMorgan Chase & Co. setting a target of $150.00, indicating a neutral rating.
• Steel Dynamics recently announced a quarterly dividend of $0.50 per share, reflecting an annualized yield of 1.4% and a payout ratio of 29.15%.

Pallas Capital Advisors LLC bought a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 4,361 shares of the basic materials company's stock, valued at approximately $558,000.

Several other large investors have also bought and sold shares of STLD. Czech National Bank boosted its stake in shares of Steel Dynamics by 3.8% during the 2nd quarter. Czech National Bank now owns 33,747 shares of the basic materials company's stock worth $4,320,000 after acquiring an additional 1,227 shares in the last quarter. Arlington Trust Co LLC raised its stake in shares of Steel Dynamics by 54.1% in the second quarter. Arlington Trust Co LLC now owns 2,850 shares of the basic materials company's stock worth $365,000 after acquiring an additional 1,000 shares during the last quarter. Delphi Management Inc. MA bought a new stake in shares of Steel Dynamics during the second quarter worth $201,000. Greenfield Savings Bank raised its holdings in Steel Dynamics by 2.0% during the 2nd quarter. Greenfield Savings Bank now owns 12,947 shares of the basic materials company's stock worth $1,657,000 after purchasing an additional 249 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Steel Dynamics by 13.8% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,488 shares of the basic materials company's stock worth $191,000 after buying an additional 180 shares during the last quarter. Institutional investors own 82.41% of the company's stock.

Analyst Upgrades and Downgrades

STLD has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price target on Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Wells Fargo & Company lifted their target price on shares of Steel Dynamics from $143.00 to $150.00 and gave the stock an "overweight" rating in a report on Monday, September 15th. Finally, Morgan Stanley boosted their price target on Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $149.40.

Steel Dynamics Stock Down 0.1%

Steel Dynamics stock traded down $0.20 during midday trading on Monday, hitting $139.07. 1,859,639 shares of the company's stock were exchanged, compared to its average volume of 1,587,677. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 3.13. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $155.56. The firm has a 50-day moving average of $129.77 and a two-hundred day moving average of $128.29. The company has a market cap of $20.47 billion, a PE ratio of 20.27, a P/E/G ratio of 1.13 and a beta of 1.40.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.82 billion. Steel Dynamics had a return on equity of 11.88% and a net margin of 6.07%.Steel Dynamics'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 business earned $2.72 EPS. As a group, 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 announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.50 per share. The ex-dividend date is Tuesday, September 30th. This represents a $2.00 annualized dividend and a yield of 1.4%. Steel Dynamics's payout ratio is presently 29.15%.

Insiders Place Their Bets

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 stock was sold at an average price of $126.71, for a total value of $1,520,520.00. Following the transaction, the senior vice president owned 66,738 shares of the company's stock, valued at approximately $8,456,371.98. The trade was a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.30% of the company's stock.

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.