Raymond James Financial Inc. Has $19.31 Million Holdings in Steel Dynamics, Inc. $STLD

Key Points

• Raymond James Financial Inc. increased its holdings in Steel Dynamics, Inc. by 6.7%, now owning approximately $19.31 million worth of the company's stock after purchasing additional shares.
• Several institutional investors, including Forum Financial Management and Hemington Wealth Management, have also recently increased their stakes in Steel Dynamics, which is currently owned 82.41% by institutional investors.
• Steel Dynamics plans to pay a $0.50 quarterly dividend on October 10th, with an annualized yield of 1.5% and a payout ratio of 29.15%.

Raymond James Financial Inc. raised its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 6.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 154,357 shares of the basic materials company's stock after purchasing an additional 9,753 shares during the quarter. Raymond James Financial Inc. owned approximately 0.10% of Steel Dynamics worth $19,307,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Forum Financial Management LP raised its position in shares of Steel Dynamics by 2.5% during the fourth quarter. Forum Financial Management LP now owns 3,113 shares of the basic materials company's stock worth $355,000 after acquiring an additional 75 shares during the last quarter. Hemington Wealth Management grew its stake in shares of Steel Dynamics by 35.9% during the first quarter. Hemington Wealth Management now owns 318 shares of the basic materials company's stock worth $39,000 after purchasing an additional 84 shares during the period. Sequoia Financial Advisors LLC grew its stake in Steel Dynamics by 1.6% in the first quarter. Sequoia Financial Advisors LLC now owns 5,803 shares of the basic materials company's stock valued at $726,000 after acquiring an additional 91 shares during the period. Sunbelt Securities Inc. grew its stake in Steel Dynamics by 25.0% in the first quarter. Sunbelt Securities Inc. now owns 500 shares of the basic materials company's stock valued at $63,000 after acquiring an additional 100 shares during the period. Finally, Parallel Advisors LLC grew its stake in Steel Dynamics by 6.3% in the first quarter. Parallel Advisors LLC now owns 1,734 shares of the basic materials company's stock valued at $217,000 after acquiring an additional 102 shares during the period. Institutional investors own 82.41% of the company's stock.

Insiders Place Their Bets

In other Steel Dynamics news, Director Gabriel Shaheen sold 1,254 shares of the company's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $134.11, for a total value of $168,173.94. Following 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Christopher A. Graham sold 12,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total value 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 disclosure for this sale can be found here. 6.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on STLD shares. Wells Fargo & Company raised Steel Dynamics to a "strong-buy" rating in a research report on Thursday, August 14th. Morgan Stanley upped their target price on Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Finally, JPMorgan Chase & Co. upped their price objective on Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Steel Dynamics has a consensus rating of "Moderate Buy" and a consensus target price of $148.70.

Steel Dynamics Trading Up 0.7%

Shares of STLD stock opened at $132.70 on Thursday. The stock's fifty day moving average price is $129.17 and its two-hundred day moving average price is $128.30. The company has a market cap of $19.53 billion, a PE ratio of 19.34, a P/E/G ratio of 1.06 and a beta of 1.38. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $155.56. 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 (NASDAQ:STLD - Get Free Report) last issued its earnings results on Monday, July 21st. The basic materials company reported $2.01 earnings per share for the quarter, missing analysts' consensus estimates of $2.05 by ($0.04). The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.82 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The company's revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period in the prior year, the business posted $2.72 EPS. Equities analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Tuesday, September 30th. Steel Dynamics's dividend payout ratio is presently 29.15%.

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.

Want to see what other hedge funds are holding STLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Steel Dynamics, Inc. (NASDAQ:STLD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.