QRG Capital Management Inc. Has $10.88 Million Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

QRG Capital Management Inc. increased its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 5.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 86,991 shares of the basic materials company's stock after buying an additional 4,509 shares during the quarter. QRG Capital Management Inc. owned about 0.06% of Steel Dynamics worth $10,881,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Forum Financial Management LP grew its holdings in Steel Dynamics by 2.5% during the 4th 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 in the last quarter. OneAscent Financial Services LLC grew its stake in Steel Dynamics by 2.2% in the fourth quarter. OneAscent Financial Services LLC now owns 4,605 shares of the basic materials company's stock worth $527,000 after purchasing an additional 101 shares in the last quarter. Parallel Advisors LLC increased its holdings 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 buying an additional 102 shares during the last quarter. Optas LLC increased its holdings in Steel Dynamics by 7.1% in the first quarter. Optas LLC now owns 1,911 shares of the basic materials company's stock valued at $239,000 after buying an additional 126 shares during the last quarter. Finally, Axxcess Wealth Management LLC raised its stake in Steel Dynamics by 7.0% during the fourth quarter. Axxcess Wealth Management LLC now owns 1,967 shares of the basic materials company's stock valued at $224,000 after buying an additional 128 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP Miguel Alvarez sold 7,495 shares of the business's stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 125,319 shares of the company's stock, valued at approximately $16,950,647.94. The trade was a 5.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gabriel Shaheen sold 1,254 shares of Steel Dynamics 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 now directly owns 81,812 shares of the company's stock, valued at $10,971,807.32. This trade represents a 1.51% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.30% of the company's stock.

Wall Street Analyst Weigh In

STLD has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their price target on Steel Dynamics from $135.00 to $138.00 and gave the company a "neutral" rating in a report on Thursday, April 24th. Wolfe Research raised shares of Steel Dynamics from an "underperform" rating to a "peer perform" rating in a report on Thursday, February 27th. Wall Street Zen lowered shares of Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. UBS Group upgraded shares of Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price target on the stock in a research report on Monday, March 24th. Finally, BMO Capital Markets raised shares of Steel Dynamics from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $135.00 to $145.00 in a report on Monday, March 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $147.44.

Steel Dynamics Price Performance

Shares of Steel Dynamics stock traded down $1.57 during trading on Wednesday, hitting $131.59. The stock had a trading volume of 584,730 shares, compared to its average volume of 1,533,591. The business has a fifty day moving average of $128.59 and a two-hundred day moving average of $126.52. The firm has a market cap of $19.53 billion, a P/E ratio of 17.35, a PEG ratio of 0.93 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 0.44, a current ratio of 2.74 and a quick ratio of 1.38.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.04. The business had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.17 billion. Steel Dynamics had a net margin of 6.80% and a return on equity of 13.26%. During the same period in the previous year, the firm earned $3.67 EPS. On average, sell-side analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics declared that its Board of Directors has authorized a stock repurchase program on Monday, February 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the basic materials company to repurchase up to 7.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Monday, June 30th. Steel Dynamics's dividend payout ratio is presently 26.42%.

Steel Dynamics 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.