Victory Capital Management Inc. Purchases 1,475,767 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Victory Capital Management Inc. raised its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 433.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,816,525 shares of the basic materials company's stock after purchasing an additional 1,475,767 shares during the period. Victory Capital Management Inc. owned approximately 1.21% of Steel Dynamics worth $227,211,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of STLD. Ritholtz Wealth Management lifted its stake in shares of Steel Dynamics by 24.4% in the first quarter. Ritholtz Wealth Management now owns 6,687 shares of the basic materials company's stock valued at $836,000 after buying an additional 1,310 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Steel Dynamics by 10.4% in the 1st quarter. Farther Finance Advisors LLC now owns 1,535 shares of the basic materials company's stock worth $190,000 after acquiring an additional 145 shares during the period. Orion Portfolio Solutions LLC grew its holdings in shares of Steel Dynamics by 63.4% during the 4th quarter. Orion Portfolio Solutions LLC now owns 7,354 shares of the basic materials company's stock worth $839,000 after purchasing an additional 2,854 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Steel Dynamics by 31.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,511 shares of the basic materials company's stock valued at $3,441,000 after purchasing an additional 6,604 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Steel Dynamics during the fourth quarter valued at approximately $16,495,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Price Performance

NASDAQ STLD traded up $3.46 on Thursday, hitting $130.93. 966,894 shares of the company were exchanged, compared to its average volume of 1,526,413. Steel Dynamics, Inc. has a 1-year low of $103.17 and a 1-year high of $155.56. The firm has a 50 day moving average of $131.59 and a two-hundred day moving average of $127.19. The company has a current ratio of 2.74, a quick ratio of 1.38 and a debt-to-equity ratio of 0.44. The company has a market cap of $19.44 billion, a P/E ratio of 17.32, a P/E/G ratio of 1.00 and a beta of 1.37.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $0.04. The company had revenue of $4.37 billion for the quarter, compared to analyst estimates 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 prior year, the business earned $3.67 earnings per share. On average, equities analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.53%. The ex-dividend date was Monday, June 30th. Steel Dynamics's dividend payout ratio is 26.42%.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, SVP Miguel Alvarez sold 7,495 shares of the company's 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 transaction, the senior vice president directly owned 125,319 shares in the company, valued at approximately $16,950,647.94. This represents a 5.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gabriel Shaheen sold 1,254 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $134.11, for a total transaction of $168,173.94. Following the sale, the director directly owned 81,812 shares of the company's stock, valued at approximately $10,971,807.32. This trade represents a 1.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on STLD shares. JPMorgan Chase & Co. raised their target price on Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a research report on Monday. Wall Street Zen downgraded shares of Steel Dynamics from a "hold" rating to a "sell" rating in a report on Friday, April 25th. BMO Capital Markets raised shares of Steel Dynamics from a "market perform" rating to an "outperform" rating and upped their target price for the company from $135.00 to $145.00 in a research note on Monday, March 31st. UBS Group raised shares of Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price target for the company in a research report on Monday, March 24th. Finally, Morgan Stanley lifted their price objective on Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a report on Friday, June 20th. One equities 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 stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $149.33.

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.