Wealth Enhancement Advisory Services LLC Boosts Position in Steel Dynamics, Inc. $STLD

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in Steel Dynamics, Inc. by 19.9% during the 2nd quarter, bringing their total holdings to 32,988 shares worth approximately $4.4 million.
• Several institutional investors have recently altered their positions in Steel Dynamics, with Cary Street Partners raising their stake by 493.9% during the 1st quarter.
• Steel Dynamics announced a quarterly dividend of $0.50 per share, representing an annual yield of 1.5%, to be paid on October 10th.

Wealth Enhancement Advisory Services LLC increased its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 19.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,988 shares of the basic materials company's stock after buying an additional 5,477 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Steel Dynamics were worth $4,395,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in STLD. Cary Street Partners Investment Advisory LLC increased its position in Steel Dynamics by 493.9% during 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 purchasing an additional 163 shares during the period. Financial Gravity Asset Management Inc. purchased a new position in Steel Dynamics during the 1st quarter valued at about $25,000. Zions Bancorporation National Association UT purchased a new position in Steel Dynamics during the 1st quarter valued at about $32,000. WPG Advisers LLC purchased a new position in Steel Dynamics during the 1st quarter valued at about $32,000. Finally, Grove Bank & Trust increased its position in Steel Dynamics by 194.7% during the 1st quarter. Grove Bank & Trust now owns 277 shares of the basic materials company's stock valued at $35,000 after purchasing an additional 183 shares during the period. Hedge funds and other institutional investors own 82.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on STLD shares. JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. Wells Fargo & Company raised their target price on shares of Steel Dynamics from $143.00 to $150.00 and gave the company an "overweight" rating in a research report on Monday, September 15th. Finally, 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 report on Friday, June 20th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $149.40.

Steel Dynamics Stock Down 0.2%

Shares of Steel Dynamics stock opened at $136.09 on Friday. The firm's 50 day moving average price is $130.32 and its 200-day moving average price is $128.61. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $155.56. The company has a market cap of $20.03 billion, a P/E ratio of 19.84, a PEG ratio of 1.11 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 earnings per share (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 during the quarter, compared to analysts' expectations of $4.82 billion. During the same period in the previous year, the firm earned $2.72 EPS. The firm's quarterly revenue was down 1.5% on a year-over-year basis. On average, sell-side analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The business 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 $0.50 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 1.5%. Steel Dynamics's dividend payout ratio (DPR) is 29.15%.

Insider Buying and Selling

In related news, SVP Christopher A. Graham sold 12,000 shares of Steel Dynamics stock in a transaction that occurred on 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 directly owned 66,738 shares in the company, valued at $8,456,371.98. This trade represents a 15.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.30% of the stock is owned by company insiders.

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.

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