Wealth Enhancement Advisory Services LLC Raises Stock Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Wealth Enhancement Advisory Services LLC grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 105.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,907 shares of the basic materials company's stock after purchasing an additional 10,716 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Steel Dynamics were worth $2,385,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Forum Financial Management LP boosted its stake in 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 in the last quarter. OneAscent Financial Services LLC grew its stake in shares of Steel Dynamics by 2.2% in the 4th quarter. OneAscent Financial Services LLC now owns 4,605 shares of the basic materials company's stock worth $527,000 after buying an additional 101 shares during the last quarter. Cidel Asset Management Inc. raised its stake in Steel Dynamics by 6.2% during the fourth quarter. Cidel Asset Management Inc. now owns 2,036 shares of the basic materials company's stock valued at $232,000 after buying an additional 118 shares during the last quarter. 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 during the last quarter. Finally, Townsquare Capital LLC boosted its holdings in Steel Dynamics by 6.4% in the fourth quarter. Townsquare Capital LLC now owns 2,130 shares of the basic materials company's stock worth $243,000 after acquiring an additional 128 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company's stock.

Analyst Ratings Changes

STLD has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their price target on shares of Steel Dynamics from $135.00 to $138.00 and gave the stock a "neutral" rating in a research note on Thursday, April 24th. Wolfe Research raised shares of Steel Dynamics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, February 27th. KeyCorp upgraded shares of Steel Dynamics from a "sector weight" rating to an "overweight" rating and set a $155.00 price objective for the company in a report on Tuesday, February 11th. UBS Group upgraded Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 target price on the stock in a research note on Monday, March 24th. Finally, BMO Capital Markets upgraded Steel Dynamics from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $135.00 to $145.00 in a research note on Monday, March 31st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, Steel Dynamics has an average rating of "Moderate Buy" and a consensus price target of $147.44.

Insider Buying and Selling

In other Steel Dynamics news, SVP Miguel Alvarez sold 7,495 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $135.26, for a total transaction of $1,013,773.70. Following the completion of the sale, the senior vice president now 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 6.30% of the stock is owned by insiders.

Steel Dynamics Stock Performance

STLD stock traded up $1.46 during trading on Friday, reaching $133.56. The stock had a trading volume of 1,018,732 shares, compared to its average volume of 1,541,554. The stock's 50 day moving average is $125.98 and its two-hundred day moving average is $127.25. The firm has a market cap of $19.83 billion, a PE ratio of 13.63, a PEG ratio of 1.05 and a beta of 1.38. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $155.56. The company has a current ratio of 2.53, a quick ratio of 1.08 and a debt-to-equity ratio of 0.32.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.04. The firm had revenue of $4.37 billion for the quarter, compared to analysts' expectations of $4.17 billion. Steel Dynamics had a net margin of 8.76% and a return on equity of 17.32%. During the same quarter in the prior year, the business earned $3.67 EPS. As a group, equities analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.00 annualized dividend and a dividend yield of 1.50%. Steel Dynamics's dividend payout ratio (DPR) is 26.42%.

Steel Dynamics declared that its Board of Directors has initiated a share buyback plan on Monday, February 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the basic materials company to purchase up to 7.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

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.