NorthRock Partners LLC Purchases Shares of 1,772 Steel Dynamics, Inc. (NASDAQ:STLD)

NorthRock Partners LLC purchased a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,772 shares of the basic materials company’s stock, valued at approximately $263,000.

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank acquired a new stake in Steel Dynamics during the 4th quarter valued at $221,817,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Steel Dynamics by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,354,525 shares of the basic materials company’s stock worth $159,969,000 after buying an additional 21,143 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of Steel Dynamics by 2.5% during the first quarter. Nordea Investment Management AB now owns 1,034,133 shares of the basic materials company’s stock worth $153,290,000 after buying an additional 25,280 shares in the last quarter. Schroder Investment Management Group lifted its holdings in shares of Steel Dynamics by 15.3% during the fourth quarter. Schroder Investment Management Group now owns 743,697 shares of the basic materials company’s stock worth $87,831,000 after buying an additional 98,764 shares in the last quarter. Finally, AustralianSuper Pty Ltd lifted its holdings in shares of Steel Dynamics by 13.1% during the fourth quarter. AustralianSuper Pty Ltd now owns 514,888 shares of the basic materials company’s stock worth $60,808,000 after buying an additional 59,668 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Insider Activity

In other news, SVP Christopher A. Graham sold 21,000 shares of Steel Dynamics stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $136.81, for a total transaction of $2,873,010.00. Following the sale, the senior vice president now directly owns 60,415 shares of the company’s stock, valued at $8,265,376.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Bank of America dropped their target price on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $100.00 to $118.00 and gave the stock an “underweight” rating in a report on Tuesday, April 16th. BMO Capital Markets dropped their target price on Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating for the company in a report on Tuesday, June 18th. Finally, Jefferies Financial Group started coverage on Steel Dynamics in a report on Monday, May 20th. They set a “hold” rating and a $150.00 target price for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Steel Dynamics has a consensus rating of “Hold” and an average price target of $133.57.

Steel Dynamics Price Performance

Steel Dynamics stock traded up $2.69 during midday trading on Monday, reaching $131.91. The company’s stock had a trading volume of 2,048,633 shares, compared to its average volume of 1,235,885. Steel Dynamics, Inc. has a 52 week low of $95.53 and a 52 week high of $151.34. The company has a current ratio of 2.87, a quick ratio of 1.55 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average price of $129.09 and a 200-day moving average price of $129.31. The stock has a market cap of $20.73 billion, a PE ratio of 9.06 and a beta of 1.35.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.54 by $0.13. Steel Dynamics had a return on equity of 27.62% and a net margin of 12.89%. The firm had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter in the previous year, the business posted $4.01 earnings per share. The business’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, sell-side analysts predict that Steel Dynamics, Inc. will post 11.64 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Sunday, June 30th were given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend was Friday, June 28th. Steel Dynamics’s dividend payout ratio is presently 12.64%.

About Steel Dynamics

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.