Wahed Invest LLC Has $431,000 Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Wahed Invest LLC increased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 9.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,908 shares of the basic materials company’s stock after acquiring an additional 249 shares during the period. Wahed Invest LLC’s holdings in Steel Dynamics were worth $431,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Atomi Financial Group Inc. grew its position in Steel Dynamics by 3.1% in the 1st quarter. Atomi Financial Group Inc. now owns 2,667 shares of the basic materials company’s stock worth $395,000 after purchasing an additional 79 shares in the last quarter. Greenfield Savings Bank grew its position in Steel Dynamics by 0.7% in the 1st quarter. Greenfield Savings Bank now owns 11,676 shares of the basic materials company’s stock worth $1,731,000 after purchasing an additional 85 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Steel Dynamics by 9.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,068 shares of the basic materials company’s stock worth $126,000 after purchasing an additional 88 shares in the last quarter. Global Retirement Partners LLC grew its position in Steel Dynamics by 19.2% in the 1st quarter. Global Retirement Partners LLC now owns 570 shares of the basic materials company’s stock worth $84,000 after purchasing an additional 92 shares in the last quarter. Finally, Signaturefd LLC grew its position in Steel Dynamics by 0.9% in the 4th quarter. Signaturefd LLC now owns 10,698 shares of the basic materials company’s stock worth $1,263,000 after purchasing an additional 93 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Stock Performance

STLD traded down $5.07 on Friday, hitting $121.28. The company’s stock had a trading volume of 1,342,115 shares, compared to its average volume of 1,243,738. The company’s 50 day simple moving average is $127.73 and its 200-day simple moving average is $130.29. The firm has a market cap of $19.06 billion, a P/E ratio of 8.33 and a beta of 1.35. Steel Dynamics, Inc. has a 12 month low of $95.53 and a 12 month high of $151.34. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.67 by $0.05. The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. Steel Dynamics’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same period last year, the firm earned $4.81 EPS. Analysts forecast that Steel Dynamics, Inc. will post 11.35 EPS for the current year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Sunday, June 30th were paid a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 1.52%. The ex-dividend date was Friday, June 28th. Steel Dynamics’s dividend payout ratio is presently 12.64%.

Analysts Set New Price Targets

A number of brokerages have issued reports on STLD. Jefferies Financial Group began coverage on shares of Steel Dynamics in a research report on Monday, May 20th. They issued a “hold” rating and a $150.00 price objective for the company. BMO Capital Markets reduced their target price on shares of Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating for the company in a research report on Tuesday, June 18th. JPMorgan Chase & Co. increased their target price on shares of Steel Dynamics from $118.00 to $120.00 and gave the company an “underweight” rating in a research report on Tuesday, July 16th. Finally, Bank of America reduced their target price on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $133.86.

Insiders Place Their Bets

In other news, Director Gabriel Shaheen 1,825 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, SVP Christopher A. Graham sold 21,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were 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 owns 60,415 shares in the company, valued at approximately $8,265,376.15. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gabriel Shaheen 1,825 shares of the business’s stock in a transaction dated Tuesday, July 30th. The disclosure for this trade can be found here. Corporate insiders own 6.00% of the company’s stock.

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.