Prestige Wealth Management Group LLC Raises Stock Position in Steel Dynamics, Inc. $STLD

Prestige Wealth Management Group LLC raised its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 78.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,384 shares of the basic materials company’s stock after purchasing an additional 2,365 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Steel Dynamics were worth $915,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Cornerstone Planning Group LLC lifted its position in Steel Dynamics by 1,636.4% during the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 180 shares during the last quarter. Sound Income Strategies LLC lifted its position in Steel Dynamics by 1,500.0% during the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 150 shares during the last quarter. Torren Management LLC bought a new stake in Steel Dynamics during the fourth quarter valued at approximately $34,000. Nvest Wealth Strategies Inc. bought a new stake in Steel Dynamics during the fourth quarter valued at approximately $42,000. Finally, Eagle Bay Advisors LLC bought a new stake in Steel Dynamics during the fourth quarter valued at approximately $45,000. 82.41% of the stock is currently owned by institutional investors.

Insider Activity

In other news, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total value of $538,453.00. Following the completion of the sale, the senior vice president owned 28,618 shares of the company’s stock, valued at approximately $6,699,759.98. This represents a 7.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Miguel Alvarez sold 4,825 shares of the company’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the completion of the sale, the senior vice president directly owned 122,257 shares of the company’s stock, valued at $27,578,734.06. This trade represents a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 12,125 shares of company stock valued at $2,751,227. Corporate insiders own 6.60% of the company’s stock.

Steel Dynamics Price Performance

Shares of Steel Dynamics stock opened at $276.85 on Friday. Steel Dynamics, Inc. has a 52-week low of $119.89 and a 52-week high of $280.49. The stock has a market capitalization of $40.07 billion, a price-to-earnings ratio of 29.61, a price-to-earnings-growth ratio of 0.59 and a beta of 1.50. The company has a fifty day moving average of $219.09 and a 200-day moving average of $192.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.39 billion. During the same period last year, the company posted $1.44 EPS. Steel Dynamics’s revenue for the quarter was up 19.1% on a year-over-year basis. Equities research analysts expect that Steel Dynamics, Inc. will post 14.77 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.8%. Steel Dynamics’s dividend payout ratio is 22.67%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on STLD shares. Jefferies Financial Group reiterated a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. Bank of America lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 target price for the company. in a research report on Thursday, April 30th. Citigroup lifted their target price on shares of Steel Dynamics from $180.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Wall Street Zen upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Finally, Wells Fargo & Company lifted their target price on shares of Steel Dynamics from $235.00 to $293.00 and gave the company an “overweight” rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $224.64.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.