Steel Dynamics, Inc. $STLD Shares Acquired by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC raised its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 28.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,629,401 shares of the basic materials company’s stock after acquiring an additional 356,507 shares during the quarter. Steel Dynamics makes up approximately 0.8% of Lord Abbett & CO. LLC’s portfolio, making the stock its 23rd biggest holding. Lord Abbett & CO. LLC’s holdings in Steel Dynamics were worth $276,102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in STLD. Optas LLC boosted its position in shares of Steel Dynamics by 3.0% during the fourth quarter. Optas LLC now owns 1,979 shares of the basic materials company’s stock worth $335,000 after buying an additional 58 shares during the period. Hohimer Wealth Management LLC grew its holdings in shares of Steel Dynamics by 1.1% during the fourth quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock worth $967,000 after buying an additional 61 shares during the last quarter. Wright Investors Service Inc. grew its holdings in shares of Steel Dynamics by 1.2% during the fourth quarter. Wright Investors Service Inc. now owns 5,555 shares of the basic materials company’s stock worth $941,000 after buying an additional 64 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Steel Dynamics by 4.1% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 1,764 shares of the basic materials company’s stock worth $246,000 after buying an additional 70 shares during the last quarter. Finally, Root Financial Partners LLC grew its holdings in shares of Steel Dynamics by 22.2% during the fourth quarter. Root Financial Partners LLC now owns 424 shares of the basic materials company’s stock worth $72,000 after buying an additional 77 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Trading Up 1.1%

Shares of Steel Dynamics stock opened at $282.76 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33. Steel Dynamics, Inc. has a 1 year low of $119.89 and a 1 year high of $285.88. The company has a market capitalization of $40.92 billion, a P/E ratio of 30.24, a P/E/G ratio of 0.57 and a beta of 1.50. The business has a 50 day moving average price of $230.74 and a 200 day moving average price of $196.69.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. During the same quarter in the prior year, the firm earned $1.44 earnings per share. The company’s revenue for the quarter was up 19.1% on a year-over-year basis. Sell-side analysts anticipate that Steel Dynamics, Inc. will post 15.32 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Tuesday, June 30th. Steel Dynamics’s payout ratio is currently 22.67%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Wells Fargo & Company lifted their price objective on Steel Dynamics from $235.00 to $293.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. KeyCorp lifted their price objective on Steel Dynamics from $190.00 to $241.00 and gave the company an “overweight” rating in a report on Wednesday, April 22nd. Jefferies Financial Group reaffirmed a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. Bank of America lowered Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 price objective on the stock. in a report on Thursday, April 30th. Finally, JPMorgan Chase & Co. boosted their price target on Steel Dynamics from $192.00 to $205.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $224.64.

Insider Buying and Selling

In related news, Director Kenneth W. Cornew sold 5,000 shares of Steel Dynamics stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the transaction, the director directly owned 31,299 shares in the company, valued at $7,038,206.13. The trade was a 13.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP James Stanley Anderson sold 10,000 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the completion of the transaction, the senior vice president owned 102,837 shares of the company’s stock, valued at $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 22,125 shares of company stock valued at $5,438,227. 6.60% of the stock is currently owned by company insiders.

About Steel Dynamics

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.