SummitTX Capital L.P. Has $6.98 Million Stock Holdings in Steel Dynamics, Inc. $STLD

SummitTX Capital L.P. lifted its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 124.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 38,768 shares of the basic materials company’s stock after acquiring an additional 21,516 shares during the period. SummitTX Capital L.P.’s holdings in Steel Dynamics were worth $6,978,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. Life Cycle Investment Partners Ltd acquired a new position in Steel Dynamics in the fourth quarter worth about $586,702,000. Norges Bank acquired a new stake in Steel Dynamics during the fourth quarter valued at approximately $564,590,000. Boston Partners boosted its holdings in Steel Dynamics by 147.9% during the fourth quarter. Boston Partners now owns 1,793,630 shares of the basic materials company’s stock valued at $303,970,000 after purchasing an additional 1,070,042 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of Steel Dynamics by 56,088.1% in the 1st quarter. Bessemer Group Inc. now owns 542,215 shares of the basic materials company’s stock valued at $97,598,000 after purchasing an additional 541,250 shares during the period. Finally, Hsbc Holdings PLC raised its holdings in shares of Steel Dynamics by 92.4% in the 4th quarter. Hsbc Holdings PLC now owns 1,030,448 shares of the basic materials company’s stock worth $174,609,000 after buying an additional 494,828 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Steel Dynamics

In other news, SVP Richard A. Poinsatte sold 2,300 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total transaction of $538,453.00. Following the sale, the senior vice president directly owned 28,618 shares of the company’s stock, valued at $6,699,759.98. This represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP James Stanley Anderson sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the sale, the senior vice president directly owned 102,837 shares of the company’s stock, valued at approximately $27,632,301.90. This represents a 8.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 6.60% of the company’s stock.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $250.27 on Tuesday. The business’s fifty day moving average is $246.79 and its two-hundred day moving average is $211.94. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. The firm has a market cap of $36.22 billion, a P/E ratio of 22.69, a P/E/G ratio of 0.47 and a beta of 1.53. Steel Dynamics, Inc. has a 52 week low of $119.89 and a 52 week high of $288.74.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Monday, July 20th. The basic materials company reported $3.69 earnings per share for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company had revenue of $6.09 billion during the quarter, compared to analyst estimates of $5.56 billion. During the same period last year, the company posted $2.01 earnings per share. The firm’s quarterly revenue was up 33.4% compared to the same quarter last year. Equities research analysts forecast that Steel Dynamics, Inc. will post 17.17 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th were paid a $0.53 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.8%. Steel Dynamics’s payout ratio is currently 19.22%.

Analysts Set New Price Targets

Several research firms recently commented on STLD. Barclays raised their target price on Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. upped their price target on Steel Dynamics from $256.00 to $260.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company dropped their price objective on Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, July 22nd. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. Finally, KeyCorp restated an “overweight” rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $237.36.

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.