29,051 Shares in Steel Dynamics, Inc. $STLD Bought by Foster & Motley Inc.

Foster & Motley Inc. bought a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 29,051 shares of the basic materials company’s stock, valued at approximately $6,666,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Prosperity Bancshares Inc bought a new position in shares of Steel Dynamics during the 4th quarter worth approximately $25,000. Meeder Asset Management Inc. bought a new stake in shares of Steel Dynamics in the second quarter worth $26,000. MV Capital Management Inc. bought a new stake in shares of Steel Dynamics in the fourth quarter worth $27,000. Cedar Mountain Advisors LLC acquired a new position in Steel Dynamics during the first quarter worth $31,000. Finally, DV Equities LLC acquired a new position in Steel Dynamics during the fourth quarter worth $33,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Insider Activity at Steel Dynamics

In other news, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction dated 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 transaction, the senior vice president directly owned 102,837 shares of the company’s stock, valued at $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. KeyCorp reiterated an “overweight” rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. The Goldman Sachs Group began coverage on shares of Steel Dynamics in a research note on Wednesday, July 29th. They set a “buy” rating and a $300.00 price objective for the company. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. Wells Fargo & Company reduced their price target on Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating for the company in a research report on Wednesday, July 22nd. Finally, UBS Group raised their price target on Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $259.09.

Steel Dynamics Stock Performance

STLD opened at $249.81 on Wednesday. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. Steel Dynamics, Inc. has a 12-month low of $124.77 and a 12-month high of $288.74. The business has a 50 day moving average of $248.10 and a 200-day moving average of $221.61. The stock has a market cap of $35.81 billion, a price-to-earnings ratio of 22.65, a PEG ratio of 0.48 and a beta of 1.52.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, topping 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 business had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. During the same period in the previous year, the firm earned $2.01 EPS. The firm’s revenue was up 33.4% compared to the same quarter last year. On average, equities research analysts expect that Steel Dynamics, Inc. will post 17.16 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics’s payout ratio is currently 19.22%.

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.