Pallas Capital Advisors LLC Acquires New Position in Steel Dynamics, Inc. $STLD

Pallas Capital Advisors LLC acquired a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,851 shares of the basic materials company’s stock, valued at approximately $654,000.

A number of other large investors have also recently bought and sold shares of the business. Life Cycle Investment Partners Ltd acquired a new position in Steel Dynamics in the fourth quarter valued at approximately $586,702,000. Norges Bank acquired a new stake in shares of Steel Dynamics during the 4th quarter worth approximately $564,590,000. Boston Partners raised its position in shares of Steel Dynamics by 147.9% during the 4th quarter. Boston Partners now owns 1,793,630 shares of the basic materials company’s stock worth $303,970,000 after purchasing an additional 1,070,042 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Steel Dynamics during the 2nd quarter worth approximately $211,159,000. Finally, Deutsche Bank AG bought a new stake in shares of Steel Dynamics in the 2nd quarter worth approximately $126,579,000. Institutional investors own 82.41% of the company’s stock.

Insider Activity at Steel Dynamics

In related news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction dated 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 sale, the senior vice president directly owned 102,837 shares in the company, valued at $27,632,301.90. The trade was a 8.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 6.60% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Morgan Stanley reduced their price objective on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 22nd. KeyCorp reaffirmed an “overweight” rating on shares of Steel Dynamics in a research report on Wednesday, July 22nd. Bank of America cut their target price on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Barclays boosted their price target on shares of Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company lowered their price target on shares of Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating for the company in a research report on Wednesday, July 22nd. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $259.09.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $231.01 on Thursday. Steel Dynamics, Inc. has a 12-month low of $124.77 and a 12-month high of $288.74. The firm has a market capitalization of $33.11 billion, a price-to-earnings ratio of 20.94, a price-to-earnings-growth ratio of 0.47 and a beta of 1.52. The business has a 50 day simple moving average of $247.35 and a 200 day simple moving average of $221.95. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating the consensus estimate of $3.63 by $0.06. The firm had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The firm’s revenue was up 33.4% compared to the same quarter last year. During the same period last year, the firm earned $2.01 EPS. On average, equities research analysts anticipate that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is 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.