Wealthfront Advisers LLC Invests $7.29 Million in Steel Dynamics, Inc. $STLD

Wealthfront Advisers LLC acquired a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 31,793 shares of the basic materials company’s stock, valued at approximately $7,295,000.

A number of other large investors also recently modified their holdings of the company. Jacobi Capital Management LLC boosted its stake in Steel Dynamics by 1.6% in the fourth quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock worth $599,000 after buying an additional 55 shares in the last quarter. Optas LLC lifted its holdings in shares of Steel Dynamics by 3.0% in the 4th quarter. Optas LLC now owns 1,979 shares of the basic materials company’s stock worth $335,000 after acquiring an additional 58 shares during the last quarter. Hohimer Wealth Management LLC lifted its holdings in shares of Steel Dynamics by 1.1% in the 4th quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock worth $967,000 after acquiring an additional 61 shares during the last quarter. Kestra Private Wealth Services LLC boosted its stake in shares of Steel Dynamics by 2.7% in the 1st quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company’s stock valued at $431,000 after purchasing an additional 64 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Steel Dynamics by 4.1% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 1,764 shares of the basic materials company’s stock valued at $246,000 after purchasing an additional 70 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. KeyCorp reaffirmed an “overweight” rating on shares of Steel Dynamics in a report on Wednesday, July 22nd. Citigroup upped their price target 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. Morgan Stanley reduced their price objective on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 22nd. Wells Fargo & Company decreased their price objective on Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating on the stock in a report on Wednesday, July 22nd. Finally, Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $259.09.

Steel Dynamics Trading Down 7.5%

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

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data 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 firm had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. During the same period last year, the company earned $2.01 EPS. The business’s quarterly revenue was up 33.4% compared to the same quarter last year. Analysts predict 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. Investors of record on Wednesday, September 30th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is presently 19.22%.

Insiders Place Their Bets

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the company’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 directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. This represents a 8.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.60% of the stock is currently owned by company insiders.

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.