PointState Capital LP Acquires Shares of 74,216 Steel Dynamics, Inc. $STLD

PointState Capital LP bought a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 74,216 shares of the basic materials company’s stock, valued at approximately $17,030,000.

Other hedge funds have also made changes to their positions in the company. Bank of America Corp DE acquired a new stake in shares of Steel Dynamics during the 2nd quarter worth about $264,212,000. Odyssean LLC acquired a new position in Steel Dynamics in the second quarter valued at about $309,000. Man Group plc boosted its position in Steel Dynamics by 24.5% in the second quarter. Man Group plc now owns 114,006 shares of the basic materials company’s stock valued at $26,160,000 after buying an additional 22,460 shares in the last quarter. Jupiter Topco LLC bought a new stake in Steel Dynamics during the second quarter worth about $8,004,000. Finally, Jones Financial Companies Lllp grew its stake in Steel Dynamics by 28.8% during the second quarter. Jones Financial Companies Lllp now owns 19,380 shares of the basic materials company’s stock worth $4,756,000 after buying an additional 4,329 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on STLD. Morgan Stanley cut their target price on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 22nd. Weiss Ratings upgraded Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. UBS Group raised their price target on Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Barclays lifted their price objective on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research report on Wednesday, July 22nd. Finally, Bank of America reduced their price objective 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. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $257.27.

Insider Buying and Selling

In other news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction on Friday, June 5th. The stock was sold at an average price of $268.70, for a total value 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 trade represents a 8.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 6.60% of the company’s stock.

Steel Dynamics Trading Up 2.1%

Shares of NASDAQ STLD opened at $235.90 on Thursday. Steel Dynamics, Inc. has a 1-year low of $126.88 and a 1-year high of $288.74. The company has a market cap of $33.81 billion, a PE ratio of 21.39, a P/E/G ratio of 0.44 and a beta of 1.52. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. The company has a 50-day moving average of $242.65 and a two-hundred day moving average of $223.31.

Steel Dynamics (NASDAQ:STLD) last released its quarterly 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 business had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. Steel Dynamics’s revenue was up 33.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.01 earnings per share. As a group, equities analysts expect that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is presently 19.22%.

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.