Concurrent Investment Advisors LLC Grows Stock Position in Steel Dynamics, Inc. $STLD

Concurrent Investment Advisors LLC lifted its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 444.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,826 shares of the basic materials company’s stock after buying an additional 8,836 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Steel Dynamics were worth $2,484,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STLD. Canada Post Corp Registered Pension Plan boosted its holdings in Steel Dynamics by 70.5% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 11,692 shares of the basic materials company’s stock worth $1,981,000 after buying an additional 4,835 shares in the last quarter. Sapient Capital LLC increased its holdings in Steel Dynamics by 34.6% in the second quarter. Sapient Capital LLC now owns 447,664 shares of the basic materials company’s stock valued at $102,958,000 after buying an additional 115,080 shares in the last quarter. Ethic Inc. raised its position in shares of Steel Dynamics by 56.5% in the fourth quarter. Ethic Inc. now owns 18,548 shares of the basic materials company’s stock worth $3,143,000 after acquiring an additional 6,695 shares during the period. Donoghue Forlines LLC acquired a new position in shares of Steel Dynamics in the fourth quarter worth about $2,268,000. Finally, Sierra Summit Advisors LLC boosted its stake in shares of Steel Dynamics by 1,894.7% during the 4th quarter. Sierra Summit Advisors LLC now owns 62,334 shares of the basic materials company’s stock worth $10,562,000 after acquiring an additional 59,209 shares in the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Stock Down 0.7%

STLD opened at $240.31 on Wednesday. The company has a market cap of $34.44 billion, a PE ratio of 21.79, a price-to-earnings-growth ratio of 0.46 and a beta of 1.50. Steel Dynamics, Inc. has a twelve month low of $129.41 and a twelve month high of $288.74. The company has a 50-day moving average price of $241.84 and a 200 day moving average price of $225.96. 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 (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $5.56 billion. During the same period in the previous year, the firm posted $2.01 EPS. Steel Dynamics’s revenue was up 33.4% compared to the same quarter last year. Sell-side analysts expect that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders 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 dividend yield of 0.9%. Steel Dynamics’s payout ratio is currently 19.22%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on STLD. JPMorgan Chase & Co. raised their target price on Steel Dynamics from $256.00 to $260.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Barclays increased their price target on Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. The Goldman Sachs Group began coverage on Steel Dynamics in a report on Wednesday, July 29th. They issued a “buy” rating and a $300.00 price objective on the stock. KeyCorp restated an “overweight” rating on shares of Steel Dynamics in a research 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 research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Steel Dynamics has a consensus rating of “Moderate Buy” and a consensus target price of $257.27.

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.