Steel Dynamics, Inc. $STLD Shares Purchased by Sierra Summit Advisors LLC

Sierra Summit Advisors LLC increased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 5.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 65,894 shares of the basic materials company’s stock after buying an additional 3,560 shares during the quarter. Steel Dynamics comprises 1.7% of Sierra Summit Advisors LLC’s investment portfolio, making the stock its 19th biggest holding. Sierra Summit Advisors LLC’s holdings in Steel Dynamics were worth $11,861,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in STLD. Life Cycle Investment Partners Ltd purchased a new stake in Steel Dynamics in the fourth quarter valued at approximately $586,702,000. Norges Bank purchased a new position in shares of Steel Dynamics during the fourth quarter worth approximately $564,590,000. Boston Partners grew its position in shares of Steel Dynamics by 147.9% during the fourth quarter. Boston Partners now owns 1,793,630 shares of the basic materials company’s stock worth $303,970,000 after acquiring an additional 1,070,042 shares during the last quarter. Hsbc Holdings PLC increased its holdings in shares of Steel Dynamics by 92.4% in the 4th quarter. Hsbc Holdings PLC now owns 1,030,448 shares of the basic materials company’s stock valued at $174,609,000 after acquiring an additional 494,828 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new position in shares of Steel Dynamics in the 2nd quarter valued at $48,746,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Price Performance

Shares of NASDAQ STLD opened at $220.39 on Friday. The stock has a fifty day moving average price of $245.99 and a 200 day moving average price of $204.70. Steel Dynamics, Inc. has a 1-year low of $119.89 and a 1-year high of $288.74. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33. The company has a market cap of $31.89 billion, a PE ratio of 23.57, a P/E/G ratio of 0.43 and a beta of 1.53.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). The firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The business’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.44 earnings per share. Sell-side analysts forecast that Steel Dynamics, Inc. will post 16.78 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.12 annualized dividend and a dividend yield of 1.0%. Steel Dynamics’s payout ratio is presently 22.67%.

Analysts Set New Price Targets

A number of analysts recently weighed in on STLD shares. Wells Fargo & Company decreased their price target on shares of Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating for the company in a research note on Thursday, June 18th. Barclays initiated coverage on shares of Steel Dynamics in a research note on Thursday, May 21st. They issued an “overweight” rating and a $270.00 price objective on the stock. Wall Street Zen raised shares of Steel Dynamics from a “hold” rating to a “buy” rating in a report on Saturday, April 18th. Bank of America decreased their target price on shares of Steel Dynamics from $285.00 to $280.00 and set a “neutral” rating for the company in a research note on Thursday, June 18th. Finally, BMO Capital Markets raised their price target on Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $236.36.

Insider Activity

In related news, Director Kenneth W. Cornew sold 5,000 shares of the firm’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total value of $1,124,350.00. Following the completion of the sale, the director owned 31,299 shares in the company, valued at $7,038,206.13. This trade represents a 13.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction that occurred 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 sale, the senior vice president directly owned 102,837 shares in the company, valued at $27,632,301.90. This represents a 8.86% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 22,125 shares of company stock valued at $5,438,226. 6.60% of the stock is owned by insiders.

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.