Kingsview Wealth Management LLC Acquires Shares of 6,945 Steel Dynamics, Inc. $STLD

Kingsview Wealth Management LLC bought a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,945 shares of the basic materials company’s stock, valued at approximately $1,594,000.

Other hedge funds have also modified their holdings of the company. Beacon Pointe Advisors LLC purchased a new position in shares of Steel Dynamics in the second quarter worth about $1,217,000. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in Steel Dynamics during the 2nd quarter valued at about $9,264,000. Rakuten Investment Management Inc. purchased a new stake in Steel Dynamics during the 2nd quarter valued at about $5,221,000. Glenview Trust Co acquired a new stake in Steel Dynamics in the 2nd quarter valued at about $603,000. Finally, Empowered Funds LLC purchased a new position in Steel Dynamics in the 2nd quarter worth approximately $6,552,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics 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 completion of the sale, the senior vice president directly owned 102,837 shares in the company, valued at $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.60% of the stock is currently owned by corporate insiders.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $234.66 on Friday. The firm has a market cap of $33.63 billion, a PE ratio of 21.27, a price-to-earnings-growth ratio of 0.44 and a beta of 1.52. 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, Inc. has a 52 week low of $126.88 and a 52 week high of $288.74. The business’s fifty day simple moving average is $242.07 and its 200-day simple moving average is $223.62.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.63 by $0.06. The firm had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company’s quarterly revenue was up 33.4% on a year-over-year basis. During the same period last year, the company earned $2.01 EPS. Equities analysts forecast that Steel Dynamics, Inc. will post 17.16 earnings per share for the current year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a 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%.

Analyst Ratings Changes

STLD has been the subject of a number of analyst reports. Barclays upped their price target on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research report on Wednesday, July 22nd. The Goldman Sachs Group initiated coverage on Steel Dynamics in a research note on Wednesday, July 29th. They set a “buy” rating and a $300.00 price objective on the stock. UBS Group upped their target price on Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a report on Monday, August 10th. JPMorgan Chase & Co. lifted their price target on Steel Dynamics from $256.00 to $260.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. Finally, Bank of America dropped their price target on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Steel Dynamics currently has an average rating of “Moderate Buy” and a consensus price target of $257.27.

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.