Concentric Capital Strategies LP Grows Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Concentric Capital Strategies LP lifted its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 38.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 48,114 shares of the basic materials company’s stock after buying an additional 13,331 shares during the period. Concentric Capital Strategies LP’s holdings in Steel Dynamics were worth $6,066,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Steel Dynamics during the first quarter valued at about $337,000. Atria Investments Inc increased its stake in Steel Dynamics by 9.3% during the 1st quarter. Atria Investments Inc now owns 14,130 shares of the basic materials company’s stock valued at $2,095,000 after buying an additional 1,205 shares during the period. Cetera Investment Advisers lifted its position in Steel Dynamics by 172.2% in the first quarter. Cetera Investment Advisers now owns 24,220 shares of the basic materials company’s stock worth $3,590,000 after purchasing an additional 15,321 shares during the period. Cetera Advisors LLC boosted its stake in Steel Dynamics by 189.9% during the first quarter. Cetera Advisors LLC now owns 9,273 shares of the basic materials company’s stock valued at $1,375,000 after buying an additional 6,074 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Steel Dynamics by 27.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,050 shares of the basic materials company’s stock worth $265,000 after purchasing an additional 436 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Price Performance

Shares of NASDAQ STLD opened at $145.27 on Monday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39. The stock has a market cap of $22.12 billion, a price-to-earnings ratio of 13.15 and a beta of 1.31. The firm’s 50-day simple moving average is $135.06 and its 200 day simple moving average is $127.82. Steel Dynamics, Inc. has a fifty-two week low of $104.60 and a fifty-two week high of $155.56.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $0.07. The business had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.18 billion. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period last year, the business posted $3.47 earnings per share. As a group, research analysts anticipate that Steel Dynamics, Inc. will post 10.1 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio is currently 16.65%.

Insider Transactions at Steel Dynamics

In other news, SVP Glenn Pushis sold 17,941 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the completion of the transaction, the senior vice president now directly owns 146,693 shares of the company’s stock, valued at approximately $19,523,371.37. This represents a 10.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Richard A. Poinsatte sold 2,000 shares of Steel Dynamics stock in a transaction on Friday, November 15th. The shares were sold at an average price of $138.75, for a total transaction of $277,500.00. Following the completion of the sale, the senior vice president now owns 21,101 shares in the company, valued at approximately $2,927,763.75. This trade represents a 8.66 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,591 shares of company stock valued at $3,885,938. Insiders own 6.00% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Bank of America raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $140.00 to $155.00 in a research note on Tuesday, October 1st. The Goldman Sachs Group began coverage on shares of Steel Dynamics in a report on Monday. They set a “neutral” rating and a $155.00 price objective on the stock. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. JPMorgan Chase & Co. lifted their price objective on Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, BMO Capital Markets raised their price target on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a report on Friday, October 18th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $145.63.

Steel Dynamics Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.