Navellier & Associates Inc. Has $1.07 Million Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Navellier & Associates Inc. raised its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 31.3% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 9,381 shares of the basic materials company’s stock after acquiring an additional 2,235 shares during the period. Navellier & Associates Inc.’s holdings in Steel Dynamics were worth $1,070,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. ING Groep NV boosted its position in shares of Steel Dynamics by 16.7% during the fourth quarter. ING Groep NV now owns 104,084 shares of the basic materials company’s stock valued at $11,873,000 after buying an additional 14,892 shares during the last quarter. Handelsbanken Fonder AB boosted its position in shares of Steel Dynamics by 2.4% during the fourth quarter. Handelsbanken Fonder AB now owns 34,400 shares of the basic materials company’s stock valued at $3,924,000 after buying an additional 800 shares during the last quarter. Alberta Investment Management Corp purchased a new position in shares of Steel Dynamics during the fourth quarter valued at approximately $4,470,000. Peregrine Capital Management LLC boosted its position in shares of Steel Dynamics by 1.7% during the fourth quarter. Peregrine Capital Management LLC now owns 69,389 shares of the basic materials company’s stock valued at $7,915,000 after buying an additional 1,191 shares during the last quarter. Finally, Truist Financial Corp boosted its position in shares of Steel Dynamics by 6.5% during the fourth quarter. Truist Financial Corp now owns 66,097 shares of the basic materials company’s stock valued at $7,540,000 after buying an additional 4,014 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on Steel Dynamics from $134.00 to $132.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Citigroup cut their target price on Steel Dynamics from $160.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. The Goldman Sachs Group started coverage on Steel Dynamics in a research report on Monday, December 2nd. They set a “neutral” rating and a $155.00 target price on the stock. UBS Group reiterated a “neutral” rating and set a $149.00 price target (up from $145.00) on shares of Steel Dynamics in a report on Thursday, December 12th. Finally, Jefferies Financial Group upgraded Steel Dynamics from a “hold” rating to a “buy” rating and lifted their price target for the stock from $125.00 to $145.00 in a report on Friday, January 24th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $146.22.

Steel Dynamics Stock Down 3.2 %

Shares of NASDAQ STLD opened at $130.71 on Friday. Steel Dynamics, Inc. has a one year low of $104.60 and a one year high of $155.56. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.53 and a quick ratio of 1.08. The business’s fifty day moving average price is $123.78 and its 200-day moving average price is $126.83. The stock has a market capitalization of $19.90 billion, a PE ratio of 13.34, a P/E/G ratio of 1.05 and a beta of 1.35.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.33). Steel Dynamics had a net margin of 8.76% and a return on equity of 17.32%. During the same period in the previous year, the firm posted $2.61 EPS. On average, equities research analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Insider Activity

In related news, SVP Glenn Pushis sold 23,649 shares of the stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total transaction of $3,184,810.83. Following the sale, the senior vice president now owns 122,140 shares of the company’s stock, valued at approximately $16,448,593.80. This represents a 16.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 6.00% of the company’s stock.

Steel Dynamics Company 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.