Eagle Bay Advisors LLC Buys New Shares in Steel Dynamics, Inc. (NASDAQ:STLD)

Eagle Bay Advisors LLC bought a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 509 shares of the basic materials company’s stock, valued at approximately $64,000.

Several other institutional investors and hedge funds also recently bought and sold shares of STLD. Nordea Investment Management AB lifted its position in shares of Steel Dynamics by 2.5% in the first quarter. Nordea Investment Management AB now owns 1,034,133 shares of the basic materials company’s stock valued at $153,290,000 after acquiring an additional 25,280 shares in the last quarter. SG Americas Securities LLC increased its stake in Steel Dynamics by 1,498.4% during the first quarter. SG Americas Securities LLC now owns 29,730 shares of the basic materials company’s stock worth $4,407,000 after acquiring an additional 27,870 shares during the last quarter. Trustmark National Bank Trust Department increased its stake in Steel Dynamics by 126.6% during the first quarter. Trustmark National Bank Trust Department now owns 7,134 shares of the basic materials company’s stock worth $1,057,000 after acquiring an additional 3,986 shares during the last quarter. Bessemer Group Inc. increased its stake in Steel Dynamics by 2,679.3% during the first quarter. Bessemer Group Inc. now owns 10,867 shares of the basic materials company’s stock worth $1,611,000 after acquiring an additional 10,476 shares during the last quarter. Finally, Hennessy Advisors Inc. grew its stake in shares of Steel Dynamics by 30.3% during the first quarter. Hennessy Advisors Inc. now owns 59,700 shares of the basic materials company’s stock valued at $8,849,000 after buying an additional 13,900 shares during the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

STLD has been the topic of a number of analyst reports. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and upped their target price for the company from $140.00 to $155.00 in a research note on Tuesday, October 1st. JPMorgan Chase & Co. boosted their price target on Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a report on Friday, October 18th. BMO Capital Markets boosted 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. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. Finally, Morgan Stanley lowered their price target on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $144.29.

Insider Activity at Steel Dynamics

In related news, SVP Glenn Pushis sold 17,941 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $133.09, for a total value of $2,387,767.69. Following the transaction, the senior vice president now directly owns 146,693 shares of the company’s stock, valued at $19,523,371.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.00% of the stock is owned by insiders.

Steel Dynamics Stock Down 0.7 %

Steel Dynamics stock traded down $0.93 during mid-day trading on Wednesday, reaching $130.87. 214,953 shares of the company were exchanged, compared to its average volume of 1,262,312. Steel Dynamics, Inc. has a 12-month low of $98.74 and a 12-month high of $151.34. The business has a fifty day moving average of $121.43 and a 200 day moving average of $127.02. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.19 and a current ratio of 2.39. The firm has a market cap of $20.19 billion, a P/E ratio of 11.93 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, beating the consensus estimate of $1.98 by $0.07. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The firm had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.18 billion. During the same quarter in the prior year, the business posted $3.47 EPS. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. Research analysts anticipate that Steel Dynamics, Inc. will post 10.12 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 1.41%. The ex-dividend date was Monday, September 30th. Steel Dynamics’s payout ratio is 16.65%.

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.