Steel Dynamics, Inc. $STLD Position Raised by Daymark Wealth Partners LLC

Daymark Wealth Partners LLC raised its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 14.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 2,111 shares of the basic materials company’s stock after buying an additional 272 shares during the quarter. Daymark Wealth Partners LLC’s holdings in Steel Dynamics were worth $270,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Cary Street Partners Investment Advisory LLC lifted its stake in Steel Dynamics by 493.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company’s stock valued at $25,000 after buying an additional 163 shares during the last quarter. Financial Gravity Asset Management Inc. bought a new stake in Steel Dynamics in the first quarter valued at $25,000. Trust Co. of Toledo NA OH bought a new stake in Steel Dynamics in the second quarter valued at $30,000. Zions Bancorporation National Association UT bought a new stake in Steel Dynamics in the first quarter valued at $32,000. Finally, WPG Advisers LLC bought a new stake in Steel Dynamics in the first quarter valued at $32,000. 82.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

STLD has been the topic of a number of recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Steel Dynamics in a research note on Wednesday, October 8th. Citigroup lifted their price objective on shares of Steel Dynamics from $150.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday. Jefferies Financial Group lifted their price objective on shares of Steel Dynamics from $165.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. UBS Group set a $158.00 price objective on shares of Steel Dynamics and gave the company a “buy” rating in a research note on Tuesday, October 21st. Finally, BMO Capital Markets lifted their price objective on shares of Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $169.33.

Insiders Place Their Bets

In related news, SVP Miguel Alvarez sold 8,251 shares of Steel Dynamics stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total value of $1,343,180.29. Following the transaction, the senior vice president owned 117,068 shares of the company’s stock, valued at approximately $19,057,499.72. This trade represents a 6.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.30% of the company’s stock.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $156.80 on Friday. The business’s 50-day moving average price is $141.10 and its 200 day moving average price is $133.31. The firm has a market cap of $22.90 billion, a P/E ratio of 20.77, a PEG ratio of 1.39 and a beta of 1.40. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $164.73. The company has a quick ratio of 1.34, a current ratio of 3.11 and a debt-to-equity ratio of 0.43.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Monday, October 20th. The basic materials company reported $2.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.63 by $0.11. The firm had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.74 billion. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.Steel Dynamics’s revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.05 earnings per share. As a group, sell-side analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were paid a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 1.3%. Steel Dynamics’s dividend payout ratio (DPR) is currently 26.49%.

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.