Norges Bank Purchases New Position in Steel Dynamics, Inc. $STLD

Norges Bank purchased a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 3,331,896 shares of the basic materials company’s stock, valued at approximately $564,590,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in STLD. Cornerstone Planning Group LLC boosted its holdings in Steel Dynamics by 1,636.4% in the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 180 shares in the last quarter. Sound Income Strategies LLC boosted its holdings in Steel Dynamics by 1,500.0% in the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 150 shares in the last quarter. Torren Management LLC acquired a new position in Steel Dynamics in the fourth quarter valued at approximately $34,000. Nvest Wealth Strategies Inc. acquired a new position in Steel Dynamics in the fourth quarter valued at approximately $42,000. Finally, Eagle Bay Advisors LLC acquired a new position in Steel Dynamics in the fourth quarter valued at approximately $45,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Steel Dynamics

In other news, Director Kenneth W. Cornew sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the sale, the director owned 31,299 shares in the company, valued at $7,038,206.13. This represents a 13.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total value of $538,453.00. Following the sale, the senior vice president owned 28,618 shares of the company’s stock, valued at $6,699,759.98. This trade represents a 7.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 12,125 shares of company stock worth $2,751,227 over the last 90 days. 6.60% of the stock is currently owned by insiders.

Steel Dynamics Price Performance

STLD stock opened at $260.15 on Monday. The company has a market capitalization of $37.65 billion, a P/E ratio of 27.82, a PEG ratio of 0.55 and a beta of 1.50. Steel Dynamics, Inc. has a twelve month low of $119.89 and a twelve month high of $263.09. The business has a 50 day simple moving average of $210.75 and a 200-day simple moving average of $188.75. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.01). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same period in the previous year, the company posted $1.44 earnings per share. Steel Dynamics’s revenue was up 19.1% compared to the same quarter last year. As a group, equities analysts anticipate that Steel Dynamics, Inc. will post 14.77 EPS for the current year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Tuesday, June 30th. Steel Dynamics’s dividend payout ratio is 22.67%.

Analyst Upgrades and Downgrades

STLD has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price target on Steel Dynamics from $192.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, April 14th. Jefferies Financial Group reissued a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. Morgan Stanley reissued an “underperform” rating and issued a $190.00 price objective on shares of Steel Dynamics in a report on Tuesday, March 17th. BMO Capital Markets increased their price objective on Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a report on Wednesday, April 22nd. Finally, Bank of America downgraded Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 price objective for the company. in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $219.36.

Steel Dynamics 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.