Patton Fund Management Inc. Increases Holdings in Steel Dynamics, Inc. $STLD

Patton Fund Management Inc. grew its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 1,714.8% during the 1st quarter, HoldingsChannel reports. The fund owned 23,484 shares of the basic materials company’s stock after purchasing an additional 22,190 shares during the quarter. Steel Dynamics comprises 0.7% of Patton Fund Management Inc.’s holdings, making the stock its 26th biggest position. Patton Fund Management Inc.’s holdings in Steel Dynamics were worth $4,227,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Prosperity Bancshares Inc bought a new position in Steel Dynamics in the 4th quarter worth about $25,000. MV Capital Management Inc. bought a new stake in Steel Dynamics during the 4th quarter valued at about $27,000. Sound Income Strategies LLC increased its stake in Steel Dynamics by 1,500.0% during the 4th 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. DV Equities LLC purchased a new position in Steel Dynamics in the fourth quarter worth about $33,000. Finally, Torren Management LLC purchased a new position in Steel Dynamics in the fourth quarter worth about $34,000. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $245.49 on Monday. The firm’s 50 day moving average price is $244.38 and its 200-day moving average price is $203.12. Steel Dynamics, Inc. has a twelve month low of $119.89 and a twelve month high of $288.74. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $35.53 billion, a PE ratio of 26.26, a price-to-earnings-growth ratio of 0.48 and a beta of 1.50.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) 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 business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter last year, the firm posted $1.44 earnings per share. The business’s quarterly revenue was up 19.1% compared to the same quarter last year. Equities research analysts expect that Steel Dynamics, Inc. will post 16.78 EPS for the current year.

Steel Dynamics Announces Dividend

The firm 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 0.9%. The ex-dividend date is Tuesday, June 30th. Steel Dynamics’s dividend payout ratio (DPR) is currently 22.67%.

Insider Buying and Selling at Steel Dynamics

In related news, Director Kenneth W. Cornew sold 5,000 shares of the firm’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total value of $1,124,350.00. Following the transaction, the director directly owned 31,299 shares of the company’s stock, valued at approximately $7,038,206.13. This trade represents a 13.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction on Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the transaction, the senior vice president owned 102,837 shares in the company, valued at $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 22,125 shares of company stock worth $5,438,226. 6.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on STLD shares. Jefferies Financial Group reiterated a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. Wall Street Zen upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating in a report on Saturday, April 18th. KeyCorp increased their target price on Steel Dynamics from $241.00 to $262.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. BMO Capital Markets lifted their target price on Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a report on Wednesday, April 22nd. Finally, Weiss Ratings upgraded Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $236.36.

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.