SummitTX Capital L.P. Has $6.98 Million Stock Holdings in Steel Dynamics, Inc. $STLD

SummitTX Capital L.P. boosted its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 124.7% during the 1st quarter, Holdings Channel.com reports. The fund owned 38,768 shares of the basic materials company’s stock after buying an additional 21,516 shares during the quarter. SummitTX Capital L.P.’s holdings in Steel Dynamics were worth $6,978,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital Research Global Investors lifted its position in Steel Dynamics by 0.3% during the 4th quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company’s stock valued at $613,926,000 after purchasing an additional 9,959 shares during the period. Life Cycle Investment Partners Ltd bought a new position in shares of Steel Dynamics in the 4th quarter valued at about $586,702,000. Norges Bank acquired a new stake in shares of Steel Dynamics during the 4th quarter worth approximately $564,590,000. Robeco Institutional Asset Management B.V. grew its position in shares of Steel Dynamics by 3.7% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company’s stock worth $340,289,000 after buying an additional 72,122 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Steel Dynamics by 6.3% during the fourth quarter. Invesco Ltd. now owns 1,965,092 shares of the basic materials company’s stock worth $332,985,000 after buying an additional 116,379 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on STLD. JPMorgan Chase & Co. increased their price objective on shares of Steel Dynamics from $256.00 to $260.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Bank of America lowered their target price on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Wall Street Zen upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Barclays increased their price target on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research note on Wednesday, July 22nd. Finally, Morgan Stanley reduced their price target on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 22nd. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $237.36.

Steel Dynamics Stock Performance

Shares of STLD opened at $250.27 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. Steel Dynamics, Inc. has a twelve month low of $119.89 and a twelve month high of $288.74. The firm’s 50 day moving average price is $246.79 and its two-hundred day moving average price is $211.94. The firm has a market cap of $36.22 billion, a P/E ratio of 22.69, a PEG ratio of 0.47 and a beta of 1.53.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Monday, July 20th. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The company had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $5.56 billion. During the same quarter in the prior year, the firm earned $2.01 earnings per share. The firm’s revenue was up 33.4% compared to the same quarter last year. On average, analysts forecast that Steel Dynamics, Inc. will post 17.17 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Tuesday, June 30th. Steel Dynamics’s dividend payout ratio is 19.22%.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,300 shares of Steel Dynamics stock in a transaction dated 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP James Stanley Anderson sold 10,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the senior vice president owned 102,837 shares in the company, valued at approximately $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. 6.60% of the stock is currently owned by corporate insiders.

Steel Dynamics Company 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.