Steel Dynamics, Inc. $STLD Shares Bought by Allstate Corp

Allstate Corp grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 105.1% in the 4th quarter, Holdings Channel.com reports. The fund owned 8,889 shares of the basic materials company’s stock after purchasing an additional 4,554 shares during the quarter. Allstate Corp’s holdings in Steel Dynamics were worth $1,506,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in STLD. Cornerstone Planning Group LLC grew its holdings in Steel Dynamics by 1,636.4% during the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 180 shares in the last quarter. Sound Income Strategies LLC lifted its position in shares of Steel Dynamics by 1,500.0% in the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock worth $28,000 after buying an additional 150 shares during the last quarter. Torren Management LLC bought a new position in shares of Steel Dynamics in the 4th quarter worth about $34,000. Nvest Wealth Strategies Inc. bought a new position in shares of Steel Dynamics in the 4th quarter worth about $42,000. Finally, Eagle Bay Advisors LLC bought a new position in shares of Steel Dynamics in the 4th quarter worth about $45,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance

Shares of STLD opened at $260.15 on Friday. The firm’s 50 day moving average is $210.75 and its 200-day moving average is $188.49. The stock has a market capitalization of $37.65 billion, a P/E ratio of 27.82, a P/E/G ratio of 0.55 and a beta of 1.48. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33. Steel Dynamics, Inc. has a 12-month low of $119.89 and a 12-month high of $263.09.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data 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). The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The business’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.44 EPS. Equities research analysts anticipate that Steel Dynamics, Inc. will post 14.77 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. KeyCorp raised their price target on shares of Steel Dynamics from $190.00 to $241.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 22nd. BMO Capital Markets raised their price target on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 22nd. Morgan Stanley restated an “underperform” rating and issued a $190.00 price target on shares of Steel Dynamics in a research report on Tuesday, March 17th. Wall Street Zen upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Finally, Wells Fargo & Company lifted their price objective on shares of Steel Dynamics from $207.00 to $235.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Steel Dynamics has an average rating of “Moderate Buy” and a consensus price target of $219.36.

Insider Transactions at Steel Dynamics

In other news, SVP Richard A. Poinsatte sold 2,300 shares of Steel Dynamics stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total value of $538,453.00. Following the transaction, the senior vice president directly owned 28,618 shares of the company’s stock, valued at $6,699,759.98. This trade represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Miguel Alvarez sold 4,825 shares of Steel Dynamics stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the completion of the transaction, the senior vice president directly owned 122,257 shares in the company, valued at approximately $27,578,734.06. This trade represents a 3.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,125 shares of company stock valued at $2,751,227 over the last ninety days. Corporate insiders own 6.60% of the company’s stock.

About Steel Dynamics

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.