Scotia Capital Inc. purchased a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,996 shares of the basic materials company's stock, valued at approximately $250,000.
A number of other large investors have also made changes to their positions in STLD. International Assets Investment Management LLC grew its stake in shares of Steel Dynamics by 6.0% during the 4th quarter. International Assets Investment Management LLC now owns 15,938 shares of the basic materials company's stock valued at $74,000 after purchasing an additional 900 shares during the period. CWM LLC bought a new position in shares of Steel Dynamics during the 4th quarter valued at approximately $65,000. Advisor Group Holdings Inc. grew its stake in shares of Steel Dynamics by 14.6% during the 4th quarter. Advisor Group Holdings Inc. now owns 32,664 shares of the basic materials company's stock valued at $2,026,000 after acquiring an additional 4,169 shares during the period. Cambridge Investment Research Advisors Inc. grew its stake in shares of Steel Dynamics by 4.1% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 55,278 shares of the basic materials company's stock valued at $3,431,000 after acquiring an additional 2,191 shares during the period. Finally, IndexIQ Advisors LLC grew its stake in shares of Steel Dynamics by 39.9% during the 4th quarter. IndexIQ Advisors LLC now owns 1,437 shares of the basic materials company's stock valued at $89,000 after acquiring an additional 410 shares during the period. 83.19% of the stock is currently owned by institutional investors.
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Insider Activity at Steel Dynamics
In related news, Director Keith E. Busse sold 5,040 shares of the stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $83.51, for a total transaction of $420,890.40. Following the sale, the director now owns 724,034 shares in the company, valued at approximately $60,464,079.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 5.40% of the stock is currently owned by insiders.
Analysts Set New Price Targets
A number of brokerages recently issued reports on STLD. JPMorgan Chase & Co. cut their price objective on Steel Dynamics from $129.00 to $110.00 in a research note on Tuesday, June 14th. The Goldman Sachs Group downgraded Steel Dynamics from a "buy" rating to a "neutral" rating and cut their price objective for the company from $114.00 to $92.00 in a research note on Tuesday, May 31st. Morgan Stanley dropped their price target on Steel Dynamics from $94.00 to $78.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 6th. BMO Capital Markets upped their price target on Steel Dynamics from $95.00 to $104.00 in a research note on Friday, April 22nd. Finally, UBS Group set a $95.00 price target on Steel Dynamics in a research note on Monday, June 20th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $89.00.
Steel Dynamics Stock Performance
NASDAQ:STLD opened at $83.55 on Tuesday. The stock's fifty day moving average is $72.00 and its 200 day moving average is $75.56. Steel Dynamics, Inc. has a fifty-two week low of $50.54 and a fifty-two week high of $100.37. The firm has a market capitalization of $15.26 billion, a PE ratio of 3.71 and a beta of 1.41. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.87 and a current ratio of 3.52.
Steel Dynamics (NASDAQ:STLD – Get Rating) last released its quarterly earnings results on Wednesday, July 20th. The basic materials company reported $6.73 earnings per share for the quarter, beating the consensus estimate of $6.34 by $0.39. Steel Dynamics had a return on equity of 71.50% and a net margin of 19.81%. The company had revenue of $6.21 billion for the quarter, compared to analyst estimates of $5.93 billion. During the same quarter in the prior year, the firm posted $3.40 EPS. Steel Dynamics's quarterly revenue was up 39.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Steel Dynamics, Inc. will post 21.07 earnings per share for the current year.
About Steel Dynamics
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Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.
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