Denali Advisors LLC Increases Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

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Denali Advisors LLC grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 132.6% during the second quarter, HoldingsChannel.com reports. The fund owned 80,000 shares of the basic materials company’s stock after buying an additional 45,600 shares during the quarter. Denali Advisors LLC’s holdings in Steel Dynamics were worth $2,416,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its stake in Steel Dynamics by 3.4% during the 1st quarter. BlackRock Inc. now owns 24,696,468 shares of the basic materials company’s stock worth $871,044,000 after acquiring an additional 802,211 shares during the period. Norges Bank bought a new stake in Steel Dynamics during the 4th quarter worth approximately $146,724,000. Dimensional Fund Advisors LP raised its stake in Steel Dynamics by 7.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,472,381 shares of the basic materials company’s stock worth $134,353,000 after acquiring an additional 309,961 shares during the period. Northern Trust Corp raised its stake in Steel Dynamics by 1.7% during the 1st quarter. Northern Trust Corp now owns 2,791,862 shares of the basic materials company’s stock worth $98,469,000 after acquiring an additional 47,372 shares during the period. Finally, Geode Capital Management LLC raised its stake in Steel Dynamics by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 2,770,859 shares of the basic materials company’s stock worth $83,190,000 after acquiring an additional 184,297 shares during the period. 81.53% of the stock is currently owned by hedge funds and other institutional investors.

Shares of STLD stock traded up $0.56 on Tuesday, reaching $32.10. The company’s stock had a trading volume of 3,936,370 shares, compared to its average volume of 2,453,495. The stock’s fifty day simple moving average is $29.09. Steel Dynamics, Inc. has a 1 year low of $25.02 and a 1 year high of $49.70. The company has a debt-to-equity ratio of 0.61, a current ratio of 4.02 and a quick ratio of 2.15. The stock has a market capitalization of $7.09 billion, a P/E ratio of 5.85, a price-to-earnings-growth ratio of 0.82 and a beta of 1.55.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Monday, July 22nd. The basic materials company reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.02). Steel Dynamics had a net margin of 10.26% and a return on equity of 33.56%. The business had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.78 billion. During the same period last year, the business posted $1.53 earnings per share. The company’s revenue for the quarter was down 10.4% compared to the same quarter last year. On average, research analysts expect that Steel Dynamics, Inc. will post 3.2 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Sunday, June 30th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date of this dividend was Thursday, June 27th. Steel Dynamics’s dividend payout ratio (DPR) is presently 17.49%.

A number of equities research analysts have commented on the stock. ValuEngine cut shares of Vereit from a “buy” rating to a “hold” rating in a research note on Friday. Bank of America set a $77.00 price objective on shares of Zscaler and gave the company a “neutral” rating in a research report on Friday, May 31st. UBS Group set a $70.00 price objective on shares of Lumentum and gave the company a “buy” rating in a research report on Wednesday, May 8th. Deutsche Bank reiterated a “hold” rating on shares of Steel Dynamics in a research report on Thursday, June 27th. Finally, Macquarie set a $36.00 price objective on shares of Steel Dynamics and gave the company a “hold” rating in a research report on Tuesday, April 23rd. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Steel Dynamics presently has an average rating of “Buy” and an average price target of $42.54.

In other Steel Dynamics news, insider Glenn Pushis bought 5,740 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was purchased at an average cost of $26.13 per share, with a total value of $149,986.20. Following the completion of the acquisition, the insider now owns 91,289 shares in the company, valued at approximately $2,385,381.57. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gabriel Shaheen bought 5,000 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was acquired at an average cost of $27.03 per share, with a total value of $135,150.00. Following the completion of the acquisition, the director now owns 58,635 shares of the company’s stock, valued at approximately $1,584,904.05. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 12,740 shares of company stock valued at $336,296. 4.90% of the stock is currently owned by insiders.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. 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; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.

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Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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