Kingsview Wealth Management LLC Raises Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Kingsview Wealth Management LLC increased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 7.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 70,225 shares of the basic materials company’s stock after acquiring an additional 4,970 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Steel Dynamics were worth $8,854,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bessemer Group Inc. increased its stake in Steel Dynamics by 2,679.3% in the first quarter. Bessemer Group Inc. now owns 10,867 shares of the basic materials company’s stock valued at $1,611,000 after purchasing an additional 10,476 shares during the last quarter. LBP AM SA boosted its position in shares of Steel Dynamics by 26.5% in the first quarter. LBP AM SA now owns 21,966 shares of the basic materials company’s stock worth $3,256,000 after acquiring an additional 4,599 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Steel Dynamics by 9.4% during the second quarter. Envestnet Asset Management Inc. now owns 230,922 shares of the basic materials company’s stock worth $29,904,000 after purchasing an additional 19,853 shares during the last quarter. IFM Investors Pty Ltd boosted its holdings in shares of Steel Dynamics by 21.5% in the 3rd quarter. IFM Investors Pty Ltd now owns 38,355 shares of the basic materials company’s stock valued at $4,836,000 after purchasing an additional 6,779 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Steel Dynamics by 4.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,604,492 shares of the basic materials company’s stock valued at $534,295,000 after buying an additional 152,254 shares during the period. 82.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Chad Bickford sold 2,000 shares of Steel Dynamics stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $134.86, for a total value of $269,720.00. Following the transaction, the vice president now owns 17,100 shares of the company’s stock, valued at $2,306,106. The trade was a 10.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Glenn Pushis sold 17,941 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the sale, the senior vice president now directly owns 146,693 shares of the company’s stock, valued at approximately $19,523,371.37. This represents a 10.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,591 shares of company stock worth $3,885,938. 6.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

STLD has been the subject of several analyst reports. Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their target price for the company from $140.00 to $155.00 in a research note on Tuesday, October 1st. Morgan Stanley lowered their price objective on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and increased their target price for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. BMO Capital Markets boosted their target price on shares of Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research report on Friday, October 18th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $144.29.

Steel Dynamics Trading Down 1.0 %

NASDAQ:STLD opened at $143.57 on Friday. The stock has a market cap of $21.86 billion, a price-to-earnings ratio of 12.99 and a beta of 1.31. The business has a fifty day moving average of $132.24 and a 200-day moving average of $127.50. Steel Dynamics, Inc. has a 1 year low of $104.60 and a 1 year high of $155.56. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.07. The company had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.18 billion. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. Steel Dynamics’s revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned $3.47 EPS. Equities analysts predict that Steel Dynamics, Inc. will post 10.1 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics’s payout ratio is currently 16.65%.

Steel Dynamics Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.