Financial Partners Group LLC Boosts Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Financial Partners Group LLC increased its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 19.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,269 shares of the basic materials company’s stock after acquiring an additional 2,148 shares during the period. Financial Partners Group LLC’s holdings in Steel Dynamics were worth $1,673,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Park Avenue Securities LLC increased its position in shares of Steel Dynamics by 11.1% in the first quarter. Park Avenue Securities LLC now owns 3,874 shares of the basic materials company’s stock valued at $574,000 after buying an additional 386 shares in the last quarter. Ballentine Partners LLC purchased a new position in Steel Dynamics during the first quarter valued at $227,000. Brookstone Capital Management grew its position in shares of Steel Dynamics by 4.1% in the first quarter. Brookstone Capital Management now owns 2,740 shares of the basic materials company’s stock valued at $406,000 after purchasing an additional 109 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Steel Dynamics by 4.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 30,487 shares of the basic materials company’s stock valued at $4,519,000 after purchasing an additional 1,364 shares during the period. Finally, Artemis Investment Management LLP increased its stake in shares of Steel Dynamics by 82.3% during the first quarter. Artemis Investment Management LLP now owns 61,859 shares of the basic materials company’s stock worth $9,164,000 after purchasing an additional 27,926 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on STLD. Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $140.00 to $155.00 in a report on Tuesday, October 1st. Morgan Stanley dropped their price target on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. BMO Capital Markets raised their price objective on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a report on Friday, October 18th. JPMorgan Chase & Co. upped their target price on shares of Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Finally, UBS Group upgraded shares of 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 report on Tuesday, September 3rd. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $144.29.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Glenn Pushis sold 17,941 shares of the stock in a transaction dated 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 owns 146,693 shares of the company’s stock, valued at approximately $19,523,371.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.00% of the stock is currently owned by corporate insiders.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $130.34 on Friday. The company has a market capitalization of $20.11 billion, a P/E ratio of 11.80 and a beta of 1.31. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. Steel Dynamics, Inc. has a 52 week low of $99.01 and a 52 week high of $151.34. The stock’s fifty day moving average is $121.95 and its two-hundred day moving average is $127.06.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The firm had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.18 billion. During the same quarter last year, the company posted $3.47 EPS. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. Equities analysts expect that Steel Dynamics, Inc. will post 10.22 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date was Monday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is 16.65%.

About Steel Dynamics

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.