Jade Capital Advisors LLC Purchases New Shares in Steel Dynamics, Inc. (NASDAQ:STLD)

by · The Markets Daily

Jade Capital Advisors LLC acquired a new position in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,290 shares of the basic materials company’s stock, valued at approximately $667,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Park Avenue Securities LLC boosted its stake in Steel Dynamics by 11.1% during the first quarter. Park Avenue Securities LLC now owns 3,874 shares of the basic materials company’s stock worth $574,000 after acquiring an additional 386 shares in the last quarter. Ballentine Partners LLC purchased a new stake in shares of Steel Dynamics in the 1st quarter worth approximately $227,000. Gateway Investment Advisers LLC increased its position in Steel Dynamics by 1.5% during the 1st quarter. Gateway Investment Advisers LLC now owns 55,324 shares of the basic materials company’s stock valued at $8,201,000 after buying an additional 822 shares in the last quarter. Riverview Trust Co purchased a new position in Steel Dynamics during the first quarter valued at $50,000. Finally, Elevated Capital Advisors LLC increased its holdings in shares of Steel Dynamics by 5.3% during the first quarter. Elevated Capital Advisors LLC now owns 2,870 shares of the basic materials company’s stock valued at $425,000 after acquiring an additional 144 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insider Transactions at Steel Dynamics

In related news, SVP Glenn Pushis sold 17,941 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the completion of the transaction, the senior vice president now directly owns 146,693 shares in the company, valued at approximately $19,523,371.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 6.00% of the company’s stock.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $133.45 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $20.59 billion, a PE ratio of 12.08 and a beta of 1.31. The firm’s 50 day moving average price is $120.79 and its 200-day moving average price is $127.22. Steel Dynamics, Inc. has a twelve month low of $98.32 and a twelve month high of $151.34.

Steel Dynamics (NASDAQ:STLD – Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.07. The business 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%. The company’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period last year, the firm earned $3.47 earnings per share. Equities research analysts expect that Steel Dynamics, Inc. will post 10.12 EPS for the current year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 1.38%. The ex-dividend date of this dividend was Monday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is currently 16.65%.

Analyst Ratings Changes

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

Check Out Our Latest Stock Report on STLD

About Steel Dynamics

(Free Report)

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.

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