Armstrong Advisory Group Inc. Acquires New Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Posted by Defense World Staff on Mar 26th, 2023

Armstrong Advisory Group Inc. acquired a new stake in Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 414 shares of the basic materials company’s stock, valued at approximately $40,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Paragon Capital Management Ltd purchased a new stake in Steel Dynamics in the 4th quarter valued at about $265,000. Gallacher Capital Management LLC purchased a new stake in Steel Dynamics in the 4th quarter valued at about $483,000. Gateway Investment Advisers LLC raised its holdings in Steel Dynamics by 1.2% in the 4th quarter. Gateway Investment Advisers LLC now owns 53,113 shares of the basic materials company’s stock valued at $5,189,000 after buying an additional 610 shares during the period. Cooper Financial Group purchased a new stake in Steel Dynamics in the 4th quarter valued at about $256,000. Finally, Hennion & Walsh Asset Management Inc. purchased a new stake in Steel Dynamics in the 4th quarter valued at about $361,000. 79.54% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $108.39 on Friday. Steel Dynamics, Inc. has a one year low of $62.44 and a one year high of $136.46. The company has a market cap of $18.60 billion, a PE ratio of 5.21 and a beta of 1.51. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.22 and a current ratio of 3.76. The business has a 50-day simple moving average of $119.08 and a 200-day simple moving average of $102.24.

Steel Dynamics (NASDAQ:STLD – Get Rating) last announced its quarterly earnings data on Wednesday, January 25th. The basic materials company reported $4.37 EPS for the quarter, topping analysts’ consensus estimates of $3.60 by $0.77. The business had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.77 billion. Steel Dynamics had a return on equity of 56.22% and a net margin of 17.35%. The business’s revenue for the quarter was down 9.1% on a year-over-year basis. During the same period in the previous year, the company posted $5.78 earnings per share. On average, equities research analysts forecast that Steel Dynamics, Inc. will post 14.84 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Friday, March 31st will be issued a $0.425 dividend. This represents a $1.70 dividend on an annualized basis and a yield of 1.57%. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, March 30th. Steel Dynamics’s dividend payout ratio is 6.54%.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Credit Suisse Group boosted their price target on shares of Steel Dynamics from $92.00 to $106.00 and gave the stock an “outperform” rating in a research note on Thursday, March 16th. The Goldman Sachs Group lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $114.00 to $118.00 in a research note on Friday, January 27th. BMO Capital Markets boosted their price target on shares of Steel Dynamics from $109.00 to $120.00 and gave the stock a “market perform” rating in a research note on Friday, January 27th. StockNews.com lowered shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Citigroup lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating in a research note on Wednesday, March 15th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $107.43.

About Steel Dynamics

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Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel, long products including structural steel beams, pilings, and standard and premium grade rail, and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.