Creative Planning Boosts Stock Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Posted by Defense World Staff on Oct 11th, 2023

Creative Planning grew its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 5.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,463 shares of the basic materials company’s stock after acquiring an additional 1,190 shares during the period. Creative Planning’s holdings in Steel Dynamics were worth $2,665,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of STLD. Commonwealth Equity Services LLC raised its stake in Steel Dynamics by 11.8% in the first quarter. Commonwealth Equity Services LLC now owns 54,298 shares of the basic materials company’s stock worth $6,138,000 after buying an additional 5,723 shares in the last quarter. abrdn plc increased its stake in shares of Steel Dynamics by 23.7% during the first quarter. abrdn plc now owns 118,800 shares of the basic materials company’s stock valued at $13,432,000 after purchasing an additional 22,772 shares in the last quarter. Diversified Trust Co increased its stake in shares of Steel Dynamics by 13.4% during the second quarter. Diversified Trust Co now owns 3,460 shares of the basic materials company’s stock valued at $377,000 after purchasing an additional 410 shares in the last quarter. Capula Management Ltd bought a new position in shares of Steel Dynamics during the first quarter valued at approximately $275,000. Finally, Hennessy Advisors Inc. increased its stake in shares of Steel Dynamics by 39.9% during the first quarter. Hennessy Advisors Inc. now owns 48,400 shares of the basic materials company’s stock valued at $5,472,000 after purchasing an additional 13,800 shares in the last quarter. 81.32% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

STLD has been the subject of a number of analyst reports. Citigroup raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and set a $130.00 target price for the company in a research note on Monday, September 25th. BMO Capital Markets cut their price target on shares of Steel Dynamics from $115.00 to $107.00 and set a “market perform” rating on the stock in a report on Tuesday, September 19th. Morgan Stanley increased their price target on shares of Steel Dynamics from $97.00 to $99.00 and gave the company an “equal weight” rating in a report on Monday, July 24th. StockNews.com began coverage on shares of Steel Dynamics in a report on Thursday, October 5th. They set a “hold” rating on the stock. Finally, BNP Paribas cut shares of Steel Dynamics from an “outperform” rating to a “neutral” rating and set a $102.00 price target on the stock. in a report on Wednesday, July 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $109.89.

View Our Latest Report on Steel Dynamics

Insider Transactions at Steel Dynamics

In other news, Director Gabriel Shaheen sold 1,717 shares of Steel Dynamics stock in a transaction on Monday, July 31st. The shares were sold at an average price of $105.80, for a total transaction of $181,658.60. Following the transaction, the director now owns 83,074 shares in the company, valued at approximately $8,789,229.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Gabriel Shaheen sold 1,717 shares of Steel Dynamics stock in a transaction on Monday, July 31st. The shares were sold at an average price of $105.80, for a total transaction of $181,658.60. Following the transaction, the director now owns 83,074 shares in the company, valued at approximately $8,789,229.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Christopher A. Graham sold 48,000 shares of Steel Dynamics stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $105.03, for a total transaction of $5,041,440.00. Following the transaction, the senior vice president now owns 61,353 shares in the company, valued at approximately $6,443,905.59. The disclosure for this sale can be found here. Corporate insiders own 6.00% of the company’s stock.

Steel Dynamics Trading Up 0.9 %

Shares of STLD stock opened at $109.76 on Wednesday. Steel Dynamics, Inc. has a 12-month low of $75.77 and a 12-month high of $136.46. The company has a current ratio of 4.20, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. The firm’s 50 day moving average is $104.14 and its 200 day moving average is $103.49. The stock has a market capitalization of $18.18 billion, a P/E ratio of 6.40 and a beta of 1.49.

Steel Dynamics (NASDAQ:STLD – Get Free Report) last issued its quarterly earnings results on Thursday, July 20th. The basic materials company reported $4.81 earnings per share for the quarter, missing the consensus estimate of $4.82 by ($0.01). The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.51 billion. Steel Dynamics had a return on equity of 40.44% and a net margin of 14.66%. The company’s revenue was down 18.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $6.73 EPS. Research analysts expect that Steel Dynamics, Inc. will post 14.95 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Saturday, September 30th will be paid a dividend of $0.425 per share. This represents a $1.70 annualized dividend and a dividend yield of 1.55%. The ex-dividend date is Thursday, September 28th. Steel Dynamics’s dividend payout ratio is presently 9.91%.

About Steel Dynamics

(Free Report)

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. 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 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.