VCI Wealth Management LLC Acquires New Holdings in Steel Dynamics, Inc. $STLD

VCI Wealth Management LLC acquired a new position in Steel Dynamics, Inc. (NASDAQ:STLD) in the third quarter, Holdings Channel reports. The fund acquired 6,863 shares of the basic materials company’s stock, valued at approximately $957,000.

Several other hedge funds and other institutional investors have also bought and sold shares of STLD. Norges Bank purchased a new position in shares of Steel Dynamics in the 2nd quarter valued at $339,769,000. Nordea Investment Management AB boosted its position in Steel Dynamics by 43.3% during the second quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock valued at $271,238,000 after purchasing an additional 630,935 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its stake in Steel Dynamics by 40.6% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,675,973 shares of the basic materials company’s stock valued at $214,541,000 after purchasing an additional 484,304 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in Steel Dynamics in the second quarter worth about $48,746,000. Finally, AQR Capital Management LLC lifted its position in shares of Steel Dynamics by 79.1% during the second quarter. AQR Capital Management LLC now owns 627,542 shares of the basic materials company’s stock valued at $80,332,000 after buying an additional 277,166 shares during the last quarter. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Trading Down 1.2%

NASDAQ:STLD opened at $175.06 on Friday. The company has a market capitalization of $25.57 billion, a P/E ratio of 23.19, a PEG ratio of 1.19 and a beta of 1.47. The company has a current ratio of 3.11, a quick ratio of 1.47 and a debt-to-equity ratio of 0.43. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $178.36. The firm has a fifty day simple moving average of $161.71 and a 200-day simple moving average of $142.83.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.63 by $0.11. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.The company had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.74 billion. During the same quarter last year, the business posted $2.05 EPS. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. On average, equities research analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Wednesday, December 31st will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.1%. Steel Dynamics’s payout ratio is 26.49%.

Insider Buying and Selling

In related news, SVP Miguel Alvarez sold 8,251 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total value of $1,343,180.29. Following the sale, the senior vice president owned 117,068 shares in the company, valued at $19,057,499.72. This represents a 6.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on STLD. The Goldman Sachs Group set a $172.00 price objective on shares of Steel Dynamics and gave the stock a “neutral” rating in a research report on Friday, October 31st. JPMorgan Chase & Co. lifted their price target on shares of Steel Dynamics from $165.00 to $190.00 and gave the stock a “neutral” rating in a report on Friday, December 5th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Steel Dynamics in a research report on Monday. Morgan Stanley raised their price objective on Steel Dynamics from $145.00 to $173.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Finally, BMO Capital Markets upped their target price on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $176.89.

About Steel Dynamics

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.