Kinsale Capital Group Inc. Has $6.40 Million Stake in Steel Dynamics, Inc. $STLD

Kinsale Capital Group Inc. raised its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 11.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 45,910 shares of the basic materials company’s stock after acquiring an additional 4,845 shares during the period. Kinsale Capital Group Inc.’s holdings in Steel Dynamics were worth $6,401,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of STLD. Norges Bank purchased a new position in shares of Steel Dynamics during the second quarter valued at $339,769,000. Nordea Investment Management AB grew its stake in Steel Dynamics by 43.3% during the 2nd quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock valued at $271,238,000 after acquiring an additional 630,935 shares in the last quarter. Qube Research & Technologies Ltd purchased a new position in Steel Dynamics during the 2nd quarter valued at about $48,746,000. AQR Capital Management LLC increased its holdings in shares of Steel Dynamics by 79.1% in the 2nd quarter. AQR Capital Management LLC now owns 627,542 shares of the basic materials company’s stock valued at $80,332,000 after purchasing an additional 277,166 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of Steel Dynamics by 34.7% in the second quarter. Bank of America Corp DE now owns 1,028,947 shares of the basic materials company’s stock worth $131,715,000 after purchasing an additional 264,827 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on STLD. Wells Fargo & Company boosted their price objective on shares of Steel Dynamics from $172.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, December 15th. Wall Street Zen raised shares of Steel Dynamics from a “hold” rating to a “strong-buy” rating in a research note on Saturday, January 31st. Morgan Stanley reiterated an “equal weight” rating and set a $194.00 price objective (up from $173.00) on shares of Steel Dynamics in a report on Friday, January 9th. BMO Capital Markets boosted their target price on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Finally, Jefferies Financial Group upped their target price on Steel Dynamics from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 10th. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $182.00.

Steel Dynamics Price Performance

Shares of Steel Dynamics stock opened at $202.39 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06. The firm’s 50-day simple moving average is $174.83 and its 200-day simple moving average is $152.75. The firm has a market cap of $29.56 billion, a P/E ratio of 25.27, a price-to-earnings-growth ratio of 0.55 and a beta of 1.46. Steel Dynamics, Inc. has a twelve month low of $103.17 and a twelve month high of $202.86.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Monday, January 26th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.10. Steel Dynamics had a net margin of 6.52% and a return on equity of 13.56%. The company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.62 billion. During the same quarter in the previous year, the company posted $1.36 earnings per share. Steel Dynamics’s quarterly revenue was up 14.0% compared to the same quarter last year. As a group, research analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Profile

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.