Jupiter Topco LLC Makes New $8 Million Investment in Steel Dynamics, Inc. $STLD

Jupiter Topco LLC bought a new position in Steel Dynamics, Inc. (NASDAQ:STLD) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 34,887 shares of the basic materials company’s stock, valued at approximately $8,004,000.

A number of other institutional investors have also recently made changes to their positions in STLD. Jones Financial Companies Lllp increased its position in shares of Steel Dynamics by 28.8% during the second quarter. Jones Financial Companies Lllp now owns 19,380 shares of the basic materials company’s stock valued at $4,756,000 after acquiring an additional 4,329 shares in the last quarter. Trajan Wealth LLC purchased a new stake in Steel Dynamics during the 2nd quarter valued at $211,000. Allstate Corp boosted its stake in Steel Dynamics by 1.6% during the 2nd quarter. Allstate Corp now owns 14,531 shares of the basic materials company’s stock valued at $3,334,000 after purchasing an additional 225 shares during the last quarter. Cibc World Market Inc. increased its holdings in shares of Steel Dynamics by 183.2% in the 2nd quarter. Cibc World Market Inc. now owns 24,650 shares of the basic materials company’s stock worth $5,656,000 after purchasing an additional 15,946 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp increased its holdings in shares of Steel Dynamics by 9.8% in the 2nd quarter. OMERS ADMINISTRATION Corp now owns 9,325 shares of the basic materials company’s stock worth $2,140,000 after purchasing an additional 834 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Performance

Shares of STLD opened at $234.66 on Monday. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45. Steel Dynamics, Inc. has a one year low of $126.88 and a one year high of $288.74. The firm has a market capitalization of $33.63 billion, a P/E ratio of 21.27, a PEG ratio of 0.44 and a beta of 1.52. The business has a fifty day moving average of $242.07 and a 200 day moving average of $223.77.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company had revenue of $6.09 billion for the quarter, compared to the consensus estimate of $5.56 billion. During the same quarter in the prior year, the company earned $2.01 earnings per share. Steel Dynamics’s revenue was up 33.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. Steel Dynamics’s dividend payout ratio is presently 19.22%.

Insider Activity at Steel Dynamics

In other news, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the transaction, the senior vice president owned 102,837 shares in the company, valued at $27,632,301.90. This represents a 8.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on STLD shares. The Goldman Sachs Group initiated coverage on Steel Dynamics in a research note on Wednesday, July 29th. They issued a “buy” rating and a $300.00 price target for the company. UBS Group lifted their price objective on Steel Dynamics from $165.00 to $276.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. KeyCorp reissued an “overweight” rating on shares of Steel Dynamics in a research report on Wednesday, July 22nd. Barclays upped their target price on shares of Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research note on Wednesday, July 22nd. Finally, Bank of America reduced their price target on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $257.27.

Steel Dynamics Company 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.