Steel Dynamics, Inc. $STLD Shares Newly Acquired by Summit Wealth Group LLC Co.

Summit Wealth Group LLC Co. bought a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 6,152 shares of the basic materials company’s stock, valued at approximately $1,363,000.

A number of other large investors have also recently made changes to their positions in STLD. Baird Financial Group Inc. raised its position in Steel Dynamics by 9.9% in the 2nd quarter. Baird Financial Group Inc. now owns 187,906 shares of the basic materials company’s stock valued at $43,117,000 after purchasing an additional 16,930 shares during the last quarter. Sapient Capital LLC boosted its stake in Steel Dynamics by 34.6% during the 2nd quarter. Sapient Capital LLC now owns 447,664 shares of the basic materials company’s stock worth $102,958,000 after purchasing an additional 115,080 shares during the period. BlackRock Inc. acquired a new stake in Steel Dynamics during the 2nd quarter worth $2,844,501,000. Public Employees Retirement System of Ohio purchased a new position in Steel Dynamics during the 2nd quarter worth $10,169,000. Finally, Nykredit A S purchased a new position in Steel Dynamics during the 2nd quarter worth $8,596,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Stock Down 1.7%

STLD stock opened at $247.66 on Wednesday. Steel Dynamics, Inc. has a one year low of $150.03 and a one year high of $288.74. The stock has a market capitalization of $35.22 billion, a PE ratio of 18.28, a price-to-earnings-growth ratio of 0.36 and a beta of 1.45. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.48 and a current ratio of 3.14. The company has a fifty day moving average of $238.73 and a 200-day moving average of $224.07.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Monday, October 19th. The basic materials company reported $5.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.48 by ($0.22). Steel Dynamics had a return on equity of 21.57% and a net margin of 8.82%. The firm had revenue of $6.51 billion for the quarter, compared to analyst estimates of $6.43 billion. During the same quarter last year, the firm earned $2.74 earnings per share. The company’s revenue was up 34.8% compared to the same quarter last year. As a group, analysts expect that Steel Dynamics, Inc. will post 18.12 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, September 30th. Steel Dynamics’s payout ratio is currently 15.65%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on STLD shares. Morgan Stanley dropped their price objective on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 22nd. Weiss Ratings upgraded shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, October 28th. The Goldman Sachs Group reissued a “buy” rating and set a $299.00 price target (down from $301.00) on shares of Steel Dynamics in a report on Tuesday, October 20th. UBS Group boosted their price target on Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Finally, JPMorgan Chase & Co. reduced their price objective on Steel Dynamics from $272.00 to $260.00 and set a “neutral” rating for the company in a research note on Friday, October 9th. Nine equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $275.17.

About Steel Dynamics

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company manufactures steel products using electric arc furnace technology and serves customers across industries such as construction, automotive, manufacturing, and energy.

Its operations include the production of flat rolled steel, long steel products, structural steel, rail, and specialty products. Steel Dynamics also provides steel processing and fabrication services, including the manufacture of steel joists, deck systems, and other components used in commercial and industrial construction.

The company operates metals recycling facilities that collect, process, and supply ferrous and nonferrous scrap to support its steelmaking operations.