1,534 Shares in Steel Dynamics, Inc. (NASDAQ:STLD) Purchased by Contravisory Investment Management Inc.

Contravisory Investment Management Inc. purchased a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,534 shares of the basic materials company’s stock, valued at approximately $167,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Atlantic Union Bankshares Corp acquired a new position in Steel Dynamics during the second quarter worth about $4,175,000. Harbor Capital Advisors Inc. boosted its position in Steel Dynamics by 17.2% during the second quarter. Harbor Capital Advisors Inc. now owns 1,334 shares of the basic materials company’s stock worth $145,000 after acquiring an additional 196 shares during the last quarter. AE Wealth Management LLC boosted its position in Steel Dynamics by 24.0% during the second quarter. AE Wealth Management LLC now owns 35,926 shares of the basic materials company’s stock worth $3,913,000 after acquiring an additional 6,945 shares during the last quarter. SG Americas Securities LLC boosted its position in Steel Dynamics by 368.7% during the second quarter. SG Americas Securities LLC now owns 7,864 shares of the basic materials company’s stock worth $857,000 after acquiring an additional 6,186 shares during the last quarter. Finally, First Citizens Financial Corp acquired a new position in Steel Dynamics during the second quarter worth about $675,000. 81.32% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Trading Down 0.6 %

Shares of Steel Dynamics stock opened at $98.11 on Tuesday. The stock has a market cap of $16.25 billion, a price-to-earnings ratio of 5.72 and a beta of 1.51. The company has a fifty day simple moving average of $104.19 and a 200-day simple moving average of $104.81. The company has a current ratio of 4.20, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. Steel Dynamics, Inc. has a 12-month low of $69.12 and a 12-month high of $136.46.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Thursday, July 20th. The basic materials company reported $4.81 earnings per share for the quarter, missing analysts’ consensus estimates of $4.82 by ($0.01). The business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $5.51 billion. Steel Dynamics had a return on equity of 40.44% and a net margin of 14.66%. The firm’s revenue for the quarter was down 18.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.73 EPS. On average, equities analysts forecast that Steel Dynamics, Inc. will post 15.65 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Saturday, September 30th will be given a dividend of $0.425 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.70 dividend on an annualized basis and a yield of 1.73%. Steel Dynamics’s payout ratio is currently 9.91%.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on STLD shares. BNP Paribas lowered shares of Steel Dynamics from an “outperform” rating to a “neutral” rating and set a $102.00 target price on the stock. in a report on Wednesday, July 5th. StockNews.com started coverage on shares of Steel Dynamics in a report on Thursday, August 17th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. boosted their target price on shares of Steel Dynamics from $94.00 to $95.00 and gave the company an “underweight” rating in a report on Friday, September 8th. BMO Capital Markets decreased their target price on shares of Steel Dynamics from $120.00 to $115.00 in a report on Monday, June 19th. Finally, Morgan Stanley boosted their price target on shares of Steel Dynamics from $97.00 to $99.00 and gave the company an “equal weight” rating in a research note on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $108.38.

Steel Dynamics Profile

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.