Van ECK Associates Corp Buys 2,772 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Van ECK Associates Corp increased its stake in Steel Dynamics, Inc. (NASDAQ:STLDFree Report) by 3.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 85,195 shares of the basic materials company’s stock after buying an additional 2,772 shares during the period. Van ECK Associates Corp owned 0.05% of Steel Dynamics worth $9,134,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in STLD. Wellington Shields & Co. LLC increased its stake in Steel Dynamics by 50.0% in the 4th quarter. Wellington Shields & Co. LLC now owns 300 shares of the basic materials company’s stock worth $29,000 after buying an additional 100 shares during the period. Clearstead Advisors LLC bought a new position in Steel Dynamics during the 3rd quarter worth about $35,000. Clear Street Markets LLC grew its holdings in Steel Dynamics by 94.0% during the 1st quarter. Clear Street Markets LLC now owns 326 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 158 shares in the last quarter. Coppell Advisory Solutions LLC bought a new position in Steel Dynamics during the 2nd quarter worth about $40,000. Finally, Providence Capital Advisors LLC grew its holdings in Steel Dynamics by 11,205.0% during the 1st quarter. Providence Capital Advisors LLC now owns 4,522 shares of the basic materials company’s stock worth $40,000 after acquiring an additional 4,482 shares in the last quarter. Hedge funds and other institutional investors own 81.32% of the company’s stock.

Insider Buying and Selling

In related news, Director James C. Marcuccilli sold 25,454 shares of Steel Dynamics stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $122.43, for a total value of $3,116,333.22. Following the completion of the sale, the director now directly owns 59,989 shares in the company, valued at approximately $7,344,453.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.00% of the stock is owned by company insiders.

Steel Dynamics Stock Up 0.1 %

NASDAQ:STLD opened at $124.99 on Friday. Steel Dynamics, Inc. has a fifty-two week low of $90.55 and a fifty-two week high of $136.46. The stock has a market capitalization of $20.23 billion, a P/E ratio of 8.57 and a beta of 1.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.67 and a current ratio of 2.91. The company’s 50-day simple moving average is $117.80 and its 200-day simple moving average is $110.11.

Steel Dynamics (NASDAQ:STLDGet Free Report) last released its earnings results on Tuesday, January 23rd. The basic materials company reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.02). The company had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.22 billion. Steel Dynamics had a return on equity of 29.49% and a net margin of 13.04%. The firm’s revenue for the quarter was down 12.3% on a year-over-year basis. During the same quarter last year, the business earned $4.37 earnings per share. On average, equities analysts anticipate that Steel Dynamics, Inc. will post 10.73 earnings per share for the current fiscal year.

Steel Dynamics declared that its board has initiated a share repurchase program on Friday, November 3rd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the basic materials company to purchase up to 8.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

STLD has been the topic of several recent research reports. JPMorgan Chase & Co. increased their target price on shares of Steel Dynamics from $95.00 to $98.00 and gave the stock an “underweight” rating in a report on Tuesday, December 12th. UBS Group dropped their target price on shares of Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. Finally, Morgan Stanley raised their price target on shares of Steel Dynamics from $99.00 to $108.00 and gave the company an “equal weight” rating in a report on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $112.75.

Read Our Latest Stock Report on STLD

About Steel Dynamics

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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