Steel Dynamics, Inc. (NASDAQ:STLD) Position Boosted by Simplicity Wealth LLC

Simplicity Wealth LLC boosted its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 3.7% in the 2nd quarter, Holdings Channel reports. The firm owned 6,084 shares of the basic materials company’s stock after buying an additional 219 shares during the period. Simplicity Wealth LLC’s holdings in Steel Dynamics were worth $788,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Franklin Resources Inc. boosted its holdings in shares of Steel Dynamics by 12.0% in the fourth quarter. Franklin Resources Inc. now owns 344,569 shares of the basic materials company’s stock worth $40,694,000 after buying an additional 37,033 shares during the period. Nordea Investment Management AB raised its stake in Steel Dynamics by 2.5% during the 1st quarter. Nordea Investment Management AB now owns 1,034,133 shares of the basic materials company’s stock valued at $153,290,000 after purchasing an additional 25,280 shares during the period. Massachusetts Financial Services Co. MA raised its position in Steel Dynamics by 1.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,321 shares of the basic materials company’s stock valued at $2,046,000 after buying an additional 278 shares during the period. Schroder Investment Management Group lifted its stake in Steel Dynamics by 15.3% in the 4th quarter. Schroder Investment Management Group now owns 743,697 shares of the basic materials company’s stock worth $87,831,000 after acquiring an additional 98,764 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in Steel Dynamics by 1,498.4% during the 1st quarter. SG Americas Securities LLC now owns 29,730 shares of the basic materials company’s stock worth $4,407,000 after acquiring an additional 27,870 shares during the period. 82.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on STLD shares. Bank of America dropped their target price on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. JPMorgan Chase & Co. increased their target price on shares of Steel Dynamics from $118.00 to $120.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 16th. BMO Capital Markets dropped their price target on shares of Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a research note on Tuesday, June 18th. Finally, Jefferies Financial Group assumed coverage on Steel Dynamics in a research report on Monday, May 20th. They set a “hold” rating and a $150.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $133.86.

Steel Dynamics Stock Down 0.4 %

Shares of NASDAQ STLD traded down $0.53 during mid-day trading on Friday, reaching $119.68. 195,101 shares of the company traded hands, compared to its average volume of 1,232,253. The company’s fifty day moving average is $126.50 and its two-hundred day moving average is $130.57. Steel Dynamics, Inc. has a fifty-two week low of $95.53 and a fifty-two week high of $151.34. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35. The stock has a market cap of $18.81 billion, a PE ratio of 8.26 and a beta of 1.35.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. The business had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. Steel Dynamics’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same period in the previous year, the company earned $4.81 earnings per share. On average, analysts expect that Steel Dynamics, Inc. will post 11.35 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Christopher A. Graham sold 21,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $136.81, for a total transaction of $2,873,010.00. Following the transaction, the senior vice president now owns 60,415 shares in the company, valued at approximately $8,265,376.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 6.00% of the company’s stock.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. 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 steel 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.