Wealth Enhancement Advisory Services LLC Raises Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Wealth Enhancement Advisory Services LLC increased its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 4.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,487 shares of the basic materials company’s stock after buying an additional 1,364 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Steel Dynamics were worth $4,519,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of Nova Scotia boosted its position in shares of Steel Dynamics by 16.1% during the 3rd quarter. Bank of Nova Scotia now owns 10,349 shares of the basic materials company’s stock valued at $1,110,000 after acquiring an additional 1,433 shares during the last quarter. Glenmede Trust Co. NA grew its stake in shares of Steel Dynamics by 469.7% in the 3rd quarter. Glenmede Trust Co. NA now owns 60,897 shares of the basic materials company’s stock worth $6,529,000 after buying an additional 50,207 shares in the last quarter. Axxcess Wealth Management LLC bought a new stake in shares of Steel Dynamics in the 3rd quarter worth about $229,000. AXQ Capital LP purchased a new stake in shares of Steel Dynamics during the 3rd quarter valued at about $332,000. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Steel Dynamics by 165.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,014,956 shares of the basic materials company’s stock valued at $212,447,000 after acquiring an additional 1,255,751 shares during the last quarter. 82.41% of the stock is owned by institutional investors.

Insider Activity

In related news, SVP Christopher A. Graham sold 21,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $136.81, for a total value of $2,873,010.00. Following the completion of the sale, the senior vice president now directly owns 60,415 shares of the company’s stock, valued at $8,265,376.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 6.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on STLD. JPMorgan Chase & Co. upped their price objective on Steel Dynamics from $100.00 to $118.00 and gave the company an “underweight” rating in a research report on Tuesday, April 16th. Bank of America lowered their price target on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Jefferies Financial Group assumed coverage on shares of Steel Dynamics in a research report on Monday, May 20th. They set a “hold” rating and a $150.00 price objective on the stock. BMO Capital Markets lowered their target price on shares of Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating for the company in a report on Tuesday, June 18th. Finally, Citigroup upped their price target on shares of Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $129.63.

Steel Dynamics Trading Down 0.3 %

Shares of STLD opened at $129.15 on Tuesday. The firm has a market capitalization of $20.29 billion, a price-to-earnings ratio of 8.87 and a beta of 1.35. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.87 and a quick ratio of 1.55. Steel Dynamics, Inc. has a 1-year low of $95.53 and a 1-year high of $151.34. The company has a 50-day moving average of $130.11 and a 200 day moving average of $128.90.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 EPS for the quarter, topping analysts’ consensus estimates of $3.54 by $0.13. The business had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.74 billion. Steel Dynamics had a net margin of 12.89% and a return on equity of 27.62%. The company’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period last year, the company posted $4.01 earnings per share. On average, research analysts expect that Steel Dynamics, Inc. will post 11.64 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Sunday, June 30th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend is Friday, June 28th. Steel Dynamics’s payout ratio is 12.64%.

Steel Dynamics Company Profile

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.