FORA Capital LLC Invests $563,000 in Steel Dynamics, Inc. (NASDAQ:STLD)

FORA Capital LLC purchased a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 4,462 shares of the basic materials company’s stock, valued at approximately $563,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Larson Financial Group LLC boosted its stake in Steel Dynamics by 9,465.5% in the third quarter. Larson Financial Group LLC now owns 18,844 shares of the basic materials company’s stock worth $2,376,000 after buying an additional 18,647 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in Steel Dynamics by 9.4% during the second quarter. Envestnet Asset Management Inc. now owns 230,922 shares of the basic materials company’s stock valued at $29,904,000 after buying an additional 19,853 shares during the period. IFM Investors Pty Ltd grew its stake in shares of Steel Dynamics by 21.5% during the third quarter. IFM Investors Pty Ltd now owns 38,355 shares of the basic materials company’s stock valued at $4,836,000 after buying an additional 6,779 shares during the last quarter. DNB Asset Management AS boosted its holdings in Steel Dynamics by 21.5% during the 2nd quarter. DNB Asset Management AS now owns 56,602 shares of the basic materials company’s stock valued at $7,330,000 after acquiring an additional 10,006 shares during the period. Finally, National Bank of Canada FI grew its position in Steel Dynamics by 481.2% during the 2nd quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock worth $42,461,000 after acquiring an additional 272,226 shares during the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on STLD shares. BMO Capital Markets increased their price objective on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research note on Friday, October 18th. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price target for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the company from $140.00 to $155.00 in a research note on Tuesday, October 1st. Morgan Stanley decreased their price objective on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Steel Dynamics currently has an average rating of “Hold” and an average price target of $144.29.

Insider Buying and Selling

In other news, SVP Richard A. Poinsatte sold 2,000 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $138.75, for a total value of $277,500.00. Following the sale, the senior vice president now directly owns 21,101 shares of the company’s stock, valued at approximately $2,927,763.75. This represents a 8.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Miguel Alvarez sold 6,650 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $143.00, for a total value of $950,950.00. Following the transaction, the senior vice president now owns 116,949 shares of the company’s stock, valued at $16,723,707. The trade was a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,591 shares of company stock worth $3,885,938 in the last 90 days. Insiders own 6.00% of the company’s stock.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $143.83 on Friday. Steel Dynamics, Inc. has a 12 month low of $104.60 and a 12 month high of $155.56. The firm has a market capitalization of $21.90 billion, a P/E ratio of 13.02 and a beta of 1.31. The company has a current ratio of 2.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.31. The business has a fifty day simple moving average of $134.08 and a two-hundred day simple moving average of $127.68.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The company had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.18 billion. During the same period last year, the company posted $3.47 EPS. Steel Dynamics’s revenue was down 5.4% on a year-over-year basis. On average, equities analysts forecast that Steel Dynamics, Inc. will post 10.1 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a $0.46 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.28%. Steel Dynamics’s dividend payout ratio is currently 16.65%.

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.