Point72 Italy S.r.l. Purchases New Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Point72 Italy S.r.l. bought a new position in Steel Dynamics, Inc. (NASDAQ:STLD) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 15,900 shares of the basic materials company’s stock, valued at approximately $2,005,000. Steel Dynamics makes up approximately 0.7% of Point72 Italy S.r.l.’s investment portfolio, making the stock its 28th biggest holding.

Several other institutional investors and hedge funds have also bought and sold shares of STLD. Larson Financial Group LLC grew its holdings in shares of Steel Dynamics by 9,465.5% during the 3rd quarter. Larson Financial Group LLC now owns 18,844 shares of the basic materials company’s stock valued at $2,376,000 after purchasing an additional 18,647 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Steel Dynamics by 9.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 230,922 shares of the basic materials company’s stock worth $29,904,000 after purchasing an additional 19,853 shares during the period. IFM Investors Pty Ltd lifted its position in shares of Steel Dynamics by 21.5% in the 3rd quarter. IFM Investors Pty Ltd now owns 38,355 shares of the basic materials company’s stock worth $4,836,000 after purchasing an additional 6,779 shares during the period. National Bank of Canada FI lifted 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 valued at $42,461,000 after acquiring an additional 272,226 shares during the period. Finally, Harbour Capital Advisors LLC purchased a new position in Steel Dynamics during the 3rd quarter valued at about $640,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Steel Dynamics in a research note on Monday. They set a “neutral” rating and a $155.00 price objective for the company. JPMorgan Chase & Co. lifted their price target on shares of Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a report on Friday, October 18th. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. Morgan Stanley reduced their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. Finally, Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $140.00 to $155.00 in a research report on Tuesday, October 1st. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Steel Dynamics presently has an average rating of “Hold” and a consensus target price of $145.63.

Insider Activity

In other news, SVP Glenn Pushis sold 17,941 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the transaction, the senior vice president now owns 146,693 shares in the company, valued at $19,523,371.37. This trade represents a 10.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Chad Bickford sold 2,000 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $134.86, for a total value of $269,720.00. Following the completion of the transaction, the vice president now owns 17,100 shares of the company’s stock, valued at approximately $2,306,106. This represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,591 shares of company stock valued at $3,885,938. 6.10% of the stock is currently owned by company insiders.

Steel Dynamics Trading Down 1.1 %

Shares of STLD opened at $143.20 on Wednesday. The firm’s fifty day moving average is $135.91 and its two-hundred day moving average is $127.89. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. The stock has a market cap of $21.80 billion, a PE ratio of 12.96 and a beta of 1.31. Steel Dynamics, Inc. has a 52-week low of $104.60 and a 52-week high of $155.56.

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, topping 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 for the quarter, compared to analyst estimates of $4.18 billion. During the same period in the prior year, the firm earned $3.47 earnings per share. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. Research analysts forecast that Steel Dynamics, Inc. will post 10.1 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

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

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.