Kinsale Capital Group Inc. Makes New Investment in Steel Dynamics, Inc. (NASDAQ:STLD)

Kinsale Capital Group Inc. acquired a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the 4th quarter, Holdings Channel reports. The fund acquired 15,992 shares of the basic materials company’s stock, valued at approximately $1,824,000.

Several other large investors also recently added to or reduced their stakes in STLD. Wilmington Savings Fund Society FSB purchased a new position in shares of Steel Dynamics during the third quarter valued at approximately $25,000. ORG Wealth Partners LLC purchased a new position in shares of Steel Dynamics during the fourth quarter valued at approximately $28,000. Private Trust Co. NA boosted its position in shares of Steel Dynamics by 532.6% during the third quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock valued at $37,000 after buying an additional 245 shares during the period. Golden State Wealth Management LLC purchased a new position in shares of Steel Dynamics during the fourth quarter valued at approximately $48,000. Finally, Brooklyn Investment Group purchased a new position in shares of Steel Dynamics during the third quarter valued at approximately $61,000. 82.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on STLD shares. Citigroup dropped their target price on Steel Dynamics from $160.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Wolfe Research upgraded Steel Dynamics from an “underperform” rating to a “peer perform” rating in a research report on Thursday. UBS Group restated a “neutral” rating and set a $149.00 target price (up previously from $145.00) on shares of Steel Dynamics in a research report on Thursday, December 12th. JPMorgan Chase & Co. lowered their price target on Steel Dynamics from $134.00 to $132.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Finally, StockNews.com lowered Steel Dynamics from a “hold” rating to a “sell” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $146.22.

Steel Dynamics Stock Up 1.3 %

Steel Dynamics stock opened at $135.07 on Friday. The business has a fifty day moving average of $125.39 and a two-hundred day moving average of $127.37. The company has a quick ratio of 1.08, a current ratio of 2.53 and a debt-to-equity ratio of 0.32. The firm has a market cap of $20.56 billion, a P/E ratio of 13.78, a P/E/G ratio of 1.05 and a beta of 1.35. Steel Dynamics, Inc. has a twelve month low of $104.60 and a twelve month high of $155.56.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.33). Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. During the same period in the previous year, the business posted $2.61 EPS. On average, analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be given a dividend of $0.50 per share. The ex-dividend date is Monday, March 31st. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.48%. Steel Dynamics’s dividend payout ratio is presently 20.41%.

Steel Dynamics declared that its Board of Directors has initiated a share repurchase program on Monday, February 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the basic materials company to repurchase up to 7.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Steel Dynamics

In other news, SVP Glenn Pushis sold 23,649 shares of the company’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total transaction of $3,184,810.83. Following the transaction, the senior vice president now directly owns 122,140 shares of the company’s stock, valued at approximately $16,448,593.80. This represents a 16.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.