Summit Global Investments Has $8.03 Million Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Summit Global Investments cut its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 22.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 67,976 shares of the basic materials company’s stock after selling 19,428 shares during the period. Summit Global Investments’ holdings in Steel Dynamics were worth $8,028,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CVA Family Office LLC bought a new stake in shares of Steel Dynamics during the fourth quarter worth approximately $28,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Steel Dynamics in the fourth quarter valued at approximately $29,000. Lindbrook Capital LLC boosted its holdings in Steel Dynamics by 117.5% during the fourth quarter. Lindbrook Capital LLC now owns 248 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 134 shares during the last quarter. Exchange Traded Concepts LLC acquired a new stake in Steel Dynamics in the fourth quarter valued at $44,000. Finally, Denali Advisors LLC lifted its stake in Steel Dynamics by 99.0% in the fourth quarter. Denali Advisors LLC now owns 406 shares of the basic materials company’s stock valued at $48,000 after acquiring an additional 202 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Price Performance

STLD stock traded up $0.67 during mid-day trading on Thursday, hitting $130.32. The stock had a trading volume of 744,380 shares, compared to its average volume of 1,191,403. The company has a current ratio of 2.87, a quick ratio of 1.55 and a debt-to-equity ratio of 0.29. Steel Dynamics, Inc. has a 52 week low of $90.55 and a 52 week high of $151.34. The firm has a market capitalization of $20.58 billion, a P/E ratio of 8.90 and a beta of 1.47. The firm has a fifty day simple moving average of $137.93 and a 200 day simple moving average of $122.88.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.54 by $0.13. Steel Dynamics had a net margin of 12.89% and a return on equity of 27.62%. The firm had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.74 billion. During the same period last year, the firm earned $4.01 EPS. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. As a group, research analysts forecast that Steel Dynamics, Inc. will post 12.41 EPS for the current year.

Steel Dynamics Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, April 14th. Stockholders of record on Sunday, March 31st were paid a $0.46 dividend. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.43. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date was Wednesday, March 27th. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.64%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on STLD. Citigroup increased their price target on shares of Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, March 13th. BMO Capital Markets increased their price objective on shares of Steel Dynamics from $110.00 to $120.00 and gave the company a “market perform” rating in a research report on Monday, March 18th. JPMorgan Chase & Co. increased their price objective on shares of Steel Dynamics from $100.00 to $118.00 and gave the company an “underweight” rating in a research report on Tuesday, April 16th. Finally, UBS Group dropped their price objective on shares of Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $121.17.

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.