Axxcess Wealth Management LLC Sells 85 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Axxcess Wealth Management LLC reduced its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 4.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,839 shares of the basic materials company’s stock after selling 85 shares during the period. Axxcess Wealth Management LLC’s holdings in Steel Dynamics were worth $232,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Covestor Ltd grew its holdings in shares of Steel Dynamics by 10.8% during the third quarter. Covestor Ltd now owns 951 shares of the basic materials company’s stock worth $120,000 after purchasing an additional 93 shares during the last quarter. Atria Investments Inc grew its holdings in shares of Steel Dynamics by 30.8% during the third quarter. Atria Investments Inc now owns 18,335 shares of the basic materials company’s stock worth $2,312,000 after purchasing an additional 4,319 shares during the last quarter. Kerusso Capital Management LLC bought a new stake in shares of Steel Dynamics during the third quarter worth about $1,774,000. Klingman & Associates LLC bought a new stake in Steel Dynamics in the third quarter valued at approximately $466,000. Finally, Verdence Capital Advisors LLC boosted its holdings in Steel Dynamics by 0.8% in the third quarter. Verdence Capital Advisors LLC now owns 16,396 shares of the basic materials company’s stock valued at $2,067,000 after acquiring an additional 127 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors.

Insider Transactions at Steel Dynamics

In related news, SVP Glenn Pushis sold 17,941 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the completion of the sale, the senior vice president now owns 146,693 shares in the company, valued at approximately $19,523,371.37. This represents a 10.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Miguel Alvarez sold 6,650 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $143.00, for a total value of $950,950.00. Following the sale, the senior vice president now owns 116,949 shares of the company’s stock, valued at $16,723,707. This trade represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,591 shares of company stock valued at $3,608,438 over the last ninety days. 6.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

STLD has been the topic of several analyst reports. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and upped their target price for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. JPMorgan Chase & Co. upped their target price on Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Morgan Stanley reduced their target price on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and upped their target price for the company from $140.00 to $155.00 in a report on Tuesday, October 1st. Finally, BMO Capital Markets upped their target price on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a report on Friday, October 18th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $144.29.

Steel Dynamics Price Performance

Shares of STLD opened at $137.81 on Friday. Steel Dynamics, Inc. has a 52-week low of $104.60 and a 52-week high of $155.56. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39. The business’s 50 day moving average price is $128.41 and its two-hundred day moving average price is $127.08. The firm has a market cap of $20.98 billion, a PE ratio of 12.47 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.07. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. 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. Steel Dynamics’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, equities analysts anticipate that Steel Dynamics, Inc. will post 10.18 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st 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 1.34%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics’s payout ratio is 16.65%.

Steel Dynamics 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.