Meeder Asset Management Inc. Increases Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Meeder Asset Management Inc. grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 10,197.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,371 shares of the basic materials company's stock after purchasing an additional 9,280 shares during the quarter. Meeder Asset Management Inc.'s holdings in Steel Dynamics were worth $1,181,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. OneAscent Financial Services LLC bought a new position in shares of Steel Dynamics in the third quarter valued at approximately $570,000. Caprock Group LLC grew its stake in Steel Dynamics by 27.2% during the 3rd quarter. Caprock Group LLC now owns 8,499 shares of the basic materials company's stock valued at $1,076,000 after acquiring an additional 1,816 shares in the last quarter. Quest Partners LLC purchased a new position in Steel Dynamics in the third quarter valued at about $62,000. Gladius Capital Management LP bought a new stake in Steel Dynamics in the third quarter worth $95,000. Finally, Empirical Finance LLC boosted its holdings in shares of Steel Dynamics by 2.6% during the 3rd quarter. Empirical Finance LLC now owns 6,707 shares of the basic materials company's stock worth $846,000 after buying an additional 167 shares during the period. Institutional investors own 82.41% of the company's stock.

Steel Dynamics Stock Up 2.7 %

Shares of STLD stock traded up $3.80 during trading hours on Wednesday, hitting $144.04. 2,162,425 shares of the company were exchanged, compared to its average volume of 1,273,954. 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 company has a market capitalization of $21.93 billion, a PE ratio of 13.04 and a beta of 1.31. The business has a 50 day moving average of $130.93 and a two-hundred day moving average of $127.30. Steel Dynamics, Inc. has a 52 week low of $104.60 and a 52 week high of $155.56.

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

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.84 dividend on an annualized basis and a yield of 1.28%. Steel Dynamics's dividend payout ratio (DPR) is presently 16.65%.

Insider Transactions at Steel Dynamics

In other news, SVP Glenn Pushis sold 17,941 shares of the business's stock in a transaction dated 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 transaction, the senior vice president now directly owns 146,693 shares of the company's stock, valued at $19,523,371.37. The trade was a 10.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Richard A. Poinsatte sold 2,000 shares of the company's stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $138.75, for a total transaction of $277,500.00. Following the transaction, the senior vice president now owns 21,101 shares in the company, valued at $2,927,763.75. This represents a 8.66 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,591 shares of company stock valued at $3,885,938. 6.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

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.