OneAscent Financial Services LLC Invests $570,000 in Steel Dynamics, Inc. (NASDAQ:STLD)

OneAscent Financial Services LLC purchased a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,504 shares of the basic materials company's stock, valued at approximately $570,000.

Several other large investors have also recently made changes to their positions in STLD. Price T Rowe Associates Inc. MD increased its stake in shares of Steel Dynamics by 4.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,604,492 shares of the basic materials company's stock worth $534,295,000 after buying an additional 152,254 shares during the period. Pacer Advisors Inc. increased its position in Steel Dynamics by 7.0% during the 2nd quarter. Pacer Advisors Inc. now owns 2,138,157 shares of the basic materials company's stock valued at $276,891,000 after purchasing an additional 140,042 shares during the period. Thrivent Financial for Lutherans increased its position in Steel Dynamics by 1.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,768,333 shares of the basic materials company's stock valued at $228,999,000 after purchasing an additional 22,390 shares during the period. LSV Asset Management increased its position in Steel Dynamics by 3.9% during the 2nd quarter. LSV Asset Management now owns 1,410,070 shares of the basic materials company's stock valued at $182,604,000 after purchasing an additional 53,532 shares during the period. Finally, AustralianSuper Pty Ltd increased its position in Steel Dynamics by 1.8% during the 2nd quarter. AustralianSuper Pty Ltd now owns 592,255 shares of the basic materials company's stock valued at $76,697,000 after purchasing an additional 10,701 shares during the period. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Stock Performance

Steel Dynamics stock traded down $0.45 during mid-day trading on Tuesday, reaching $140.24. 1,574,202 shares of the stock traded hands, compared to its average volume of 1,269,869. The stock has a market capitalization of $21.35 billion, a PE ratio of 12.69 and a beta of 1.31. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.39 and a quick ratio of 1.26. Steel Dynamics, Inc. has a 12-month low of $104.60 and a 12-month high of $155.56. The business's 50-day moving average is $130.21 and its 200-day moving average is $127.18.

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

Steel Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date is Tuesday, December 31st. Steel Dynamics's payout ratio is presently 16.65%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on STLD shares. BMO Capital Markets boosted their price objective on shares of Steel Dynamics from $130.00 to $135.00 and gave the stock a "market perform" rating in a research note on Friday, October 18th. Morgan Stanley dropped their price target on 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. UBS Group raised Steel Dynamics from a "neutral" rating to a "buy" rating and raised their price objective for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. lifted their price objective on Steel Dynamics from $129.00 to $134.00 and gave the company a "neutral" rating in a research note on Friday, October 18th. Finally, Bank of America upgraded Steel Dynamics from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $140.00 to $155.00 in a research note on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $144.29.

Insider Activity at Steel Dynamics

In other news, SVP Miguel Alvarez sold 6,650 shares of the stock in a transaction that occurred 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 directly owns 116,949 shares in the company, valued at approximately $16,723,707. This represents a 5.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Glenn Pushis sold 17,941 shares of the stock in a transaction that occurred 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 directly owns 146,693 shares in the company, valued at approximately $19,523,371.37. This trade represents a 10.90 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,591 shares of company stock valued at $3,885,938. Insiders own 6.10% of the company's stock.

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.