Steward Partners Investment Advisory LLC purchased a new position in Steel Dynamics, Inc. (NASDAQ:STLD) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,256 shares of the basic materials company’s stock, valued at approximately $112,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Toronto Dominion Bank acquired a new stake in Steel Dynamics in the second quarter worth about $107,000. Hefty Wealth Partners lifted its holdings in shares of Steel Dynamics by 76.1% during the third quarter. Hefty Wealth Partners now owns 3,417 shares of the basic materials company’s stock worth $118,000 after purchasing an additional 1,477 shares during the period. Cubist Systematic Strategies LLC lifted its holdings in shares of Steel Dynamics by 80.8% during the third quarter. Cubist Systematic Strategies LLC now owns 3,555 shares of the basic materials company’s stock worth $123,000 after purchasing an additional 1,589 shares during the period. Advisory Services Network LLC lifted its holdings in shares of Steel Dynamics by 2.3% during the second quarter. Advisory Services Network LLC now owns 4,414 shares of the basic materials company’s stock worth $158,000 after purchasing an additional 101 shares during the period. Finally, IHT Wealth Management LLC lifted its holdings in shares of Steel Dynamics by 0.7% during the second quarter. IHT Wealth Management LLC now owns 407 shares of the basic materials company’s stock worth $198,000 after purchasing an additional 3 shares during the period. 83.38% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently commented on STLD. Longbow Research raised Steel Dynamics from a “neutral” rating to a “buy” rating in a report on Wednesday. BidaskClub raised Steel Dynamics from a “hold” rating to a “buy” rating in a report on Tuesday, December 12th. Cowen set a $43.00 target price on Steel Dynamics and gave the stock a “buy” rating in a report on Monday. Morgan Stanley set a $36.00 target price on Steel Dynamics and gave the stock a “hold” rating in a report on Tuesday, October 24th. Finally, Bank of America lifted their target price on Steel Dynamics from $44.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, October 20th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Steel Dynamics currently has a consensus rating of “Buy” and an average price target of $41.70.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, October 18th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.66. Steel Dynamics had a return on equity of 21.45% and a net margin of 5.79%. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same period in the previous year, the company posted $0.64 earnings per share. Steel Dynamics’s revenue for the quarter was up 16.3% on a year-over-year basis. equities research analysts predict that Steel Dynamics, Inc. will post 2.65 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Sunday, December 31st will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date is Thursday, December 28th. Steel Dynamics’s payout ratio is presently 28.57%.
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About Steel Dynamics
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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