Seven Eight Capital LP Invests $2.10 Million in Steel Dynamics, Inc. (NASDAQ:STLD)

Seven Eight Capital LP bought a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 16,210 shares of the basic materials company’s stock, valued at approximately $2,099,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Atomi Financial Group Inc. raised its holdings in Steel Dynamics by 3.1% in the 1st quarter. Atomi Financial Group Inc. now owns 2,667 shares of the basic materials company’s stock valued at $395,000 after acquiring an additional 79 shares in the last quarter. Csenge Advisory Group raised its holdings in shares of Steel Dynamics by 2.8% during the 2nd quarter. Csenge Advisory Group now owns 2,939 shares of the basic materials company’s stock worth $381,000 after buying an additional 81 shares in the last quarter. Greenfield Savings Bank raised its holdings in shares of Steel Dynamics by 0.7% during the 1st quarter. Greenfield Savings Bank now owns 11,676 shares of the basic materials company’s stock worth $1,731,000 after buying an additional 85 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Steel Dynamics by 9.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,068 shares of the basic materials company’s stock worth $126,000 after buying an additional 88 shares in the last quarter. Finally, Stiles Financial Services Inc raised its holdings in shares of Steel Dynamics by 0.5% during the 2nd quarter. Stiles Financial Services Inc now owns 18,753 shares of the basic materials company’s stock worth $2,429,000 after buying an additional 99 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Morgan Stanley lowered their price target on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday. JPMorgan Chase & Co. raised Steel Dynamics from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $120.00 to $131.00 in a report on Monday, September 9th. Bank of America lowered their price target on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. BMO Capital Markets lowered their price target on Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a report on Tuesday. Finally, UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $141.29.

Steel Dynamics Trading Up 0.6 %

NASDAQ STLD opened at $115.12 on Thursday. The business’s 50-day moving average price is $120.74 and its two-hundred day moving average price is $129.24. Steel Dynamics, Inc. has a 12 month low of $98.03 and a 12 month high of $151.34. The firm has a market capitalization of $18.09 billion, a PE ratio of 7.91 and a beta of 1.32. The company has a current ratio of 2.35, a quick ratio of 1.19 and a debt-to-equity ratio of 0.25.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.67 by $0.05. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The firm had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.43 billion. During the same quarter in the previous year, the company posted $4.81 EPS. The business’s revenue was down 8.8% on a year-over-year basis. On average, analysts expect that Steel Dynamics, Inc. will post 10.81 EPS for the current year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a $0.46 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.60%. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.64%.

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.