Renaissance Technologies LLC Invests $24.67 Million in Steel Dynamics, Inc. (NASDAQ:STLD)

Renaissance Technologies LLC acquired a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 190,500 shares of the basic materials company’s stock, valued at approximately $24,670,000. Renaissance Technologies LLC owned approximately 0.12% of Steel Dynamics as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Larson Financial Group LLC purchased a new stake in shares of Steel Dynamics in the 1st quarter valued at $25,000. LifeSteps Financial Inc. purchased a new stake in shares of Steel Dynamics in the 1st quarter valued at $26,000. Security National Bank purchased a new stake in shares of Steel Dynamics in the 4th quarter valued at $30,000. Innealta Capital LLC purchased a new stake in shares of Steel Dynamics in the 2nd quarter valued at $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Steel Dynamics in the 2nd quarter valued at $41,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Up 4.3 %

Shares of NASDAQ STLD opened at $120.09 on Friday. 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, Inc. has a 12 month low of $98.25 and a 12 month high of $151.34. The firm has a market capitalization of $18.53 billion, a PE ratio of 8.25 and a beta of 1.32. The firm has a fifty day simple moving average of $120.49 and a two-hundred day simple moving average of $129.15.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.43 billion. During the same period in the prior year, the business earned $4.81 EPS. The company’s revenue for the quarter was down 8.8% on a year-over-year basis. Equities analysts expect that Steel Dynamics, Inc. will post 10.57 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a $0.46 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.84 annualized dividend and a dividend yield of 1.53%. Steel Dynamics’s payout ratio is 12.64%.

Wall Street Analyst Weigh In

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

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.