Truist Financial Corp Raises Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Truist Financial Corp grew its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 3.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 72,834 shares of the basic materials company’s stock after purchasing an additional 2,190 shares during the quarter. Truist Financial Corp’s holdings in Steel Dynamics were worth $9,432,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Larson Financial Group LLC purchased a new stake in Steel Dynamics during the 1st quarter worth about $25,000. LifeSteps Financial Inc. acquired a new position in shares of Steel Dynamics during the first quarter worth about $26,000. Security National Bank purchased a new stake in shares of Steel Dynamics during the fourth quarter worth approximately $30,000. Innealta Capital LLC acquired a new stake in Steel Dynamics in the second quarter valued at approximately $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in Steel Dynamics in the second quarter worth approximately $41,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on STLD. JPMorgan Chase & Co. raised shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $120.00 to $131.00 in a research report on Monday, September 9th. Morgan Stanley dropped their target price on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $140.00 to $155.00 in a report on Tuesday, October 1st. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. Finally, BMO Capital Markets cut their target price on Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating on the stock in a research report on Tuesday, September 17th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Steel Dynamics has an average rating of “Hold” and a consensus target price of $142.71.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $128.22 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19. The firm has a market cap of $19.78 billion, a price-to-earnings ratio of 8.81 and a beta of 1.31. The firm’s fifty day moving average price is $119.53 and its 200 day moving average price is $128.53. Steel Dynamics, Inc. has a 1-year low of $98.25 and a 1-year high of $151.34.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.05. The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The business’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.81 earnings per share. On average, sell-side analysts expect that Steel Dynamics, Inc. will post 10.36 EPS for the current year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $0.46 per share. The ex-dividend date is Monday, September 30th. This represents a $1.84 annualized dividend and a yield of 1.44%. Steel Dynamics’s dividend payout ratio is presently 12.64%.

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.