Handelsbanken Fonder AB Buys 3,500 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Handelsbanken Fonder AB raised its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 11.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 33,600 shares of the basic materials company’s stock after acquiring an additional 3,500 shares during the quarter. Handelsbanken Fonder AB’s holdings in Steel Dynamics were worth $4,236,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of STLD. Wright Investors Service Inc. lifted its holdings in Steel Dynamics by 1.5% during the 3rd quarter. Wright Investors Service Inc. now owns 6,990 shares of the basic materials company’s stock worth $881,000 after purchasing an additional 106 shares during the last quarter. SG Americas Securities LLC boosted its stake in Steel Dynamics by 8.9% in the 3rd quarter. SG Americas Securities LLC now owns 20,889 shares of the basic materials company’s stock valued at $2,634,000 after purchasing an additional 1,702 shares during the period. Czech National Bank increased its position in Steel Dynamics by 3.9% during the 3rd quarter. Czech National Bank now owns 29,232 shares of the basic materials company’s stock worth $3,686,000 after buying an additional 1,085 shares during the period. Sanctuary Advisors LLC bought a new position in Steel Dynamics during the 2nd quarter worth $2,049,000. Finally, New Century Financial Group LLC acquired a new stake in shares of Steel Dynamics during the second quarter worth $246,000. 82.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

STLD has been the subject of several analyst reports. Morgan Stanley dropped their price objective on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. 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, September 17th. JPMorgan Chase & Co. upgraded Steel Dynamics from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $120.00 to $131.00 in a research note on Monday, September 9th. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. Finally, Bank of America raised 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 report on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $142.71.

Steel Dynamics Trading Down 2.3 %

Shares of STLD stock opened at $127.03 on Wednesday. Steel Dynamics, Inc. has a fifty-two week low of $98.25 and a fifty-two week high of $151.34. The stock’s fifty day moving average price is $119.48 and its two-hundred day moving average price is $128.13. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35. The company has a market cap of $19.96 billion, a PE ratio of 8.72 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. The firm had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The business’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.81 earnings per share. Equities analysts predict that Steel Dynamics, Inc. will post 10.36 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 annualized dividend and a dividend yield of 1.45%. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.64%.

Steel Dynamics 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.