Exchange Traded Concepts LLC Invests $339,000 in Steel Dynamics, Inc. (NASDAQ:STLD)

Exchange Traded Concepts LLC acquired a new position in Steel Dynamics, Inc. (NASDAQ:STLD) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,685 shares of the basic materials company’s stock, valued at approximately $339,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. PNC Financial Services Group Inc. grew its position in shares of Steel Dynamics by 12.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 16,872 shares of the basic materials company’s stock worth $1,993,000 after buying an additional 1,917 shares in the last quarter. CWM LLC grew its position in Steel Dynamics by 4.3% during the 1st quarter. CWM LLC now owns 4,456 shares of the basic materials company’s stock worth $661,000 after purchasing an additional 182 shares during the last quarter. Czech National Bank increased its holdings in shares of Steel Dynamics by 0.5% in the first quarter. Czech National Bank now owns 26,763 shares of the basic materials company’s stock valued at $3,967,000 after purchasing an additional 122 shares during the period. Wedmont Private Capital purchased a new position in shares of Steel Dynamics during the first quarter worth $231,000. Finally, Park Avenue Securities LLC lifted its holdings in shares of Steel Dynamics by 11.1% in the 1st quarter. Park Avenue Securities LLC now owns 3,874 shares of the basic materials company’s stock valued at $574,000 after buying an additional 386 shares during the period. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

STLD has been the subject of a number of analyst reports. BMO Capital Markets boosted their price target on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a report on Friday. Morgan Stanley decreased their target price 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. Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price target for the company from $140.00 to $155.00 in a research report on Tuesday, October 1st. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. lifted their price target on Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research note on Friday. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $144.29.

Steel Dynamics Stock Up 1.1 %

Shares of NASDAQ STLD opened at $136.57 on Friday. The firm has a market cap of $21.46 billion, a price-to-earnings ratio of 9.38 and a beta of 1.31. The company’s 50-day simple moving average is $120.79 and its 200-day simple moving average is $127.37. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. Steel Dynamics, Inc. has a 52-week low of $98.25 and a 52-week high of $151.34.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.98 by $0.07. The company had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.18 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. Steel Dynamics’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the business earned $3.47 EPS. Equities analysts predict that Steel Dynamics, Inc. will post 10.12 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a $0.46 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a yield of 1.35%. Steel Dynamics’s payout ratio is currently 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.