Skandinaviska Enskilda Banken AB publ Raises Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Skandinaviska Enskilda Banken AB publ increased its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 65.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 571,787 shares of the basic materials company’s stock after acquiring an additional 225,832 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned about 0.37% of Steel Dynamics worth $74,064,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Jump Financial LLC bought a new stake in Steel Dynamics during the 4th quarter valued at $271,000. Avantax Advisory Services Inc. raised its stake in shares of Steel Dynamics by 9.6% during the 4th quarter. Avantax Advisory Services Inc. now owns 3,101 shares of the basic materials company’s stock valued at $366,000 after purchasing an additional 272 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Steel Dynamics by 9.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 18,934 shares of the basic materials company’s stock valued at $2,236,000 after purchasing an additional 1,573 shares during the period. Brown Advisory Inc. lifted its holdings in Steel Dynamics by 11.0% during the 4th quarter. Brown Advisory Inc. now owns 5,112 shares of the basic materials company’s stock worth $604,000 after purchasing an additional 507 shares in the last quarter. Finally, Norges Bank bought a new position in Steel Dynamics in the 4th quarter worth about $221,817,000. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Stock Performance

Steel Dynamics stock opened at $120.09 on Friday. Steel Dynamics, Inc. has a fifty-two week low of $98.25 and a fifty-two week high of $151.34. 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 stock has a market cap of $18.53 billion, a P/E ratio of 8.25 and a beta of 1.32. The firm’s fifty day moving average price is $120.49 and its 200-day moving average price is $129.15.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share 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 business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same quarter last year, the business posted $4.81 earnings per share. The company’s revenue for the quarter was down 8.8% on a year-over-year basis. On average, equities research analysts expect that Steel Dynamics, Inc. will post 10.57 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

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

Analyst Ratings Changes

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

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.