Envestnet Asset Management Inc. Buys 19,853 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Envestnet Asset Management Inc. boosted its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 9.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 230,922 shares of the basic materials company’s stock after acquiring an additional 19,853 shares during the period. Envestnet Asset Management Inc. owned 0.15% of Steel Dynamics worth $29,904,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Thoroughbred Financial Services LLC bought a new stake in shares of Steel Dynamics in the second quarter valued at approximately $570,000. Federated Hermes Inc. raised its position in shares of Steel Dynamics by 8.1% in the second quarter. Federated Hermes Inc. now owns 48,498 shares of the basic materials company’s stock valued at $6,280,000 after purchasing an additional 3,631 shares during the period. Meeder Advisory Services Inc. raised its position in shares of Steel Dynamics by 28.0% in the second quarter. Meeder Advisory Services Inc. now owns 2,222 shares of the basic materials company’s stock valued at $288,000 after purchasing an additional 486 shares during the period. DekaBank Deutsche Girozentrale raised its position in shares of Steel Dynamics by 2.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 149,805 shares of the basic materials company’s stock valued at $18,613,000 after purchasing an additional 4,088 shares during the period. Finally, Vest Financial LLC raised its position in shares of Steel Dynamics by 37.2% in the second quarter. Vest Financial LLC now owns 182,827 shares of the basic materials company’s stock valued at $23,676,000 after purchasing an additional 49,612 shares during the period. Institutional investors own 82.41% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on STLD. Morgan Stanley lowered their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Bank of America reduced 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. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. raised shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $120.00 to $131.00 in a research note on Monday, September 9th. Finally, BMO Capital Markets reduced their price objective on shares of Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a research note on Tuesday, September 17th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $141.29.

Steel Dynamics Price Performance

STLD stock opened at $119.83 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. Steel Dynamics, Inc. has a one year low of $98.25 and a one year high of $151.34. The stock has a market cap of $18.83 billion, a PE ratio of 8.23 and a beta of 1.32. The firm has a 50 day simple moving average of $120.11 and a two-hundred day simple moving average of $129.01.

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

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.54%. Steel Dynamics’s dividend payout ratio (DPR) is 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.