Sanctuary Advisors LLC Acquires New Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Sanctuary Advisors LLC bought a new position in Steel Dynamics, Inc. (NASDAQ:STLD) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 15,285 shares of the basic materials company’s stock, valued at approximately $2,049,000.

Several other institutional investors and hedge funds have also made changes to their positions in STLD. National Bank of Canada FI lifted its holdings in Steel Dynamics by 481.2% during the 2nd quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock valued at $42,461,000 after buying an additional 272,226 shares in the last quarter. Skandinaviska Enskilda Banken AB publ raised its stake in shares of Steel Dynamics by 65.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 571,787 shares of the basic materials company’s stock valued at $74,064,000 after acquiring an additional 225,832 shares in the last quarter. Swedbank AB purchased a new stake in shares of Steel Dynamics in the first quarter valued at approximately $32,178,000. Acadian Asset Management LLC grew its stake in Steel Dynamics by 21.6% in the first quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock worth $168,550,000 after purchasing an additional 202,312 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Steel Dynamics during the 2nd quarter worth $24,670,000. 82.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Steel Dynamics Stock Down 2.3 %

Shares of Steel Dynamics stock opened at $127.03 on Wednesday. Steel Dynamics, Inc. has a 52-week low of $98.25 and a 52-week high of $151.34. The firm’s 50 day moving average price is $119.48 and its 200-day moving average price is $128.13. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. The company has a market cap of $19.96 billion, a P/E ratio of 8.72 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 22.89% and a net margin of 11.10%. The business’s quarterly revenue was down 8.8% on a year-over-year basis. During the same period in the prior year, the firm posted $4.81 earnings per share. On average, sell-side analysts predict that Steel Dynamics, Inc. will post 10.36 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 1.45%. The ex-dividend date is Monday, September 30th. Steel Dynamics’s dividend payout ratio 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.