Steel Dynamics (NASDAQ:STLD) Reaches New 1-Year High – Here’s What Happened

Steel Dynamics, Inc. (NASDAQ:STLD)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $185.79 and last traded at $186.0450, with a volume of 616523 shares traded. The stock had previously closed at $179.57.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on STLD shares. UBS Group set a $165.00 target price on Steel Dynamics in a research note on Tuesday, November 4th. BMO Capital Markets increased their price objective on Steel Dynamics from $155.00 to $167.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Citigroup raised their price objective on shares of Steel Dynamics from $150.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Wall Street Zen raised shares of Steel Dynamics from a “hold” rating to a “strong-buy” rating in a research report on Saturday. Finally, Wells Fargo & Company increased their price target on shares of Steel Dynamics from $172.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, December 15th. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $182.00.

Steel Dynamics Stock Up 3.1%

The company has a debt-to-equity ratio of 0.48, a current ratio of 3.06 and a quick ratio of 1.29. The firm has a market capitalization of $29.04 billion, a P/E ratio of 24.83, a price-to-earnings-growth ratio of 0.52 and a beta of 1.46. The business has a 50 day moving average price of $173.61 and a 200 day moving average price of $151.85.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Monday, January 26th. The basic materials company reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.10. The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.62 billion. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The firm’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.36 EPS. On average, analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 9th. Investors of record on Wednesday, December 31st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $2.00 dividend on an annualized basis and a yield of 1.0%. Steel Dynamics’s payout ratio is 24.97%.

Institutional Trading of Steel Dynamics

Several hedge funds and other institutional investors have recently bought and sold shares of STLD. Optas LLC raised its stake in shares of Steel Dynamics by 3.0% during the 4th quarter. Optas LLC now owns 1,979 shares of the basic materials company’s stock valued at $335,000 after purchasing an additional 58 shares during the period. Versant Capital Management Inc grew its holdings in Steel Dynamics by 13.2% during the 3rd quarter. Versant Capital Management Inc now owns 548 shares of the basic materials company’s stock valued at $76,000 after buying an additional 64 shares in the last quarter. Wright Investors Service Inc. grew its holdings in Steel Dynamics by 1.2% during the 4th quarter. Wright Investors Service Inc. now owns 5,555 shares of the basic materials company’s stock valued at $941,000 after buying an additional 64 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Steel Dynamics by 4.1% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 1,764 shares of the basic materials company’s stock valued at $246,000 after buying an additional 70 shares during the period. Finally, Bartlett & CO. Wealth Management LLC lifted its holdings in shares of Steel Dynamics by 24.8% in the third quarter. Bartlett & CO. Wealth Management LLC now owns 377 shares of the basic materials company’s stock worth $53,000 after buying an additional 75 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.