Raiffeisen Bank International AG Raises Stock Position in Steel Dynamics, Inc. $STLD

Raiffeisen Bank International AG increased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 4.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 62,162 shares of the basic materials company’s stock after acquiring an additional 2,771 shares during the period. Raiffeisen Bank International AG’s holdings in Steel Dynamics were worth $14,278,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of STLD. Meeder Asset Management Inc. purchased a new position in shares of Steel Dynamics during the 2nd quarter valued at $26,000. Prosperity Bancshares Inc bought a new position in shares of Steel Dynamics in the fourth quarter worth $25,000. Caitlin John LLC purchased a new stake in shares of Steel Dynamics in the second quarter worth $35,000. MV Capital Management Inc. purchased a new stake in shares of Steel Dynamics in the fourth quarter worth $27,000. Finally, Cedar Mountain Advisors LLC bought a new stake in Steel Dynamics during the first quarter valued at $31,000. 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 several recent analyst reports. Morgan Stanley reduced their target price on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 22nd. Wells Fargo & Company lowered their price target on Steel Dynamics from $275.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday, August 24th. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. Bank of America decreased their price objective on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Finally, Barclays raised their target price on shares of Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research note on Wednesday, July 22nd. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Steel Dynamics presently has an average rating of “Moderate Buy” and an average price target of $257.27.

Steel Dynamics Stock Down 0.7%

STLD opened at $246.03 on Friday. The business’s fifty day simple moving average is $241.53 and its 200 day simple moving average is $224.91. Steel Dynamics, Inc. has a 52 week low of $127.44 and a 52 week high of $288.74. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. The stock has a market cap of $35.26 billion, a PE ratio of 22.31, a P/E/G ratio of 0.47 and a beta of 1.50.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.63 by $0.06. The firm had revenue of $6.09 billion during the quarter, compared to analyst estimates of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company’s revenue was up 33.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.01 earnings per share. As a group, research analysts expect that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.12 annualized dividend and a yield of 0.9%. Steel Dynamics’s dividend payout ratio is currently 19.22%.

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.