Swiss National Bank Cuts Position in Steel Dynamics, Inc. $STLD

Swiss National Bank reduced its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 5.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 406,600 shares of the basic materials company’s stock after selling 24,500 shares during the quarter. Swiss National Bank’s holdings in Steel Dynamics were worth $56,692,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cornerstone Planning Group LLC lifted its position in Steel Dynamics by 1,636.4% during the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock valued at $27,000 after buying an additional 180 shares in the last quarter. Toth Financial Advisory Corp raised its stake in shares of Steel Dynamics by 50.0% in the 3rd quarter. Toth Financial Advisory Corp now owns 300 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 100 shares during the period. Covestor Ltd lifted its holdings in shares of Steel Dynamics by 44.3% during the 3rd quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 93 shares in the last quarter. CNB Bank purchased a new stake in Steel Dynamics during the 3rd quarter worth $43,000. Finally, Root Financial Partners LLC acquired a new stake in Steel Dynamics in the 3rd quarter valued at $48,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on STLD shares. Weiss Ratings restated a “hold (c+)” rating on shares of Steel Dynamics in a research note on Monday, December 29th. Morgan Stanley reiterated an “equal weight” rating and issued a $194.00 target price (up from $173.00) on shares of Steel Dynamics in a research note on Friday, January 9th. Jefferies Financial Group boosted their price target on Steel Dynamics from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 10th. Wells Fargo & Company upped their price target on Steel Dynamics from $190.00 to $210.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Finally, Wall Street Zen downgraded shares of Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 7th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $184.22.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $184.26 on Thursday. 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 company’s fifty day moving average price is $184.81 and its two-hundred day moving average price is $163.48. The firm has a market capitalization of $26.70 billion, a P/E ratio of 23.00, a P/E/G ratio of 0.49 and a beta of 1.43. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $208.47.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.10. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.62 billion. During the same period last year, the firm earned $1.36 earnings per share. The company’s revenue was up 14.0% on a year-over-year basis. On average, research analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.53 per share. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.50. The ex-dividend date is Tuesday, March 31st. This represents a $2.12 dividend on an annualized basis and a yield of 1.2%. Steel Dynamics’s payout ratio is 24.97%.

Steel Dynamics 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.