NEOS Investment Management LLC Raises Holdings in Steel Dynamics, Inc. $STLD

NEOS Investment Management LLC lifted its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 15.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,641 shares of the basic materials company’s stock after purchasing an additional 3,068 shares during the quarter. NEOS Investment Management LLC’s holdings in Steel Dynamics were worth $5,195,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. iSAM Funds UK Ltd purchased a new stake in shares of Steel Dynamics during the 2nd quarter worth approximately $321,000. Nykredit A S bought a new position in shares of Steel Dynamics during the 2nd quarter valued at approximately $9,901,000. Thrive Wealth Management LLC purchased a new position in shares of Steel Dynamics in the second quarter valued at $241,000. Sunburst Financial Group LLC grew its holdings in shares of Steel Dynamics by 19.7% in the second quarter. Sunburst Financial Group LLC now owns 1,520 shares of the basic materials company’s stock valued at $349,000 after purchasing an additional 250 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in Steel Dynamics in the second quarter worth $213,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Stock Performance

Shares of STLD opened at $242.06 on Monday. Steel Dynamics, Inc. has a twelve month low of $129.41 and a twelve month high of $288.74. The company has a market cap of $34.69 billion, a P/E ratio of 21.95, a P/E/G ratio of 0.46 and a beta of 1.50. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. The company’s fifty day simple moving average is $241.46 and its 200-day simple moving average is $225.27.

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

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.53 per share. The ex-dividend date is Wednesday, September 30th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is presently 19.22%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on STLD shares. Barclays upped their price target 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. Wells Fargo & Company dropped their price objective on shares of Steel Dynamics from $275.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, August 24th. UBS Group boosted their target price on shares of Steel Dynamics from $165.00 to $276.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. Bank of America decreased their target price 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, JPMorgan Chase & Co. increased their price target on shares of Steel Dynamics from $256.00 to $260.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Steel Dynamics presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.27.

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.