Steel Dynamics (NASDAQ:STLD) Trading Up 3.5%


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Steel Dynamics, Inc. (NASDAQ:STLD) traded up 3.5% during mid-day trading on Tuesday . The stock traded as high as $58.87 and last traded at $58.66. 42,028 shares were traded during trading, a decline of 98% from the average session volume of 2,257,941 shares. The stock had previously closed at $56.70.

A number of equities research analysts have recently weighed in on STLD shares. Zacks Investment Research upgraded Steel Dynamics from a “hold” rating to a “strong-buy” rating and set a $56.00 price target for the company in a report on Tuesday, March 16th. The Goldman Sachs Group began coverage on shares of Steel Dynamics in a report on Thursday, April 15th. They set a “buy” rating and a $57.00 target price on the stock. Bank of America raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $49.00 to $61.00 in a research report on Monday, April 26th. Morgan Stanley raised their target price on shares of Steel Dynamics from $44.00 to $53.00 and gave the stock an “overweight” rating in a report on Thursday, March 18th. Finally, Citigroup upped their target price on Steel Dynamics from $56.00 to $60.00 in a report on Wednesday, April 21st. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $51.70.

The company has a current ratio of 3.28, a quick ratio of 1.91 and a debt-to-equity ratio of 0.65. The firm has a 50-day moving average price of $50.64 and a 200-day moving average price of $40.96. The company has a market capitalization of $12.47 billion, a price-to-earnings ratio of 24.98, a PEG ratio of 1.06 and a beta of 1.40.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Sunday, April 18th. The basic materials company reported $2.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.98 by $0.12. Steel Dynamics had a return on equity of 13.33% and a net margin of 5.17%. The business had revenue of $3.54 billion during the quarter, compared to analysts’ expectations of $3.41 billion. During the same quarter last year, the business posted $0.88 earnings per share. The company’s quarterly revenue was up 37.6% on a year-over-year basis. Equities research analysts predict that Steel Dynamics, Inc. will post 2.63 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, April 16th. Investors of record on Wednesday, March 31st were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, March 30th. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 1.76%. Steel Dynamics’s dividend payout ratio is currently 33.55%.

In related news, SVP Glenn Pushis sold 24,340 shares of the stock in a transaction on Tuesday, April 27th. The stock was sold at an average price of $54.81, for a total value of $1,334,075.40. Following the completion of the transaction, the senior vice president now owns 137,536 shares in the company, valued at approximately $7,538,348.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Keith E. Busse sold 8,035 shares of the company’s stock in a transaction dated Wednesday, March 10th. The shares were sold at an average price of $49.06, for a total transaction of $394,197.10. Insiders own 5.00% of the company’s stock.

Large investors have recently made changes to their positions in the business. Boston Partners lifted its holdings in shares of Steel Dynamics by 143.0% in the fourth quarter. Boston Partners now owns 9,560,516 shares of the basic materials company’s stock valued at $352,496,000 after purchasing an additional 5,625,748 shares in the last quarter. Norges Bank purchased a new stake in Steel Dynamics in the 4th quarter worth about $138,378,000. Principal Financial Group Inc. boosted its position in Steel Dynamics by 366.0% during the 4th quarter. Principal Financial Group Inc. now owns 3,228,871 shares of the basic materials company’s stock worth $119,049,000 after acquiring an additional 2,536,010 shares during the period. KAMES CAPITAL plc purchased a new position in Steel Dynamics during the 4th quarter valued at about $30,049,000. Finally, KBC Group NV increased its holdings in shares of Steel Dynamics by 593.0% in the 4th quarter. KBC Group NV now owns 920,118 shares of the basic materials company’s stock valued at $33,925,000 after purchasing an additional 787,344 shares during the period. 79.95% of the stock is currently owned by institutional investors.

About Steel Dynamics (NASDAQ:STLD)

Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel; long products including structural steel beams, pilings, and standard and premium grade rail; and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.

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