Daiwa Securities Group Inc. Purchases 2,244 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Daiwa Securities Group Inc. boosted its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 6.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,146 shares of the basic materials company’s stock after acquiring an additional 2,244 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Steel Dynamics were worth $4,505,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of STLD. Ameriprise Financial Inc. raised its stake in Steel Dynamics by 165.4% during the third quarter. Ameriprise Financial Inc. now owns 2,014,956 shares of the basic materials company’s stock worth $212,447,000 after acquiring an additional 1,255,751 shares in the last quarter. Norges Bank acquired a new position in Steel Dynamics during the fourth quarter worth $90,665,000. First Trust Advisors LP raised its stake in Steel Dynamics by 183.6% during the first quarter. First Trust Advisors LP now owns 1,380,388 shares of the basic materials company’s stock worth $115,166,000 after acquiring an additional 893,705 shares in the last quarter. State Street Corp raised its stake in Steel Dynamics by 9.5% during the first quarter. State Street Corp now owns 9,207,455 shares of the basic materials company’s stock worth $771,198,000 after acquiring an additional 800,656 shares in the last quarter. Finally, Morgan Stanley raised its stake in Steel Dynamics by 29.2% during the fourth quarter. Morgan Stanley now owns 3,034,652 shares of the basic materials company’s stock worth $296,486,000 after acquiring an additional 684,975 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. UBS Group dropped their price objective on Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating for the company in a research note on Wednesday, January 24th. Citigroup raised their target price on Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, March 13th. JPMorgan Chase & Co. raised their target price on Steel Dynamics from $100.00 to $118.00 and gave the company an “underweight” rating in a research note on Tuesday. Finally, BMO Capital Markets raised their target price on Steel Dynamics from $110.00 to $120.00 and gave the company a “market perform” rating in a research note on Monday, March 18th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $120.29.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $136.90 on Friday. The company has a quick ratio of 1.67, a current ratio of 2.91 and a debt-to-equity ratio of 0.30. Steel Dynamics, Inc. has a 12-month low of $90.55 and a 12-month high of $151.34. The stock has a market cap of $21.62 billion, a price-to-earnings ratio of 9.38 and a beta of 1.42. The business’s 50-day simple moving average is $136.21 and its 200 day simple moving average is $121.37.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Tuesday, January 23rd. The basic materials company reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.02). Steel Dynamics had a return on equity of 29.49% and a net margin of 13.04%. The company had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the business posted $4.37 EPS. Steel Dynamics’s quarterly revenue was down 12.3% on a year-over-year basis. As a group, research analysts anticipate that Steel Dynamics, Inc. will post 11.79 earnings per share for the current year.

Steel Dynamics Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, April 14th. Shareholders of record on Sunday, March 31st were given a dividend of $0.46 per share. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.84 annualized dividend and a dividend yield of 1.34%. Steel Dynamics’s payout ratio is 12.61%.

Steel Dynamics Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.