Fifth Third Wealth Advisors LLC acquired a new stake in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 2,266 shares of the basic materials company’s stock, valued at approximately $293,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its stake in shares of Steel Dynamics by 4.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,604,492 shares of the basic materials company’s stock valued at $534,295,000 after purchasing an additional 152,254 shares during the period. Norges Bank acquired a new stake in shares of Steel Dynamics in the fourth quarter valued at about $221,817,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Steel Dynamics by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,354,525 shares of the basic materials company’s stock valued at $159,969,000 after purchasing an additional 21,143 shares during the period. Acadian Asset Management LLC lifted its stake in shares of Steel Dynamics by 21.6% in the first quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock valued at $168,550,000 after purchasing an additional 202,312 shares during the period. Finally, Nordea Investment Management AB lifted its stake in shares of Steel Dynamics by 2.5% in the first quarter. Nordea Investment Management AB now owns 1,034,133 shares of the basic materials company’s stock valued at $153,290,000 after purchasing an additional 25,280 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.
Steel Dynamics Trading Up 2.7 %
Shares of NASDAQ STLD traded up $3.10 during midday trading on Wednesday, reaching $119.05. 1,183,201 shares of the stock were exchanged, compared to its average volume of 1,234,187. The company has a market capitalization of $18.37 billion, a P/E ratio of 8.18 and a beta of 1.35. Steel Dynamics, Inc. has a 52-week low of $95.53 and a 52-week high of $151.34. The company has a current ratio of 2.35, a quick ratio of 1.19 and a debt-to-equity ratio of 0.25. The stock has a 50 day moving average price of $124.79 and a 200-day moving average price of $130.69.
Steel Dynamics Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.55%. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.64%.
Wall Street Analyst Weigh In
STLD has been the subject of several recent research reports. Bank of America dropped their target price on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Tuesday, July 16th. Jefferies Financial Group initiated coverage on shares of Steel Dynamics in a report on Monday, May 20th. They set a “hold” rating and a $150.00 target price for the company. BMO Capital Markets dropped their target price on shares of Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating for the company in a report on Tuesday, June 18th. Finally, Morgan Stanley raised their target price on shares of Steel Dynamics from $134.00 to $138.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $138.14.
View Our Latest Research Report on STLD
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.
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