Fifth Third Wealth Advisors LLC Acquires New Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Fifth Third Wealth Advisors LLC acquired a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) 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 (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. The business had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The company’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.81 earnings per share. Equities research analysts expect that Steel Dynamics, Inc. will post 10.74 earnings per share for the current fiscal year.

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.

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.