Raymond James Financial Services Advisors Inc. raised its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 15.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 58,046 shares of the basic materials company’s stock after acquiring an additional 7,559 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Steel Dynamics were worth $5,671,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also bought and sold shares of the company. KMG Fiduciary Partners LLC bought a new stake in Steel Dynamics during the 4th quarter valued at $205,000. Signaturefd LLC raised its holdings in Steel Dynamics by 5.0% during the 4th quarter. Signaturefd LLC now owns 2,552 shares of the basic materials company’s stock valued at $249,000 after acquiring an additional 122 shares during the period. Keebeck Alpha LP increased its holdings in shares of Steel Dynamics by 10.0% in the third quarter. Keebeck Alpha LP now owns 4,729 shares of the basic materials company’s stock worth $336,000 after purchasing an additional 430 shares during the period. Gladstone Institutional Advisory LLC bought a new position in shares of Steel Dynamics in the fourth quarter worth $4,137,000. Finally, Busey Wealth Management bought a new position in shares of Steel Dynamics in the fourth quarter worth $247,000. Institutional investors own 79.54% of the company’s stock.
Steel Dynamics Stock Performance
Steel Dynamics stock opened at $97.81 on Friday. The company has a current ratio of 4.15, a quick ratio of 2.51 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average of $105.25 and a 200-day moving average of $108.52. The firm has a market cap of $16.53 billion, a P/E ratio of 5.21 and a beta of 1.48. Steel Dynamics, Inc. has a 1-year low of $62.44 and a 1-year high of $136.46.
Steel Dynamics (NASDAQ:STLD – Get Rating) last posted its earnings results on Wednesday, April 19th. The basic materials company reported $4.01 earnings per share for the quarter, topping analysts’ consensus estimates of $3.81 by $0.20. The company had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.95 billion. Steel Dynamics had a net margin of 15.73% and a return on equity of 47.68%. Steel Dynamics’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same period in the prior year, the business posted $6.02 earnings per share. Sell-side analysts expect that Steel Dynamics, Inc. will post 16.47 EPS for the current year.
Steel Dynamics Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be issued a dividend of $0.425 per share. The ex-dividend date of this dividend is Thursday, June 29th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 1.74%. Steel Dynamics’s dividend payout ratio is currently 9.05%.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on the stock. Credit Suisse Group upped their price target on shares of Steel Dynamics from $106.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, April 21st. BMO Capital Markets upped their price target on shares of Steel Dynamics from $109.00 to $120.00 and gave the stock a “market perform” rating in a report on Friday, January 27th. UBS Group reduced their target price on Steel Dynamics from $110.00 to $100.00 in a research note on Friday, May 5th. Bank of America cut Steel Dynamics from a “buy” rating to a “neutral” rating and reduced their target price for the company from $140.00 to $123.00 in a research note on Wednesday, April 5th. Finally, Morgan Stanley increased their target price on Steel Dynamics from $85.00 to $93.00 and gave the company an “equal weight” rating in a research note on Monday, January 30th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Steel Dynamics has a consensus rating of “Hold” and a consensus price target of $111.13.
Steel Dynamics Profile
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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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