Baird Financial Group Inc. Buys 16,930 Shares of Steel Dynamics, Inc. $STLD

Key Points

• Baird Financial Group increased its Steel Dynamics stake by 9.9% in the second quarter, adding 16,930 shares to own 187,906 shares valued at approximately $43.1 million. Institutional investors and hedge funds collectively own 82.41% of the company.
• Steel Dynamics reported quarterly EPS of $3.69, beating estimates of $3.63, while revenue rose 33.4% year over year to $6.09 billion. Analysts expect full-year EPS of $17.16.
• The company declared a quarterly dividend of $0.53 per share, equivalent to an annualized $2.12 payout and a 0.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $258.45.

Baird Financial Group Inc. grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 9.9% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 187,906 shares of the basic materials company's stock after acquiring an additional 16,930 shares during the quarter. Baird Financial Group Inc. owned about 0.13% of Steel Dynamics worth $43,117,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of STLD. Canada Post Corp Registered Pension Plan lifted its holdings in shares of Steel Dynamics by 70.5% during the 4th quarter. Canada Post Corp Registered Pension Plan now owns 11,692 shares of the basic materials company's stock worth $1,981,000 after acquiring an additional 4,835 shares during the period. Sapient Capital LLC raised its holdings in shares of Steel Dynamics by 34.6% during the 2nd quarter. Sapient Capital LLC now owns 447,664 shares of the basic materials company's stock worth $102,958,000 after buying an additional 115,080 shares in the last quarter. Donoghue Forlines LLC bought a new stake in shares of Steel Dynamics during the 4th quarter worth $2,268,000. Sierra Summit Advisors LLC lifted its position in shares of Steel Dynamics by 1,894.7% during the 4th quarter. Sierra Summit Advisors LLC now owns 62,334 shares of the basic materials company's stock worth $10,562,000 after buying an additional 59,209 shares during the last quarter. Finally, BlackRock Inc. acquired a new stake in Steel Dynamics in the second quarter valued at about $2,844,501,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Price Performance

Shares of STLD opened at $240.69 on Thursday. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. The stock has a market cap of $34.50 billion, a PE ratio of 21.82, a PEG ratio of 0.45 and a beta of 1.50. Steel Dynamics, Inc. has a 12-month low of $129.41 and a 12-month high of $288.74. The business has a 50-day simple moving average of $242.21 and a two-hundred day simple moving average of $226.31.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating analysts' consensus estimates of $3.63 by $0.06. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The firm had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. During the same period last year, the firm posted $2.01 earnings per share. The business's revenue for the quarter was up 33.4% on a year-over-year basis. Analysts anticipate that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics's dividend payout ratio (DPR) is 19.22%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. UBS Group lifted their target price on Steel Dynamics from $165.00 to $276.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. Morgan Stanley reduced their price target on shares of Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 22nd. The Goldman Sachs Group started coverage on shares of Steel Dynamics in a report on Wednesday, July 29th. They set a "buy" rating and a $300.00 price target on the stock. Wells Fargo & Company decreased their price target on shares of Steel Dynamics from $275.00 to $255.00 and set an "overweight" rating on the stock in a report on Monday, August 24th. Finally, Bank of America lowered their price objective on shares of Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating for the company in a research report on Thursday, July 9th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Steel Dynamics has a consensus rating of "Moderate Buy" and a consensus target price of $258.45.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnaces that use recycled steel and other metallic inputs to manufacture a broad range of steel products. Its customers include companies in the construction, automotive, manufacturing, transportation, energy and appliance industries.

Steel Dynamics' steel operations produce flat-rolled steel, structural steel, rail, engineered bar products and other specialty steel products.

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