BlackRock Inc. Acquires Shares of 12,396,499 Steel Dynamics, Inc. $STLD

BlackRock Inc. purchased a new stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 12,396,499 shares of the basic materials company's stock, valued at approximately $2,844,501,000. BlackRock Inc. owned approximately 8.65% of Steel Dynamics at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of STLD. Life Cycle Investment Partners Ltd acquired a new stake in Steel Dynamics in the fourth quarter valued at $586,702,000. Norges Bank purchased a new stake in shares of Steel Dynamics in the 4th quarter worth about $564,590,000. Boston Partners grew its stake in Steel Dynamics by 147.9% in the 4th quarter. Boston Partners now owns 1,793,630 shares of the basic materials company's stock valued at $303,970,000 after acquiring an additional 1,070,042 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Steel Dynamics in the 2nd quarter valued at about $211,159,000. Finally, Deutsche Bank AG purchased a new position in Steel Dynamics during the 2nd quarter valued at about $126,579,000. Institutional investors and hedge funds own 82.41% of the company's stock.

Analysts Set New Price Targets

STLD has been the subject of a number of recent research reports. BMO Capital Markets raised their price objective on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 22nd. Barclays upped their target price on Steel Dynamics from $270.00 to $272.00 and gave the company an "overweight" rating in a research note on Wednesday, July 22nd. Morgan Stanley lowered their target price on Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 22nd. JPMorgan Chase & Co. raised their price target on Steel Dynamics from $256.00 to $260.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. Finally, Wells Fargo & Company cut their price target on Steel Dynamics from $291.00 to $275.00 and set an "overweight" rating for the company in a report on Wednesday, July 22nd. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Steel Dynamics presently has an average rating of "Moderate Buy" and an average target price of $259.09.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $249.81 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. The firm has a market capitalization of $35.81 billion, a price-to-earnings ratio of 22.65, a price-to-earnings-growth ratio of 0.48 and a beta of 1.52. Steel Dynamics, Inc. has a one year low of $124.77 and a one year high of $288.74. The company has a 50 day moving average price of $248.10 and a 200 day moving average price of $221.61.

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

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be issued a $0.53 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $2.12 dividend on an annualized basis and a yield of 0.8%. Steel Dynamics's payout ratio is currently 19.22%.

Insider Buying and Selling at Steel Dynamics

In related news, SVP James Stanley Anderson sold 10,000 shares of the business's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the transaction, the senior vice president owned 102,837 shares in the company, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.60% of the stock is owned by corporate insiders.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company's product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.

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