Cantor Fitzgerald Investment Advisors L.P. Makes New Investment in Steel Dynamics, Inc. $STLD

Key Points

• Cantor Fitzgerald Investment Advisors purchased 6,000 Steel Dynamics shares worth approximately $1.33 million in the third quarter. Institutional investors collectively own 82.41% of the company.
• Analysts maintain a generally positive view, with eight Buy and four Hold ratings, a “Moderate Buy” consensus, and an average price target of $259.82.
• Steel Dynamics reported quarterly EPS of $5.26, missing estimates of $5.48, while revenue rose 34.8% year over year to $6.51 billion. The company also pays a $0.53 quarterly dividend, yielding about 0.9% annually.

Cantor Fitzgerald Investment Advisors L.P. purchased a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 6,000 shares of the basic materials company's stock, valued at approximately $1,330,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Steel Dynamics in the 2nd quarter valued at $2,844,501,000. Bank of America Corp DE lifted its stake in shares of Steel Dynamics by 19.1% in the 1st quarter. Bank of America Corp DE now owns 1,340,234 shares of the basic materials company's stock valued at $241,242,000 after purchasing an additional 215,029 shares in the last quarter. Hsbc Holdings PLC lifted its stake in shares of Steel Dynamics by 92.4% in the 4th quarter. Hsbc Holdings PLC now owns 1,030,448 shares of the basic materials company's stock valued at $174,609,000 after purchasing an additional 494,828 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Steel Dynamics by 3.7% during the 1st quarter. Bank of New York Mellon Corp now owns 938,585 shares of the basic materials company's stock worth $168,945,000 after purchasing an additional 33,434 shares during the period. Finally, Deutsche Bank AG purchased a new stake in shares of Steel Dynamics during the 2nd quarter worth about $126,579,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on STLD shares. Bank of America dropped their target price 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. Barclays lifted their price target on shares of Steel Dynamics from $272.00 to $285.00 and gave the company an "overweight" rating in a research report on Monday. Weiss Ratings downgraded shares of Steel Dynamics from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, October 13th. KeyCorp reiterated an "overweight" rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Finally, Wells Fargo & Company increased their price objective on shares of Steel Dynamics from $257.00 to $271.00 and gave the stock an "overweight" rating in a research report on Wednesday. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $259.82.

Steel Dynamics Stock Down 3.3%

Shares of Steel Dynamics stock opened at $239.90 on Friday. Steel Dynamics, Inc. has a 1-year low of $148.13 and a 1-year high of $288.74. The business has a 50-day moving average of $237.41 and a 200-day moving average of $238.44. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.14 and a quick ratio of 1.45. The company has a market capitalization of $34.38 billion, a PE ratio of 17.70, a P/E/G ratio of 0.36 and a beta of 1.48.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings results on Monday, October 19th. The basic materials company reported $5.26 EPS for the quarter, missing the consensus estimate of $5.48 by ($0.22). The business had revenue of $6.51 billion during the quarter, compared to analyst estimates of $6.43 billion. Steel Dynamics had a net margin of 8.82% and a return on equity of 21.57%. The company's quarterly revenue was up 34.8% on a year-over-year basis. During the same period last year, the firm posted $2.74 earnings per share. As a group, equities analysts forecast that Steel Dynamics, Inc. will post 17.92 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. Steel Dynamics's dividend payout ratio is currently 15.65%.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company manufactures steel products using electric arc furnace technology and serves customers across industries such as construction, automotive, manufacturing, and energy.

Its operations include the production of flat rolled steel, long steel products, structural steel, rail, and specialty products. Steel Dynamics also provides steel processing and fabrication services, including the manufacture of steel joists, deck systems, and other components used in commercial and industrial construction.

The company operates metals recycling facilities that collect, process, and supply ferrous and nonferrous scrap to support its steelmaking operations.

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