Saudi Central Bank Has $2.21 Million Holdings in Steel Dynamics, Inc. $STLD

Key Points

• Saudi Central Bank increased its Steel Dynamics stake by 88.1% in the second quarter, ending the period with 9,635 shares valued at approximately $2.21 million. Institutional investors collectively own 82.41% of the company.
• Analysts maintain a generally positive outlook, with eight Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $257.27, despite several recent target reductions.
• Steel Dynamics exceeded quarterly expectations, reporting $3.69 in earnings per share and $6.09 billion in revenue, up 33.4% year over year. The company also declared a quarterly dividend of $0.53 per share, representing a 0.9% annualized yield.

Saudi Central Bank lifted its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 88.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,635 shares of the basic materials company's stock after acquiring an additional 4,514 shares during the period. Saudi Central Bank's holdings in Steel Dynamics were worth $2,211,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new stake in Steel Dynamics in the 2nd quarter valued at $2,844,501,000. Capital Research Global Investors increased its holdings in shares of Steel Dynamics by 0.3% during the 4th quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company's stock worth $613,926,000 after purchasing an additional 9,959 shares during the period. Life Cycle Investment Partners Ltd acquired a new position in shares of Steel Dynamics during the fourth quarter valued at about $586,702,000. Norges Bank bought a new stake in shares of Steel Dynamics in the fourth quarter valued at about $564,590,000. Finally, Invesco Ltd. lifted its stake in shares of Steel Dynamics by 6.3% in the fourth quarter. Invesco Ltd. now owns 1,965,092 shares of the basic materials company's stock valued at $332,985,000 after buying an additional 116,379 shares during the period. Institutional investors own 82.41% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on STLD. Morgan Stanley lowered their price target on 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. Weiss Ratings upgraded Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, June 18th. Bank of America decreased their price objective on Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating on the stock in a report on Thursday, July 9th. Wells Fargo & Company lowered their price objective on Steel Dynamics from $275.00 to $255.00 and set an "overweight" rating on the stock in a research report on Monday, August 24th. Finally, 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. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $257.27.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $242.06 on Tuesday. The firm has a market capitalization of $34.69 billion, a PE ratio of 21.95, a price-to-earnings-growth ratio of 0.46 and a beta of 1.50. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. Steel Dynamics, Inc. has a 12-month low of $129.41 and a 12-month high of $288.74. The firm has a 50-day moving average price of $241.62 and a 200 day moving average price of $225.62.

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 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 company had revenue of $6.09 billion for the quarter, compared to the consensus estimate of $5.56 billion. During the same period in the previous year, the business earned $2.01 earnings per share. The company's quarterly revenue was up 33.4% on a year-over-year basis. Research analysts anticipate that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be given 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 is 19.22%.

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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