Steel Dynamics, Inc. $STLD Position Lifted by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada increased its Steel Dynamics stake by 541.2% in the second quarter, bringing its holdings to 13,010 shares valued at approximately $2.89 million. Institutional investors and hedge funds own 82.41% of the company.
• Analysts maintain a “Moderate Buy” consensus on STLD, with eight Buy ratings and four Holds and an average price target of $257.27.
• Steel Dynamics exceeded quarterly expectations with $3.69 in EPS and $6.09 billion in revenue, while revenue rose 33.4% year over year. The company also declared a quarterly dividend of $0.53 per share, representing a 0.9% annualized yield.

TD Waterhouse Canada Inc. lifted its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 541.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,010 shares of the basic materials company's stock after purchasing an additional 10,981 shares during the period. TD Waterhouse Canada Inc.'s holdings in Steel Dynamics were worth $2,887,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in STLD. Meeder Asset Management Inc. bought a new stake in Steel Dynamics during the second quarter valued at $26,000. Prosperity Bancshares Inc bought a new position in shares of Steel Dynamics in the 4th quarter worth about $25,000. Caitlin John LLC acquired a new position in shares of Steel Dynamics in the 2nd quarter valued at about $35,000. MV Capital Management Inc. bought a new stake in shares of Steel Dynamics during the 4th quarter valued at about $27,000. Finally, Cedar Mountain Advisors LLC acquired a new stake in Steel Dynamics during the first quarter worth about $31,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

STLD has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $256.00 to $260.00 and gave the company a "neutral" rating in a research note on Wednesday, July 22nd. Wells Fargo & Company reduced their price objective on Steel Dynamics from $275.00 to $255.00 and set an "overweight" rating for the company in a research report on Monday, August 24th. KeyCorp restated an "overweight" rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. UBS Group upped their price target on shares of Steel Dynamics from $165.00 to $276.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. Finally, Morgan Stanley dropped 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. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $257.27.

Steel Dynamics Price Performance

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

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (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 during the quarter, compared to analyst estimates of $5.56 billion. During the same period last year, the company posted $2.01 EPS. The firm's quarterly revenue was up 33.4% on a year-over-year basis. Equities research analysts anticipate that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently declared 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. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Steel Dynamics's dividend payout ratio is presently 19.22%.

About Steel Dynamics

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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