Steel Dynamics, Inc. $STLD Stock: Asset Management One Co. Ltd. Grows Stake

Key Points

• Asset Management One increased its Steel Dynamics stake by 13.9% in the third quarter, bringing its holdings to 65,672 shares valued at approximately $14.6 million. Institutional investors collectively own 82.41% of the company.
• Steel Dynamics reported quarterly revenue of $6.51 billion, up 34.8% year over year, but earnings of $5.26 per share fell short of analyst expectations of $5.48.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $275.17, compared with the stock’s reported price of $250.80.

Asset Management One Co. Ltd. lifted its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 13.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 65,672 shares of the basic materials company's stock after purchasing an additional 8,008 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Steel Dynamics were worth $14,554,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of STLD. Meeder Asset Management Inc. bought a new stake in shares of Steel Dynamics during the 2nd quarter worth approximately $26,000. Wealth Enhancement Trust Services Inc. increased its stake in Steel Dynamics by 1,200.0% in the third quarter. Wealth Enhancement Trust Services Inc. now owns 117 shares of the basic materials company's stock valued at $26,000 after acquiring an additional 108 shares during the last quarter. NBH Bank bought a new position in Steel Dynamics in the second quarter valued at approximately $31,000. City State Bank bought a new position in Steel Dynamics in the third quarter valued at approximately $32,000. Finally, Caitlin John LLC acquired a new position in Steel Dynamics during the second quarter valued at approximately $35,000. Institutional investors own 82.41% of the company's stock.

Steel Dynamics Price Performance

Shares of NASDAQ STLD opened at $250.80 on Friday. The firm's 50-day moving average price is $237.90 and its 200-day moving average price is $223.28. Steel Dynamics, Inc. has a 1-year low of $150.03 and a 1-year high of $288.74. The firm has a market capitalization of $35.67 billion, a P/E ratio of 18.51, a P/E/G ratio of 0.36 and a beta of 1.48. The company has a current ratio of 3.14, a quick ratio of 1.48 and a debt-to-equity ratio of 0.43.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its 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). Steel Dynamics had a net margin of 8.82% and a return on equity of 21.57%. The firm had revenue of $6.51 billion during the quarter, compared to analyst estimates of $6.43 billion. During the same quarter in the prior year, the business earned $2.74 earnings per share. The business's quarterly revenue was up 34.8% on a year-over-year basis. Equities research analysts anticipate that Steel Dynamics, Inc. will post 18.12 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Wednesday, September 30th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Wednesday, September 30th. Steel Dynamics's payout ratio is 15.65%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on STLD shares. The Goldman Sachs Group reiterated a "buy" rating and issued a $299.00 target price (down from $301.00) on shares of Steel Dynamics in a research report on Tuesday, October 20th. Wall Street Zen cut shares of Steel Dynamics from a "strong-buy" rating to a "buy" rating in a report on Sunday, September 20th. JPMorgan Chase & Co. reduced their price target on shares of Steel Dynamics from $272.00 to $260.00 and set a "neutral" rating on the stock in a research note on Friday, October 9th. BMO Capital Markets decreased their price target on shares of Steel Dynamics from $296.00 to $290.00 and set an "outperform" rating on the stock in a report on Tuesday, September 29th. Finally, BNP Paribas Exane upped their price target on shares of Steel Dynamics from $275.00 to $276.00 and gave the stock an "outperform" rating in a report on Wednesday, October 21st. Nine research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $275.17.

About Steel Dynamics

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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