Prudential PLC Buys 6,860 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Prudential PLC boosted its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 10.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,009 shares of the basic materials company’s stock after acquiring an additional 6,860 shares during the period. Prudential PLC’s holdings in Steel Dynamics were worth $9,196,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in STLD. Larson Financial Group LLC bought a new stake in Steel Dynamics in the first quarter valued at approximately $25,000. LifeSteps Financial Inc. bought a new stake in Steel Dynamics in the first quarter valued at approximately $26,000. Security National Bank bought a new stake in Steel Dynamics in the fourth quarter valued at approximately $30,000. Innealta Capital LLC bought a new stake in Steel Dynamics in the second quarter valued at approximately $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in Steel Dynamics in the second quarter valued at approximately $41,000. 82.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on STLD. Bank of America cut their price target on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price target for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. JPMorgan Chase & Co. upgraded Steel Dynamics from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $120.00 to $131.00 in a report on Monday. BMO Capital Markets cut their price target on Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a report on Tuesday, June 18th. Finally, Morgan Stanley increased their price target on Steel Dynamics from $134.00 to $138.00 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $143.43.

Steel Dynamics Price Performance

Shares of STLD opened at $110.74 on Tuesday. Steel Dynamics, Inc. has a 12-month low of $95.53 and a 12-month high of $151.34. The business’s fifty day moving average is $122.53 and its 200 day moving average is $130.13. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. The stock has a market cap of $17.09 billion, a P/E ratio of 7.61 and a beta of 1.32.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The company had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same period last year, the business earned $4.81 EPS. Steel Dynamics’s quarterly revenue was down 8.8% compared to the same quarter last year. Sell-side analysts anticipate that Steel Dynamics, Inc. will post 10.74 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend is Monday, September 30th. Steel Dynamics’s payout ratio is currently 12.64%.

Steel Dynamics Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.