Steel Dynamics, Inc. (NASDAQ:STLD) Holdings Boosted by Sierra Summit Advisors LLC

Sierra Summit Advisors LLC grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 50.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,900 shares of the basic materials company’s stock after purchasing an additional 975 shares during the quarter. Sierra Summit Advisors LLC’s holdings in Steel Dynamics were worth $376,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its position in Steel Dynamics by 10.1% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 19,487 shares of the basic materials company’s stock valued at $2,524,000 after purchasing an additional 1,792 shares during the period. Envestnet Asset Management Inc. lifted its stake in Steel Dynamics by 9.4% in the second quarter. Envestnet Asset Management Inc. now owns 230,922 shares of the basic materials company’s stock valued at $29,904,000 after buying an additional 19,853 shares during the last quarter. Thoroughbred Financial Services LLC acquired a new position in shares of Steel Dynamics during the second quarter valued at $570,000. Federated Hermes Inc. grew its position in shares of Steel Dynamics by 8.1% during the second quarter. Federated Hermes Inc. now owns 48,498 shares of the basic materials company’s stock worth $6,280,000 after acquiring an additional 3,631 shares during the last quarter. Finally, Meeder Advisory Services Inc. increased its holdings in shares of Steel Dynamics by 28.0% in the 2nd quarter. Meeder Advisory Services Inc. now owns 2,222 shares of the basic materials company’s stock worth $288,000 after acquiring an additional 486 shares during the period. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Morgan Stanley boosted their target price on shares of Steel Dynamics from $134.00 to $138.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Bank of America lowered their target price on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. JPMorgan Chase & Co. upgraded Steel Dynamics from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $120.00 to $131.00 in a research report on Monday, September 9th. Finally, Jefferies Financial Group assumed coverage on Steel Dynamics in a research note on Monday, May 20th. They issued a “hold” rating and a $150.00 price target for the company. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $143.43.

Steel Dynamics Stock Up 2.1 %

STLD opened at $112.84 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35. The company has a market capitalization of $17.73 billion, a PE ratio of 7.75 and a beta of 1.32. The stock’s fifty day moving average is $121.20 and its 200-day moving average is $129.54. Steel Dynamics, Inc. has a one year low of $95.53 and a one year high of $151.34.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The firm had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same period in the previous year, the business earned $4.81 earnings per share. Steel Dynamics’s revenue for the quarter was down 8.8% compared to the same quarter last year. On average, equities analysts predict that Steel Dynamics, Inc. will post 10.81 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date of this dividend is Monday, September 30th. Steel Dynamics’s payout ratio is 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.