Steel Dynamics, Inc. (NASDAQ:STLD) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 4.3% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 2,124,519 shares of the basic materials company’s stock after acquiring an additional 86,719 shares during the quarter. Bank of New York Mellon Corp owned about 1.21% of Steel Dynamics worth $150,734,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in STLD. First Trust Advisors LP raised its stake in shares of Steel Dynamics by 183.6% during the 1st quarter. First Trust Advisors LP now owns 1,380,388 shares of the basic materials company’s stock valued at $115,166,000 after buying an additional 893,705 shares during the last quarter. State Street Corp raised its stake in shares of Steel Dynamics by 9.5% during the 1st quarter. State Street Corp now owns 9,207,455 shares of the basic materials company’s stock valued at $771,198,000 after buying an additional 800,656 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Steel Dynamics by 31.2% during the 2nd quarter. AQR Capital Management LLC now owns 2,128,088 shares of the basic materials company’s stock valued at $137,751,000 after buying an additional 506,418 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Steel Dynamics by 334.2% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 414,771 shares of the basic materials company’s stock valued at $29,428,000 after buying an additional 319,245 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in shares of Steel Dynamics by 40.0% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 1,064,562 shares of the basic materials company’s stock valued at $70,421,000 after buying an additional 303,924 shares during the last quarter. Institutional investors and hedge funds own 79.54% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Bank of America assumed coverage on Steel Dynamics in a research note on Wednesday, January 4th. They issued a “buy” rating for the company. BMO Capital Markets lifted their price target on Steel Dynamics from $109.00 to $120.00 and gave the company a “market perform” rating in a research note on Friday, January 27th. StockNews.com assumed coverage on Steel Dynamics in a research note on Thursday. They issued a “hold” rating for the company. The Goldman Sachs Group lowered Steel Dynamics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $114.00 to $118.00 in a research note on Friday, January 27th. Finally, UBS Group lowered Steel Dynamics from a “buy” rating to a “neutral” rating in a research note on Monday, December 5th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Steel Dynamics has a consensus rating of “Hold” and an average target price of $107.43.

Steel Dynamics Trading Down 2.2 %

STLD stock opened at $103.91 on Friday. The company has a current ratio of 3.76, a quick ratio of 2.22 and a debt-to-equity ratio of 0.38. Steel Dynamics, Inc. has a 12-month low of $62.44 and a 12-month high of $136.46. The stock has a market cap of $17.83 billion, a price-to-earnings ratio of 5.00 and a beta of 1.51. The business’s 50-day moving average is $119.04 and its 200 day moving average is $101.07.

Steel Dynamics (NASDAQ:STLD – Get Rating) last issued its earnings results on Wednesday, January 25th. The basic materials company reported $4.37 earnings per share for the quarter, topping the consensus estimate of $3.60 by $0.77. The business had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.77 billion. Steel Dynamics had a return on equity of 56.22% and a net margin of 17.35%. The business’s revenue for the quarter was down 9.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.78 EPS. On average, sell-side analysts anticipate that Steel Dynamics, Inc. will post 13.68 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 31st will be issued a dividend of $0.425 per share. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.34. This represents a $1.70 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Thursday, March 30th. Steel Dynamics’s payout ratio is currently 6.54%.

Steel Dynamics Company Profile

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Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel, long products including structural steel beams, pilings, and standard and premium grade rail, and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.