abrdn plc Raises Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

abrdn plc grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 21.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 152,827 shares of the basic materials company’s stock after purchasing an additional 26,879 shares during the quarter. abrdn plc’s holdings in Steel Dynamics were worth $18,049,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. CWM LLC increased its stake in shares of Steel Dynamics by 30.4% during the third quarter. CWM LLC now owns 4,069 shares of the basic materials company’s stock worth $436,000 after purchasing an additional 948 shares in the last quarter. HB Wealth Management LLC increased its holdings in shares of Steel Dynamics by 16.5% in the third quarter. HB Wealth Management LLC now owns 2,218 shares of the basic materials company’s stock valued at $238,000 after purchasing an additional 314 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new position in Steel Dynamics during the third quarter worth approximately $206,000. Capital Asset Advisory Services LLC boosted its stake in Steel Dynamics by 13.5% during the third quarter. Capital Asset Advisory Services LLC now owns 2,140 shares of the basic materials company’s stock worth $236,000 after buying an additional 254 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in Steel Dynamics by 64.1% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 11,436 shares of the basic materials company’s stock valued at $1,226,000 after buying an additional 4,465 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $129.92 on Thursday. The company’s 50 day simple moving average is $136.80 and its 200-day simple moving average is $121.97. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.67 and a current ratio of 2.91. Steel Dynamics, Inc. has a 1 year low of $90.55 and a 1 year high of $151.34. The company has a market capitalization of $20.52 billion, a price-to-earnings ratio of 8.92 and a beta of 1.42.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.54 by $0.13. Steel Dynamics had a return on equity of 27.83% and a net margin of 12.89%. The company had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.74 billion. During the same quarter in the previous year, the company earned $4.01 earnings per share. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. As a group, equities research analysts expect that Steel Dynamics, Inc. will post 11.79 earnings per share for the current year.

Steel Dynamics Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, April 14th. Investors of record on Sunday, March 31st were paid a dividend of $0.46 per share. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.43. The ex-dividend date was Wednesday, March 27th. This represents a $1.84 annualized dividend and a yield of 1.42%. Steel Dynamics’s dividend payout ratio is presently 12.64%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. BMO Capital Markets lifted their price target on Steel Dynamics from $110.00 to $120.00 and gave the stock a “market perform” rating in a report on Monday, March 18th. JPMorgan Chase & Co. boosted their target price on shares of Steel Dynamics from $100.00 to $118.00 and gave the company an “underweight” rating in a report on Tuesday, April 16th. UBS Group dropped their price target on shares of Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating for the company in a research note on Wednesday, January 24th. Finally, Citigroup lifted their price target on shares of Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $121.17.

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.