Federated Hermes Inc. Has $7.35 Million Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Federated Hermes Inc. lowered its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 44.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,215 shares of the basic materials company’s stock after selling 50,474 shares during the quarter. Federated Hermes Inc.’s holdings in Steel Dynamics were worth $7,348,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Nordea Investment Management AB raised its position in shares of Steel Dynamics by 1.1% during the fourth quarter. Nordea Investment Management AB now owns 1,008,853 shares of the basic materials company’s stock worth $118,787,000 after purchasing an additional 11,026 shares during the period. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in Steel Dynamics in the 4th quarter valued at approximately $14,762,000. Barclays PLC raised its position in Steel Dynamics by 3.1% in the 3rd quarter. Barclays PLC now owns 363,518 shares of the basic materials company’s stock valued at $38,975,000 after buying an additional 10,942 shares during the last quarter. AustralianSuper Pty Ltd raised its position in Steel Dynamics by 13.1% in the 4th quarter. AustralianSuper Pty Ltd now owns 514,888 shares of the basic materials company’s stock valued at $60,808,000 after buying an additional 59,668 shares during the last quarter. Finally, Morgan Stanley raised its position in Steel Dynamics by 0.8% in the 3rd quarter. Morgan Stanley now owns 2,612,430 shares of the basic materials company’s stock valued at $280,105,000 after buying an additional 19,833 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Wall Street Analyst Weigh In

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

Steel Dynamics Stock Performance

Shares of NASDAQ STLD opened at $129.92 on Thursday. The company has a current ratio of 2.91, a quick ratio of 1.67 and a debt-to-equity ratio of 0.30. Steel Dynamics, Inc. has a 12 month low of $90.55 and a 12 month high of $151.34. The stock has a 50 day moving average of $136.80 and a 200-day moving average of $121.97. The company has a market capitalization of $20.52 billion, a P/E ratio of 8.92 and a beta of 1.42.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.74 billion. During the same period in the previous year, the company posted $4.01 EPS. The firm’s revenue for the quarter was down 4.1% compared to the same quarter last year. As a group, equities research analysts predict that Steel Dynamics, Inc. will post 11.79 EPS for the current year.

Steel Dynamics Increases Dividend

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

About Steel Dynamics

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.