BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Grows Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 56.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,780 shares of the basic materials company’s stock after buying an additional 10,425 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Steel Dynamics were worth $3,727,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions 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. purchased a new position in shares of Steel Dynamics in the first quarter worth $26,000. Security National Bank bought a new stake in Steel Dynamics during the 4th quarter valued at $30,000. Innealta Capital LLC purchased a new stake in Steel Dynamics during the 2nd quarter valued at $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in Steel Dynamics in the 2nd quarter worth $41,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Price Performance

Shares of STLD stock opened at $125.98 on Friday. The business’s fifty day moving average is $119.47 and its 200 day moving average is $128.79. 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 $19.44 billion, a price-to-earnings ratio of 8.65 and a beta of 1.32. Steel Dynamics, Inc. has a twelve month low of $98.25 and a twelve month high of $151.34.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $4.43 billion. During the same period in the prior year, the firm earned $4.81 EPS. The company’s revenue was down 8.8% compared to the same quarter last year. Research analysts expect that Steel Dynamics, Inc. will post 10.32 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 1.46%. The ex-dividend date of this dividend is Monday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is 12.64%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on STLD. Morgan Stanley lowered their price objective on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Bank of America lowered their price target on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. BMO Capital Markets cut their price objective on Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating on the stock in a research report on Tuesday, September 17th. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and upped their target price for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. upgraded shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $120.00 to $131.00 in a report on Monday, September 9th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $141.29.

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.