Steel Dynamics, Inc. $STLD Shares Bought by Mediolanum International Funds Ltd

Mediolanum International Funds Ltd raised its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 157.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 206,140 shares of the basic materials company’s stock after buying an additional 125,981 shares during the quarter. Mediolanum International Funds Ltd owned approximately 0.14% of Steel Dynamics worth $28,629,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of STLD. Norges Bank purchased a new position in Steel Dynamics during the second quarter worth about $339,769,000. Nordea Investment Management AB raised its position in shares of Steel Dynamics by 43.3% during the 2nd quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock valued at $271,238,000 after buying an additional 630,935 shares during the period. Qube Research & Technologies Ltd purchased a new stake in shares of Steel Dynamics during the 2nd quarter valued at approximately $48,746,000. AQR Capital Management LLC grew its position in Steel Dynamics by 79.1% in the second quarter. AQR Capital Management LLC now owns 627,542 shares of the basic materials company’s stock worth $80,332,000 after acquiring an additional 277,166 shares during the period. Finally, Bank of America Corp DE increased its stake in Steel Dynamics by 34.7% during the second quarter. Bank of America Corp DE now owns 1,028,947 shares of the basic materials company’s stock worth $131,715,000 after acquiring an additional 264,827 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $179.57 on Friday. The stock has a 50 day simple moving average of $171.89 and a 200-day simple moving average of $150.54. The company has a market cap of $26.22 billion, a price-to-earnings ratio of 22.42, a price-to-earnings-growth ratio of 0.76 and a beta of 1.48. The company has a current ratio of 3.06, a quick ratio of 1.47 and a debt-to-equity ratio of 0.48. Steel Dynamics, Inc. has a 12-month low of $103.17 and a 12-month high of $185.56.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Monday, January 26th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.10. The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.62 billion. Steel Dynamics had a net margin of 6.52% and a return on equity of 13.56%. The business’s revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.36 EPS. On average, equities analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.1%. The ex-dividend date was Wednesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is 24.97%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on STLD shares. Morgan Stanley reaffirmed an “equal weight” rating and issued a $194.00 target price (up previously from $173.00) on shares of Steel Dynamics in a research report on Friday, January 9th. The Goldman Sachs Group set a $172.00 price objective on Steel Dynamics and gave the company a “neutral” rating in a research note on Friday, October 31st. BMO Capital Markets raised their target price on shares of Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. UBS Group set a $165.00 price target on Steel Dynamics in a research note on Tuesday, November 4th. Finally, Wall Street Zen upgraded shares of Steel Dynamics from a “hold” rating to a “strong-buy” rating in a research note on Saturday. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $182.00.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.