Federated Hermes Inc. Has $3.08 Million Stock Position in Steel Dynamics, Inc. $STLD

Federated Hermes Inc. lessened its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 30.7% in the third quarter, according to its most recent filing with the SEC. The firm owned 22,057 shares of the basic materials company’s stock after selling 9,761 shares during the quarter. Federated Hermes Inc.’s holdings in Steel Dynamics were worth $3,075,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Stablepoint Partners LLC lifted its position in shares of Steel Dynamics by 2.3% in the 3rd quarter. Stablepoint Partners LLC now owns 11,910 shares of the basic materials company’s stock worth $1,661,000 after purchasing an additional 265 shares during the period. Purkiss Capital Advisors LLC boosted its position in Steel Dynamics by 13.5% during the third quarter. Purkiss Capital Advisors LLC now owns 8,473 shares of the basic materials company’s stock valued at $1,181,000 after acquiring an additional 1,006 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc grew its holdings in Steel Dynamics by 2.1% during the 3rd quarter. AEGON ASSET MANAGEMENT UK Plc now owns 269,535 shares of the basic materials company’s stock worth $37,567,000 after acquiring an additional 5,522 shares during the period. UniSuper Management Pty Ltd raised its position in shares of Steel Dynamics by 16.3% in the 3rd quarter. UniSuper Management Pty Ltd now owns 75,675 shares of the basic materials company’s stock worth $10,551,000 after acquiring an additional 10,598 shares in the last quarter. Finally, Hunter Associates Investment Management LLC acquired a new position in shares of Steel Dynamics in the 3rd quarter valued at about $202,000. Institutional investors own 82.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on STLD. Morgan Stanley restated an “equal weight” rating and issued a $194.00 price target (up from $173.00) on shares of Steel Dynamics in a report on Friday, January 9th. Wall Street Zen raised Steel Dynamics from a “hold” rating to a “strong-buy” rating in a research report on Saturday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Steel Dynamics in a research note on Monday, December 29th. Jefferies Financial Group boosted their target price on Steel Dynamics from $180.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, December 10th. Finally, Wells Fargo & Company upped their price objective on Steel Dynamics from $172.00 to $190.00 and gave the company an “overweight” rating in a research note on Monday, December 15th. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $182.00.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $192.95 on Wednesday. Steel Dynamics, Inc. has a 1-year low of $103.17 and a 1-year high of $195.18. The company has a market capitalization of $28.18 billion, a price-to-earnings ratio of 24.09, a PEG ratio of 0.50 and a beta of 1.46. The business has a 50 day moving average of $172.97 and a 200 day moving average of $151.52. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.06 and a quick ratio of 1.29.

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

Steel Dynamics Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Wednesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is currently 24.97%.

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.