Steel Dynamics, Inc. $STLD Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. grew its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 4.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 162,762 shares of the basic materials company’s stock after acquiring an additional 7,671 shares during the period. Principal Financial Group Inc. owned about 0.11% of Steel Dynamics worth $22,694,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of STLD. Norges Bank purchased a new stake in Steel Dynamics during the 2nd quarter worth about $339,769,000. Nordea Investment Management AB grew its position in shares of Steel Dynamics by 43.3% during the second quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock worth $271,238,000 after buying an additional 630,935 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of Steel Dynamics during the second quarter worth approximately $48,746,000. AQR Capital Management LLC raised its holdings 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 valued at $80,332,000 after acquiring an additional 277,166 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in Steel Dynamics by 34.7% in 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.

Analyst Ratings Changes

STLD has been the topic of a number of analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. BMO Capital Markets lifted their price target on Steel Dynamics from $155.00 to $167.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. KeyCorp reaffirmed an “overweight” rating and set a $190.00 price objective on shares of Steel Dynamics in a research report on Wednesday, January 7th. Citigroup increased their price objective on Steel Dynamics from $150.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Finally, The Goldman Sachs Group set a $172.00 target price on Steel Dynamics and gave the stock a “neutral” rating in a research note on Friday, October 31st. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $182.00.

Steel Dynamics Price Performance

Shares of NASDAQ STLD opened at $202.39 on Friday. The company has a current ratio of 3.06, a quick ratio of 1.29 and a debt-to-equity ratio of 0.48. Steel Dynamics, Inc. has a twelve month low of $103.17 and a twelve month high of $202.86. The stock has a 50 day moving average of $174.83 and a two-hundred day moving average of $152.75. The stock has a market cap of $29.56 billion, a P/E ratio of 25.27, a P/E/G ratio of 0.55 and a beta of 1.46.

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

Steel Dynamics 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.