Envestnet Asset Management Inc. Has $31.17 Million Stake in Steel Dynamics, Inc. $STLD

Envestnet Asset Management Inc. increased its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 6.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 223,581 shares of the basic materials company’s stock after buying an additional 13,951 shares during the quarter. Envestnet Asset Management Inc. owned about 0.15% of Steel Dynamics worth $31,174,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in STLD. Norges Bank acquired a new position in Steel Dynamics during the second quarter valued at approximately $339,769,000. Nordea Investment Management AB boosted its holdings in shares of Steel Dynamics by 43.3% in 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 purchasing an additional 630,935 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Steel Dynamics in the 2nd quarter valued at $48,746,000. AQR Capital Management LLC raised its holdings in shares of Steel Dynamics by 79.1% during the 2nd quarter. AQR Capital Management LLC now owns 627,542 shares of the basic materials company’s stock worth $80,332,000 after buying an additional 277,166 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Steel Dynamics by 34.7% during the 2nd quarter. Bank of America Corp DE now owns 1,028,947 shares of the basic materials company’s stock worth $131,715,000 after buying an additional 264,827 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. Morgan Stanley reiterated an “equal weight” rating and set a $194.00 price objective (up from $173.00) on shares of Steel Dynamics in a research report on Friday, January 9th. Citigroup raised their target price on shares of Steel Dynamics from $150.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Wall Street Zen raised shares of Steel Dynamics from a “hold” rating to a “strong-buy” rating in a research note on Saturday, January 31st. Finally, BMO Capital Markets increased their price target on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $182.00.

Steel Dynamics Stock Performance

NASDAQ STLD opened at $205.78 on Thursday. The company has a market capitalization of $30.05 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 0.54 and a beta of 1.46. The company has a quick ratio of 1.29, a current ratio of 3.06 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 $208.47. The stock has a fifty day simple moving average of $176.89 and a 200 day simple moving average of $154.30.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Tuesday, January 27th. 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 return on equity of 13.56% and a net margin of 6.52%.The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.62 billion. During the same period last year, the company earned $1.36 earnings per share. The firm’s revenue was up 14.0% compared to the same quarter last year. Sell-side analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

About Steel Dynamics

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.