Fisher Asset Management LLC Purchases 11,183 Shares of Steel Dynamics, Inc. $STLD

Fisher Asset Management LLC increased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 47.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 34,878 shares of the basic materials company’s stock after acquiring an additional 11,183 shares during the period. Fisher Asset Management LLC’s holdings in Steel Dynamics were worth $4,863,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Steel Dynamics during the 2nd quarter valued at $339,769,000. Qube Research & Technologies Ltd bought a new stake in Steel Dynamics during the second quarter valued at $48,746,000. AQR Capital Management LLC grew its position in Steel Dynamics by 79.1% during the second 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. Bank of America Corp DE increased its stake in Steel Dynamics by 34.7% in 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 acquiring an additional 264,827 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in shares of Steel Dynamics by 15.5% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,936,077 shares of the basic materials company’s stock valued at $269,947,000 after acquiring an additional 260,104 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on STLD shares. Wells Fargo & Company boosted their price objective on Steel Dynamics from $190.00 to $210.00 and gave the stock an “overweight” rating in a report on Monday. Morgan Stanley reissued 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 upgraded shares of Steel Dynamics from a “hold” rating to a “strong-buy” rating in a research report on Saturday, January 31st. JPMorgan Chase & Co. upped their target price on shares of Steel Dynamics from $165.00 to $190.00 and gave the stock a “neutral” rating in a research report on Friday, December 5th. Finally, Jefferies Financial Group raised their price target on Steel Dynamics from $180.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, December 10th. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Steel Dynamics has a consensus rating of “Moderate Buy” and an average target price of $184.22.

Steel Dynamics Price Performance

Shares of Steel Dynamics stock opened at $189.98 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $208.47. The company has a fifty day moving average of $183.98 and a 200-day moving average of $161.70. The stock has a market capitalization of $27.52 billion, a price-to-earnings ratio of 23.72, a price-to-earnings-growth ratio of 0.52 and a beta of 1.43.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $4.62 billion. During the same period in the prior year, the business posted $1.36 earnings per share. The company’s revenue was up 14.0% on a year-over-year basis. Equities research analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.1%. The ex-dividend date is Tuesday, March 31st. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.50. Steel Dynamics’s dividend payout ratio is 24.97%.

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.