AIA Group Ltd Acquires Shares of 3,896 Steel Dynamics, Inc. $STLD

AIA Group Ltd acquired a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,896 shares of the basic materials company’s stock, valued at approximately $543,000.

Other hedge funds also recently modified their holdings of the company. State Street Corp lifted its position in Steel Dynamics by 3.3% during the 2nd quarter. State Street Corp now owns 7,300,813 shares of the basic materials company’s stock worth $938,196,000 after buying an additional 230,582 shares in the last quarter. Norges Bank acquired a new stake in Steel Dynamics in the 2nd quarter valued at about $339,769,000. Nordea Investment Management AB raised its stake in shares of Steel Dynamics by 12.1% in the third quarter. Nordea Investment Management AB now owns 2,340,480 shares of the basic materials company’s stock worth $322,518,000 after acquiring an additional 252,108 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of Steel Dynamics by 15.5% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,936,077 shares of the basic materials company’s stock worth $269,947,000 after acquiring an additional 260,104 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Steel Dynamics by 0.4% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,410,983 shares of the basic materials company’s stock worth $180,620,000 after purchasing an additional 5,317 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on STLD. Wall Street Zen cut shares of Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 7th. KeyCorp reaffirmed an “overweight” rating and set a $190.00 price objective on shares of Steel Dynamics in a report on Wednesday, January 7th. Wells Fargo & Company decreased their price objective on Steel Dynamics from $210.00 to $196.00 and set an “overweight” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. lowered their target price on Steel Dynamics from $194.00 to $192.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a research report on Tuesday. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Steel Dynamics currently has a consensus rating of “Hold” and an average price target of $182.44.

Steel Dynamics Stock Down 2.2%

Shares of Steel Dynamics stock opened at $163.95 on Friday. The business has a fifty day simple moving average of $184.68 and a 200 day simple moving average of $165.38. The stock has a market cap of $23.75 billion, a PE ratio of 20.47, a price-to-earnings-growth ratio of 0.45 and a beta of 1.43. 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 12 month low of $103.17 and a 12 month high of $208.47.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, January 27th. The basic materials company reported $1.82 EPS for the quarter, beating 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 analysts’ expectations of $4.62 billion. During the same period in the prior year, the business posted $1.36 EPS. Steel Dynamics’s revenue was up 14.0% on a year-over-year basis. Research analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.50. Steel Dynamics’s payout ratio is currently 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.