FNY Investment Advisers LLC Buys New Stake in Steel Dynamics, Inc. $STLD

FNY Investment Advisers LLC purchased a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,876 shares of the basic materials company’s stock, valued at approximately $540,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in STLD. Lingohr Asset Management GmbH raised its position in shares of Steel Dynamics by 1,284.8% in the third quarter. Lingohr Asset Management GmbH now owns 40,423 shares of the basic materials company’s stock worth $5,636,000 after acquiring an additional 37,504 shares during the period. Ninety One UK Ltd grew its position in shares of Steel Dynamics by 33.5% during the 3rd quarter. Ninety One UK Ltd now owns 119,863 shares of the basic materials company’s stock valued at $16,712,000 after acquiring an additional 30,102 shares during the period. Rakuten Investment Management Inc. acquired a new stake in shares of Steel Dynamics during the 3rd quarter valued at about $8,592,000. Forvis Mazars Wealth Advisors LLC purchased a new position in shares of Steel Dynamics in the 3rd quarter valued at about $1,047,000. Finally, Mediolanum International Funds Ltd raised its holdings in Steel Dynamics by 157.2% in the 3rd quarter. Mediolanum International Funds Ltd now owns 206,140 shares of the basic materials company’s stock worth $28,629,000 after purchasing an additional 125,981 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.

Wall Street Analyst Weigh In

STLD has been the topic of a number of recent analyst reports. KeyCorp reiterated an “overweight” rating and set a $190.00 price target on shares of Steel Dynamics in a research report on Wednesday, January 7th. Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a research report on Tuesday. Morgan Stanley reaffirmed an “underperform” rating and set a $190.00 target price on shares of Steel Dynamics in a research note on Tuesday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Steel Dynamics in a research report on Monday, December 29th. Finally, 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. Five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $182.44.

Steel Dynamics Stock Down 0.7%

Shares of STLD opened at $167.56 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 one year low of $103.17 and a one year high of $208.47. The stock has a market capitalization of $24.28 billion, a price-to-earnings ratio of 20.92, a PEG ratio of 0.46 and a beta of 1.43. The stock has a 50 day moving average price of $184.79 and a 200 day moving average price of $164.90.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, January 27th. The basic materials company reported $1.82 EPS for the quarter, beating the consensus estimate of $1.72 by $0.10. The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.62 billion. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The firm’s revenue was up 14.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.36 EPS. Equities research analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.3%. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.50. The ex-dividend date is Tuesday, March 31st. Steel Dynamics’s dividend payout ratio (DPR) 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.