Saudi Central Bank Purchases 4,514 Shares of Steel Dynamics, Inc. $STLD

Saudi Central Bank raised its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 88.1% during the second quarter, Holdings Channel.com reports. The institutional investor owned 9,635 shares of the basic materials company’s stock after purchasing an additional 4,514 shares during the quarter. Saudi Central Bank’s holdings in Steel Dynamics were worth $2,211,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Schuylkill Financial LLC acquired a new position in shares of Steel Dynamics in the 2nd quarter worth approximately $786,000. Compass Financial Management LLC acquired a new stake in Steel Dynamics during the 2nd quarter valued at $196,000. NBH Bank bought a new position in Steel Dynamics in the 2nd quarter valued at $31,000. AlphaGrep UK Ltd raised its position in Steel Dynamics by 77.9% in the 2nd quarter. AlphaGrep UK Ltd now owns 2,973 shares of the basic materials company’s stock valued at $682,000 after purchasing an additional 1,302 shares during the last quarter. Finally, Raiffeisen Bank International AG boosted its stake in Steel Dynamics by 4.7% in the second quarter. Raiffeisen Bank International AG now owns 62,162 shares of the basic materials company’s stock worth $14,278,000 after purchasing an additional 2,771 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on STLD shares. Wells Fargo & Company lowered their target price on Steel Dynamics from $275.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, August 24th. The Goldman Sachs Group began coverage on shares of Steel Dynamics in a research report on Wednesday, July 29th. They set a “buy” rating and a $300.00 price target on the stock. Barclays boosted their target price on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 22nd. JPMorgan Chase & Co. upped their target price on shares of Steel Dynamics from $256.00 to $260.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Finally, KeyCorp reissued an “overweight” rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $257.27.

Steel Dynamics Stock Performance

Shares of STLD opened at $242.06 on Tuesday. The stock’s fifty day simple moving average is $241.62 and its 200-day simple moving average is $225.62. The firm has a market capitalization of $34.69 billion, a PE ratio of 21.95, a price-to-earnings-growth ratio of 0.46 and a beta of 1.50. Steel Dynamics, Inc. has a 12-month low of $129.41 and a 12-month high of $288.74. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, topping analysts’ consensus estimates of $3.63 by $0.06. The firm had revenue of $6.09 billion during the quarter, compared to analyst estimates of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company’s revenue was up 33.4% on a year-over-year basis. During the same period last year, the company earned $2.01 earnings per share. As a group, research analysts predict that Steel Dynamics, Inc. will post 17.16 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.53 per share. The ex-dividend date is Wednesday, September 30th. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. Steel Dynamics’s payout ratio is currently 19.22%.

Steel Dynamics Company 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.