Steel Dynamics, Inc. $STLD Shares Bought by Ninety One UK Ltd

Ninety One UK Ltd raised its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 33.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 119,863 shares of the basic materials company’s stock after buying an additional 30,102 shares during the period. Ninety One UK Ltd owned about 0.08% of Steel Dynamics worth $16,712,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of STLD. Norges Bank acquired a new position in Steel Dynamics in the 2nd quarter worth about $339,769,000. Nordea Investment Management AB raised its stake in shares of Steel Dynamics by 43.3% during the 2nd quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock worth $271,238,000 after buying an additional 630,935 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in shares of Steel Dynamics by 40.6% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,675,973 shares of the basic materials company’s stock valued at $214,541,000 after buying an additional 484,304 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in Steel Dynamics in the 2nd quarter worth $48,746,000. Finally, AQR Capital Management LLC boosted its stake in 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 purchasing an additional 277,166 shares during the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Miguel Alvarez sold 8,251 shares of the company’s stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the sale, the senior vice president owned 117,068 shares in the company, valued at $19,057,499.72. This represents a 6.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 6.30% of the stock is currently owned by company insiders.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $169.45 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.11 and a quick ratio of 1.47. The stock has a market capitalization of $24.75 billion, a price-to-earnings ratio of 22.44, a price-to-earnings-growth ratio of 1.15 and a beta of 1.48. The business has a 50-day moving average of $164.03 and a 200 day moving average of $144.18. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $178.36.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share for the quarter, beating analysts’ consensus estimates of $2.63 by $0.11. The firm had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.05 earnings per share. As a group, sell-side analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Wednesday, December 31st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, December 31st. Steel Dynamics’s payout ratio is presently 26.49%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on STLD. Jefferies Financial Group raised their price objective on shares of Steel Dynamics from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 10th. Wells Fargo & Company raised their price target on shares of Steel Dynamics from $172.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, December 15th. BMO Capital Markets upped their price objective on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. UBS Group set a $165.00 target price on Steel Dynamics in a research note on Tuesday, November 4th. Finally, Morgan Stanley increased their price target on Steel Dynamics from $145.00 to $173.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $176.89.

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.