Steel Dynamics, Inc. $STLD Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 4.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 162,762 shares of the basic materials company’s stock after acquiring an additional 7,671 shares during the period. Principal Financial Group Inc.’s holdings in Steel Dynamics were worth $22,694,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. State Street Corp grew its position in Steel Dynamics by 3.3% in the 2nd quarter. State Street Corp now owns 7,300,813 shares of the basic materials company’s stock valued at $938,196,000 after buying an additional 230,582 shares during the last quarter. Norges Bank acquired a new stake in shares of Steel Dynamics in the 2nd quarter worth $339,769,000. Nordea Investment Management AB boosted its holdings 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 valued at $322,518,000 after acquiring an additional 252,108 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of Steel Dynamics by 15.5% during 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 period. Finally, Charles Schwab Investment Management Inc. raised its holdings in 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. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $202.39 on Friday. The company has a market cap of $29.56 billion, a P/E ratio of 25.27, a P/E/G ratio of 0.55 and a beta of 1.46. The business has a fifty day simple moving average of $174.83 and a 200-day simple moving average of $152.75. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $202.86. 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 (NASDAQ:STLD) last released its earnings results on Monday, January 26th. The basic materials company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.10. The firm had revenue of $4.41 billion for 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 for the quarter was up 14.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.36 earnings per share. Equities research analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Wall Street Analysts Forecast Growth

STLD has been the topic of a number of analyst reports. KeyCorp reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of Steel Dynamics in a report on Wednesday, January 7th. Citigroup raised their price target on Steel Dynamics from $150.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Wells Fargo & Company upped their price objective on Steel Dynamics from $172.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, December 15th. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “strong-buy” rating in a research report on Saturday, January 31st. Finally, The Goldman Sachs Group set a $172.00 target price on Steel Dynamics and gave the company a “neutral” rating in a report on Friday, October 31st. Five investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $182.00.

About Steel Dynamics

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.