Fisher Asset Management LLC Purchases 11,183 Shares of Steel Dynamics, Inc. $STLD

Fisher Asset Management LLC raised its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 47.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 34,878 shares of the basic materials company’s stock after purchasing an additional 11,183 shares during the quarter. Fisher Asset Management LLC’s holdings in Steel Dynamics were worth $4,863,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Steel Dynamics during the second quarter worth about $339,769,000. Qube Research & Technologies Ltd bought a new position in Steel Dynamics during the 2nd quarter valued at approximately $48,746,000. AQR Capital Management LLC lifted its holdings in Steel Dynamics by 79.1% in the 2nd quarter. AQR Capital Management LLC now owns 627,542 shares of the basic materials company’s stock worth $80,332,000 after buying an additional 277,166 shares during the period. Bank of America Corp DE grew its position in shares of Steel Dynamics by 34.7% in the 2nd quarter. Bank of America Corp DE now owns 1,028,947 shares of the basic materials company’s stock worth $131,715,000 after buying an additional 264,827 shares during the last quarter. Finally, 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 valued at $269,947,000 after buying an additional 260,104 shares during the period. 82.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

STLD has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a report on Friday, December 5th. Wells Fargo & Company raised their target price on shares of Steel Dynamics from $190.00 to $210.00 and gave the stock an “overweight” rating in a research report on Monday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Steel Dynamics in a research note on Monday, December 29th. KeyCorp reissued an “overweight” rating and issued a $190.00 price target on shares of Steel Dynamics in a research note on Wednesday, January 7th. Finally, 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 report on Wednesday, December 10th. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $184.22.

Steel Dynamics Stock Down 2.0%

NASDAQ:STLD opened at $189.98 on Friday. Steel Dynamics, Inc. has a 1-year low of $103.17 and a 1-year high of $208.47. The company has a market capitalization of $27.52 billion, a PE ratio of 23.72, a P/E/G ratio of 0.52 and a beta of 1.43. The firm’s 50-day moving average price is $183.98 and its 200-day moving average price is $161.70. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.06 and a quick ratio of 1.29.

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

Steel Dynamics Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be given a dividend of $0.53 per share. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $2.12 dividend on an annualized basis and a yield of 1.1%. Steel Dynamics’s dividend payout ratio is 24.97%.

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.