Steel Dynamics, Inc. (NASDAQ:STLD) Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp grew its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 5.6% during the 2nd quarter, Holdings Channel reports. The firm owned 6,125 shares of the basic materials company’s stock after purchasing an additional 325 shares during the period. Fifth Third Bancorp’s holdings in Steel Dynamics were worth $793,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Franklin Resources Inc. raised its position in Steel Dynamics by 12.0% in the fourth quarter. Franklin Resources Inc. now owns 344,569 shares of the basic materials company’s stock worth $40,694,000 after acquiring an additional 37,033 shares in the last quarter. Nordea Investment Management AB lifted its stake in Steel Dynamics by 2.5% during the first quarter. Nordea Investment Management AB now owns 1,034,133 shares of the basic materials company’s stock valued at $153,290,000 after purchasing an additional 25,280 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Steel Dynamics by 1.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,321 shares of the basic materials company’s stock valued at $2,046,000 after purchasing an additional 278 shares during the last quarter. Schroder Investment Management Group boosted its holdings in Steel Dynamics by 15.3% during the fourth quarter. Schroder Investment Management Group now owns 743,697 shares of the basic materials company’s stock worth $87,831,000 after buying an additional 98,764 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in Steel Dynamics by 1,498.4% in the first quarter. SG Americas Securities LLC now owns 29,730 shares of the basic materials company’s stock worth $4,407,000 after buying an additional 27,870 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets cut their price target on shares of Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a report on Tuesday, June 18th. JPMorgan Chase & Co. raised their price target on shares of Steel Dynamics from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Tuesday, July 16th. Jefferies Financial Group started coverage on shares of Steel Dynamics in a report on Monday, May 20th. They issued a “hold” rating and a $150.00 price objective for the company. Morgan Stanley raised their target price on Steel Dynamics from $134.00 to $138.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Finally, Bank of America decreased their price target on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $138.14.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $118.94 on Friday. The firm’s 50-day moving average is $124.75 and its 200-day moving average is $130.60. The company has a market cap of $18.35 billion, a price-to-earnings ratio of 8.17 and a beta of 1.35. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35. Steel Dynamics, Inc. has a 52-week low of $95.53 and a 52-week high of $151.34.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.67 by $0.05. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The firm had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.43 billion. During the same period in the previous year, the company posted $4.81 earnings per share. The company’s quarterly revenue was down 8.8% compared to the same quarter last year. Equities research analysts anticipate that Steel Dynamics, Inc. will post 10.74 earnings per share for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a $0.46 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 annualized dividend and a yield of 1.55%. Steel Dynamics’s dividend payout ratio (DPR) is currently 12.64%.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.