Steel Dynamics, Inc. (NASDAQ:STLD) Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. grew its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 8.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,498 shares of the basic materials company’s stock after buying an additional 3,631 shares during the period. Federated Hermes Inc.’s holdings in Steel Dynamics were worth $6,280,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Larson Financial Group LLC acquired a new stake in shares of Steel Dynamics during the 1st quarter worth about $25,000. LifeSteps Financial Inc. purchased a new position in Steel Dynamics during the first quarter worth about $26,000. Security National Bank acquired a new stake in shares of Steel Dynamics during the fourth quarter valued at about $30,000. Innealta Capital LLC purchased a new stake in shares of Steel Dynamics in the 2nd quarter valued at approximately $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Steel Dynamics in the 2nd quarter worth approximately $41,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Bank of America dropped their target price on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Morgan Stanley dropped their price objective on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research note on Wednesday. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and increased their target price for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. BMO Capital Markets dropped their target price on Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a research report on Tuesday. Finally, JPMorgan Chase & Co. upgraded shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $120.00 to $131.00 in a research note on Monday, September 9th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $141.29.

Steel Dynamics Price Performance

STLD stock opened at $115.12 on Thursday. The business’s 50-day moving average is $120.74 and its two-hundred day moving average is $129.24. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19. The firm has a market capitalization of $18.09 billion, a P/E ratio of 7.91 and a beta of 1.32. Steel Dynamics, Inc. has a 1 year low of $98.03 and a 1 year high of $151.34.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The firm had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter last year, the company earned $4.81 earnings per share. The firm’s revenue was down 8.8% compared to the same quarter last year. Analysts anticipate that Steel Dynamics, Inc. will post 10.81 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

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 paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.60%. Steel Dynamics’s payout ratio is currently 12.64%.

Steel Dynamics Company Profile

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.