Skandinaviska Enskilda Banken AB publ Buys 225,832 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Skandinaviska Enskilda Banken AB publ increased its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 65.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 571,787 shares of the basic materials company’s stock after acquiring an additional 225,832 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Steel Dynamics were worth $74,064,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Larson Financial Group LLC purchased a new stake in Steel Dynamics during the 1st quarter valued at $25,000. LifeSteps Financial Inc. purchased a new stake in shares of Steel Dynamics during the first quarter worth about $26,000. Security National Bank purchased a new stake in shares of Steel Dynamics during the fourth quarter worth about $30,000. Innealta Capital LLC bought a new stake in shares of Steel Dynamics in the second quarter worth about $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in Steel Dynamics during the 2nd quarter valued at about $41,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $120.09 on Friday. The business has a fifty day simple moving average of $120.49 and a two-hundred day simple moving average of $129.15. The firm has a market capitalization of $18.53 billion, a P/E ratio of 8.25 and a beta of 1.32. The company has a current ratio of 2.35, a quick ratio of 1.19 and a debt-to-equity ratio of 0.25. Steel Dynamics, Inc. has a 12 month low of $98.25 and a 12 month 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 analysts’ consensus estimates of $2.67 by $0.05. The company had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. Steel Dynamics’s revenue was down 8.8% on a year-over-year basis. During the same period last year, the company posted $4.81 EPS. On average, equities analysts forecast that Steel Dynamics, Inc. will post 10.57 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a $0.46 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.84 annualized dividend and a dividend yield of 1.53%. Steel Dynamics’s payout ratio is currently 12.64%.

Analysts Set New Price Targets

Several research firms have weighed in on STLD. 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 report on Wednesday. Bank of America dropped 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. JPMorgan Chase & Co. raised shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $120.00 to $131.00 in a research report on Monday, September 9th. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and raised their target price for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Finally, BMO Capital Markets cut their target price on shares of Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating on the stock in a research note on Tuesday. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Steel Dynamics currently has a consensus rating of “Hold” and an average price target of $141.29.

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.