Envestnet Asset Management Inc. Purchases 19,853 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Envestnet Asset Management Inc. boosted its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 9.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 230,922 shares of the basic materials company’s stock after buying an additional 19,853 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Steel Dynamics were worth $29,904,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in STLD. Jump Financial LLC bought a new stake in Steel Dynamics during the 4th quarter valued at $271,000. Janney Montgomery Scott LLC raised its holdings in Steel Dynamics by 9.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 18,934 shares of the basic materials company’s stock valued at $2,236,000 after buying an additional 1,573 shares during the last quarter. Brown Advisory Inc. raised its holdings in Steel Dynamics by 11.0% during the 4th quarter. Brown Advisory Inc. now owns 5,112 shares of the basic materials company’s stock valued at $604,000 after buying an additional 507 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in Steel Dynamics by 12.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 16,872 shares of the basic materials company’s stock valued at $1,993,000 after buying an additional 1,917 shares during the last quarter. Finally, UBS Group AG raised its holdings in Steel Dynamics by 1.1% during the 4th quarter. UBS Group AG now owns 288,318 shares of the basic materials company’s stock valued at $34,050,000 after buying an additional 3,182 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $119.83 on Friday. Steel Dynamics, Inc. has a one year low of $98.25 and a one year high of $151.34. The company’s 50-day moving average is $120.11 and its 200 day moving average is $129.01. The company has a market capitalization of $18.83 billion, a price-to-earnings ratio of 8.23 and a beta of 1.32. 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 (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 EPS 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 company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same period in the prior year, the firm posted $4.81 EPS. Steel Dynamics’s revenue for the quarter was down 8.8% on a year-over-year basis. Sell-side analysts expect that Steel Dynamics, Inc. will post 10.57 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date is Monday, September 30th. Steel Dynamics’s payout ratio is presently 12.64%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $120.00 to $131.00 in a report on Monday, September 9th. Morgan Stanley decreased their price objective on shares of 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 decreased their price objective 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. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. Finally, BMO Capital Markets reduced 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 report on Tuesday, September 17th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $141.29.

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.