Choreo LLC Purchases New Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Choreo LLC acquired a new position in Steel Dynamics, Inc. (NASDAQ:STLD) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,666 shares of the basic materials company’s stock, valued at approximately $344,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Private Advisor Group LLC lifted its stake in shares of Steel Dynamics by 27.0% in the 4th quarter. Private Advisor Group LLC now owns 3,942 shares of the basic materials company’s stock valued at $466,000 after purchasing an additional 837 shares during the period. Jump Financial LLC bought a new position in Steel Dynamics during the fourth quarter worth about $271,000. Avantax Advisory Services Inc. grew its position in shares of Steel Dynamics by 9.6% during the 4th quarter. Avantax Advisory Services Inc. now owns 3,101 shares of the basic materials company’s stock worth $366,000 after buying an additional 272 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Steel Dynamics by 1.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 17,321 shares of the basic materials company’s stock valued at $2,046,000 after acquiring an additional 278 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in shares of Steel Dynamics by 9.1% in 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 acquiring an additional 1,573 shares during the period. 82.41% of the stock is owned by institutional investors.

Steel Dynamics Trading Up 3.1 %

NASDAQ STLD opened at $114.49 on Wednesday. Steel Dynamics, Inc. has a 52 week low of $95.53 and a 52 week high of $151.34. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35. The stock’s 50 day moving average price is $120.93 and its two-hundred day moving average price is $129.38. The stock has a market capitalization of $17.99 billion, a price-to-earnings ratio of 7.86 and a beta of 1.32.

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, topping analysts’ consensus estimates of $2.67 by $0.05. The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The firm’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.81 earnings per share. As a group, analysts anticipate that Steel Dynamics, Inc. will post 10.81 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The business 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. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend is Monday, September 30th. Steel Dynamics’s dividend payout ratio is currently 12.64%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. BMO Capital Markets decreased their price objective on shares of Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a report on Tuesday. Morgan Stanley upped their price objective on shares of Steel Dynamics from $134.00 to $138.00 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. Bank of America lowered their price target on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. upgraded Steel Dynamics from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $120.00 to $131.00 in a report on Monday, September 9th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $142.29.

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.