Seven Eight Capital LP Buys New Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Seven Eight Capital LP bought a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 16,210 shares of the basic materials company’s stock, valued at approximately $2,099,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its position in shares of Steel Dynamics by 4.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,604,492 shares of the basic materials company’s stock valued at $534,295,000 after purchasing an additional 152,254 shares in the last quarter. Norges Bank bought a new stake in shares of Steel Dynamics during the 4th quarter valued at about $221,817,000. LSV Asset Management boosted its position in shares of Steel Dynamics by 3.9% during the 2nd quarter. LSV Asset Management now owns 1,410,070 shares of the basic materials company’s stock valued at $182,604,000 after purchasing an additional 53,532 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Steel Dynamics by 21.6% during the 1st quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock valued at $168,550,000 after purchasing an additional 202,312 shares in the last quarter. Finally, Nordea Investment Management AB raised its stake in Steel Dynamics by 2.5% during the 1st quarter. Nordea Investment Management AB now owns 1,034,133 shares of the basic materials company’s stock worth $153,290,000 after buying an additional 25,280 shares during the period. Institutional investors own 82.41% of the company’s stock.

Analyst Ratings Changes

STLD has been the topic of a number of research reports. Morgan Stanley dropped their price target on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research note on Wednesday. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price target for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. raised Steel Dynamics from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $120.00 to $131.00 in a research note on Monday, September 9th. Bank of America dropped their price target on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Finally, BMO Capital Markets dropped their price target on 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 given a buy rating to the stock. According to data from MarketBeat, Steel Dynamics has an average rating of “Hold” and an average price target of $141.29.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $115.12 on Thursday. The company has a market cap of $18.09 billion, a PE ratio of 7.91 and a beta of 1.32. Steel Dynamics, Inc. has a 52 week low of $98.03 and a 52 week high of $151.34. The business has a 50 day moving average price of $120.74 and a 200-day moving average price of $129.24. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25.

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

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Monday, September 30th. Steel Dynamics’s dividend payout ratio is presently 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.