Exchange Traded Concepts LLC Invests $339,000 in Steel Dynamics, Inc. (NASDAQ:STLD)

Exchange Traded Concepts LLC purchased a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) in the 3rd quarter, HoldingsChannel.com reports. The fund purchased 2,685 shares of the basic materials company’s stock, valued at approximately $339,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. National Bank of Canada FI grew its holdings in Steel Dynamics by 481.2% in the 2nd quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock valued at $42,461,000 after buying an additional 272,226 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in Steel Dynamics by 65.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 571,787 shares of the basic materials company’s stock worth $74,064,000 after purchasing an additional 225,832 shares during the last quarter. Swedbank AB purchased a new position in Steel Dynamics during the first quarter worth about $32,178,000. Acadian Asset Management LLC raised its stake in Steel Dynamics by 21.6% during the first quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock worth $168,550,000 after purchasing an additional 202,312 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in Steel Dynamics in the 2nd quarter valued at about $24,670,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analyst Ratings Changes

STLD has been the topic of several analyst reports. Morgan Stanley reduced their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price target for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $140.00 to $155.00 in a report on Tuesday, October 1st. BMO Capital Markets increased their target price on shares of Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research note on Friday. Finally, JPMorgan Chase & Co. upped their price objective on shares of Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $144.29.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $136.57 on Friday. The company’s 50 day moving average is $120.79 and its two-hundred day moving average is $127.37. The firm has a market cap of $21.46 billion, a PE ratio of 9.38 and a beta of 1.31. 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, Inc. has a 52-week low of $98.25 and a 52-week high of $151.34.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.98 by $0.07. The firm had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.18 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. Steel Dynamics’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the previous year, the firm posted $3.47 EPS. On average, research analysts expect that Steel Dynamics, Inc. will post 10.12 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a $0.46 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a yield of 1.35%. Steel Dynamics’s dividend payout ratio is currently 12.64%.

Steel Dynamics 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.