Spinnaker Trust Increases Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Spinnaker Trust lifted its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 6.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 55,911 shares of the basic materials company’s stock after acquiring an additional 3,167 shares during the quarter. Spinnaker Trust’s holdings in Steel Dynamics were worth $6,603,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of STLD. Ameriprise Financial Inc. increased its position in Steel Dynamics by 165.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,014,956 shares of the basic materials company’s stock valued at $212,447,000 after buying an additional 1,255,751 shares in the last quarter. Assetmark Inc. lifted its position in shares of Steel Dynamics by 105.7% during the 3rd quarter. Assetmark Inc. now owns 789,836 shares of the basic materials company’s stock valued at $84,686,000 after buying an additional 405,836 shares in the last quarter. Sapient Capital LLC purchased a new position in Steel Dynamics during the fourth quarter valued at approximately $38,644,000. Nordea Investment Management AB lifted its stake in shares of Steel Dynamics by 29.0% during the 3rd quarter. Nordea Investment Management AB now owns 997,827 shares of the basic materials company’s stock valued at $106,139,000 after buying an additional 224,226 shares in the last quarter. Finally, ING Groep NV boosted its stake in shares of Steel Dynamics by 832.8% in the third quarter. ING Groep NV now owns 213,975 shares of the basic materials company’s stock worth $22,942,000 after acquiring an additional 191,036 shares during the period. 82.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

STLD has been the subject of a number of research analyst reports. BMO Capital Markets raised their price objective on Steel Dynamics from $110.00 to $120.00 and gave the company a “market perform” rating in a research report on Monday, March 18th. Citigroup increased their price target on shares of Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, March 13th. JPMorgan Chase & Co. boosted their price objective on Steel Dynamics from $100.00 to $118.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 16th. Finally, UBS Group lowered their price objective on Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating for the company in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $121.17.

Steel Dynamics Stock Performance

Shares of NASDAQ STLD traded up $1.01 during mid-day trading on Friday, hitting $134.04. The stock had a trading volume of 1,053,963 shares, compared to its average volume of 1,200,926. The company has a 50 day moving average of $137.39 and a two-hundred day moving average of $122.28. Steel Dynamics, Inc. has a twelve month low of $90.55 and a twelve month high of $151.34. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.67 and a current ratio of 2.87. The firm has a market cap of $21.17 billion, a PE ratio of 9.21 and a beta of 1.42.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.54 by $0.13. The firm had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a net margin of 12.89% and a return on equity of 27.62%. The firm’s revenue was down 4.1% compared to the same quarter last year. During the same quarter last year, the company posted $4.01 earnings per share. Research analysts predict that Steel Dynamics, Inc. will post 11.79 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, April 14th. Shareholders of record on Sunday, March 31st were given a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 1.37%. The ex-dividend date was Wednesday, March 27th. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.43. Steel Dynamics’s dividend payout ratio is currently 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.