TD Asset Management Inc Purchases 20,352 Shares of Steel Dynamics, Inc. $STLD

TD Asset Management Inc boosted its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 40.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 70,092 shares of the basic materials company’s stock after purchasing an additional 20,352 shares during the quarter. TD Asset Management Inc’s holdings in Steel Dynamics were worth $9,773,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in STLD. Versant Capital Management Inc grew its position in shares of Steel Dynamics by 13.2% during the third quarter. Versant Capital Management Inc now owns 548 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 64 shares in the last quarter. Bartlett & CO. Wealth Management LLC raised its stake in Steel Dynamics by 24.8% during the third quarter. Bartlett & CO. Wealth Management LLC now owns 377 shares of the basic materials company’s stock valued at $53,000 after purchasing an additional 75 shares in the last quarter. Bessemer Group Inc. grew its holdings in Steel Dynamics by 6.4% during the 3rd quarter. Bessemer Group Inc. now owns 1,339 shares of the basic materials company’s stock worth $187,000 after acquiring an additional 81 shares in the last quarter. Wright Investors Service Inc. grew its holdings in Steel Dynamics by 1.5% during the 3rd quarter. Wright Investors Service Inc. now owns 5,491 shares of the basic materials company’s stock worth $766,000 after acquiring an additional 82 shares in the last quarter. Finally, Crestwood Advisors Group LLC increased its position in Steel Dynamics by 2.1% during the 3rd quarter. Crestwood Advisors Group LLC now owns 4,330 shares of the basic materials company’s stock valued at $604,000 after purchasing an additional 91 shares during the period. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on STLD. Morgan Stanley reiterated an “equal weight” rating and set a $194.00 price objective (up from $173.00) on shares of Steel Dynamics in a research note on Friday, January 9th. KeyCorp reiterated an “overweight” rating and issued a $190.00 target price on shares of Steel Dynamics in a report on Wednesday, January 7th. JPMorgan Chase & Co. boosted their price objective on shares of Steel Dynamics from $165.00 to $190.00 and gave the stock a “neutral” rating in a research note on Friday, December 5th. Wells Fargo & Company raised their target price on shares of Steel Dynamics from $190.00 to $210.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Wall Street Zen raised Steel Dynamics from a “hold” rating to a “strong-buy” rating in a research report on Saturday, January 31st. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $184.22.

Steel Dynamics Stock Up 4.3%

Steel Dynamics stock opened at $201.51 on Tuesday. The business’s 50-day simple moving average is $182.90 and its two-hundred day simple moving average is $160.77. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06. The company has a market cap of $29.43 billion, a PE ratio of 25.16, a PEG ratio of 0.52 and a beta of 1.43. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $208.47.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Tuesday, January 27th. The basic materials company reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.10. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.62 billion. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.Steel Dynamics’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.36 earnings per share. Equities analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.50. Steel Dynamics’s dividend payout ratio is 24.97%.

About Steel Dynamics

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.