Fifth Third Wealth Advisors LLC Makes New Investment in Steel Dynamics, Inc. (NASDAQ:STLD)

Fifth Third Wealth Advisors LLC acquired a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 2,266 shares of the basic materials company’s stock, valued at approximately $293,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Fifth Third Bancorp boosted its stake in shares of Steel Dynamics by 5.6% during the second quarter. Fifth Third Bancorp now owns 6,125 shares of the basic materials company’s stock valued at $793,000 after purchasing an additional 325 shares in the last quarter. Paradiem LLC lifted its position in Steel Dynamics by 7.7% during the second quarter. Paradiem LLC now owns 77,449 shares of the basic materials company’s stock valued at $10,030,000 after acquiring an additional 5,554 shares during the last quarter. Ninety One SA PTY Ltd purchased a new position in shares of Steel Dynamics in the second quarter worth $391,000. Ninety One UK Ltd raised its holdings in shares of Steel Dynamics by 148.2% in the second quarter. Ninety One UK Ltd now owns 253,828 shares of the basic materials company’s stock worth $32,871,000 after buying an additional 151,546 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Steel Dynamics by 48.7% in the second quarter. Nisa Investment Advisors LLC now owns 47,007 shares of the basic materials company’s stock worth $6,107,000 after buying an additional 15,389 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on STLD. Jefferies Financial Group began coverage on shares of Steel Dynamics in a report on Monday, May 20th. They issued a “hold” rating and a $150.00 price target for the company. JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $118.00 to $120.00 and gave the stock an “underweight” rating in a report on Tuesday, July 16th. Bank of America dropped their price target on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Morgan Stanley raised their price target 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. Finally, BMO Capital Markets dropped their price target on shares of Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a research report on Tuesday, June 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $138.14.

Steel Dynamics Price Performance

Shares of NASDAQ STLD traded up $3.10 during trading on Wednesday, hitting $119.05. The company had a trading volume of 1,183,201 shares, compared to its average volume of 1,234,187. The stock has a fifty day simple moving average of $124.79 and a two-hundred day simple moving average of $130.69. Steel Dynamics, Inc. has a fifty-two week low of $95.53 and a fifty-two week high of $151.34. The firm has a market capitalization of $18.37 billion, a price-to-earnings ratio of 8.18 and a beta of 1.35. 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 announced its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter last year, the business earned $4.81 earnings per share. On average, research analysts expect that Steel Dynamics, Inc. will post 10.74 earnings per share for the current year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a yield of 1.55%. Steel Dynamics’s 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.