Sierra Summit Advisors LLC Has $376,000 Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Sierra Summit Advisors LLC boosted its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 50.6% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,900 shares of the basic materials company’s stock after purchasing an additional 975 shares during the quarter. Sierra Summit Advisors LLC’s holdings in Steel Dynamics were worth $376,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of STLD. Norges Bank acquired a new stake in shares of Steel Dynamics during the fourth quarter valued at approximately $221,817,000. National Bank of Canada FI lifted its holdings in shares of Steel Dynamics by 481.2% in the second quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock valued at $42,461,000 after purchasing an additional 272,226 shares in the last quarter. Swedbank AB acquired a new stake in shares of Steel Dynamics in the first quarter worth $32,178,000. Acadian Asset Management LLC grew its holdings in shares of 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 valued at $168,550,000 after buying an additional 202,312 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Steel Dynamics by 4.4% during the first 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 buying an additional 152,254 shares during the period. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Stock Performance

STLD stock opened at $112.84 on Monday. The firm has a 50 day moving average of $121.20 and a two-hundred day moving average of $129.54. Steel Dynamics, Inc. has a 12 month low of $95.53 and a 12 month high of $151.34. The company has a market capitalization of $17.73 billion, a price-to-earnings ratio of 7.75 and a beta of 1.32. 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 released its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.67 by $0.05. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.43 billion. During the same quarter in the prior year, the company posted $4.81 EPS. The firm’s revenue was down 8.8% on a year-over-year basis. As a group, equities analysts anticipate that Steel Dynamics, Inc. will post 10.81 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Monday, September 30th. Steel Dynamics’s dividend payout ratio is 12.64%.

Analysts Set New Price Targets

A number of equities research analysts have commented on STLD shares. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Morgan Stanley raised their price target on shares of Steel Dynamics from $134.00 to $138.00 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. raised shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $120.00 to $131.00 in a research report on Monday, September 9th. Jefferies Financial Group assumed coverage on shares of Steel Dynamics in a research report on Monday, May 20th. They issued a “hold” rating and a $150.00 target price for the company. Finally, Bank of America lowered their price target on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Steel Dynamics presently has an average rating of “Hold” and a consensus price target of $143.43.

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.