Wedge Capital Management L L P NC Boosts Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Wedge Capital Management L L P NC raised its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 4.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,305 shares of the basic materials company’s stock after buying an additional 2,730 shares during the period. Wedge Capital Management L L P NC’s holdings in Steel Dynamics were worth $7,729,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Larson Financial Group LLC bought a new stake in Steel Dynamics in the first quarter worth $25,000. Innealta Capital LLC purchased a new stake in Steel Dynamics during the 2nd quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Steel Dynamics during the 2nd quarter worth approximately $41,000. Riverview Trust Co purchased a new position in Steel Dynamics in the 1st quarter worth approximately $50,000. Finally, Quarry LP grew its holdings in shares of Steel Dynamics by 583.9% in the fourth quarter. Quarry LP now owns 383 shares of the basic materials company’s stock worth $45,000 after purchasing an additional 327 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on STLD. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and raised their target price for the stock from $140.00 to $155.00 in a research note on Tuesday, October 1st. Morgan Stanley cut their price objective on 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 raised their price target for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. BMO Capital Markets lifted their target price on shares of Steel Dynamics from $127.00 to $130.00 and gave the company a “market perform” rating in a research note on Thursday, October 10th. Finally, JPMorgan Chase & Co. cut their price objective on Steel Dynamics from $131.00 to $129.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $142.86.

Steel Dynamics Trading Up 0.2 %

Steel Dynamics stock opened at $130.18 on Tuesday. Steel Dynamics, Inc. has a 12 month low of $98.25 and a 12 month high of $151.34. The company has a market capitalization of $20.09 billion, a price-to-earnings ratio of 10.44 and a beta of 1.31. The business’s fifty day simple moving average is $119.81 and its two-hundred day simple moving average is $127.67. The company has a current ratio of 2.35, a quick ratio of 1.19 and a debt-to-equity ratio of 0.25.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The company had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter in the previous year, the business posted $4.81 EPS. Steel Dynamics’s revenue was down 8.8% compared to the same quarter last year. As a group, equities analysts predict that Steel Dynamics, Inc. will post 10.15 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 1.41%. The ex-dividend date was Monday, September 30th. Steel Dynamics’s dividend payout ratio is currently 14.76%.

About Steel Dynamics

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.