SPC Financial Inc. Reduces Position in Steel Dynamics, Inc. (NASDAQ:STLD)

SPC Financial Inc. decreased its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 1.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 11,481 shares of the basic materials company’s stock after selling 145 shares during the period. SPC Financial Inc.’s holdings in Steel Dynamics were worth $1,448,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Larson Financial Group LLC acquired a new stake in shares of Steel Dynamics during the first quarter worth $25,000. Innealta Capital LLC acquired a new position in Steel Dynamics in the second quarter valued at $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Steel Dynamics in the second quarter valued at $41,000. Riverview Trust Co acquired a new position in Steel Dynamics in the first quarter valued at $50,000. Finally, Cullen Frost Bankers Inc. boosted its holdings in Steel Dynamics by 33.3% in the second quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Stock Up 1.1 %

Shares of Steel Dynamics stock opened at $129.86 on Thursday. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. The firm has a market cap of $20.04 billion, a P/E ratio of 10.41 and a beta of 1.31. Steel Dynamics, Inc. has a fifty-two week low of $98.25 and a fifty-two week high of $151.34. The business has a 50-day moving average price of $120.15 and a 200 day moving average price of $127.55.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.05. The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. Steel Dynamics’s quarterly revenue was down 8.8% on a year-over-year basis. During the same period in the previous year, the company earned $4.81 earnings per share. On average, sell-side analysts forecast that Steel Dynamics, Inc. will post 10.12 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend was Monday, September 30th. Steel Dynamics’s dividend payout ratio is currently 14.76%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on STLD shares. JPMorgan Chase & Co. reduced their target price on Steel Dynamics from $131.00 to $129.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their target price for the company from $140.00 to $155.00 in a report on Tuesday, October 1st. BMO Capital Markets lifted their target price on Steel Dynamics from $127.00 to $130.00 and gave the company a “market perform” rating in a report on Thursday, October 10th. Morgan Stanley reduced their target price on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Finally, UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $142.86.

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.