61,625 Shares in Steel Dynamics, Inc. $STLD Acquired by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. acquired a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 61,625 shares of the basic materials company’s stock, valued at approximately $8,592,000.

A number of other institutional investors have also recently modified their holdings of the stock. State Street Corp raised its position in shares of Steel Dynamics by 3.3% in the 2nd quarter. State Street Corp now owns 7,300,813 shares of the basic materials company’s stock worth $938,196,000 after purchasing an additional 230,582 shares during the last quarter. Norges Bank bought a new stake in Steel Dynamics during the 2nd quarter valued at about $339,769,000. Nordea Investment Management AB raised its holdings in Steel Dynamics by 12.1% in the third quarter. Nordea Investment Management AB now owns 2,340,480 shares of the basic materials company’s stock worth $322,518,000 after buying an additional 252,108 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in shares of Steel Dynamics by 15.5% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,936,077 shares of the basic materials company’s stock worth $269,947,000 after buying an additional 260,104 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Steel Dynamics by 0.4% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,410,983 shares of the basic materials company’s stock valued at $180,620,000 after buying an additional 5,317 shares during the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Miguel Alvarez sold 8,251 shares of the company’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the transaction, the senior vice president directly owned 117,068 shares in the company, valued at approximately $19,057,499.72. This represents a 6.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 6.30% of the company’s stock.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $179.83 on Thursday. The firm has a market capitalization of $26.26 billion, a price-to-earnings ratio of 23.82, a PEG ratio of 0.72 and a beta of 1.48. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.11 and a quick ratio of 1.47. The business has a 50 day simple moving average of $168.71 and a 200-day simple moving average of $148.41. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $180.57.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.11. The company had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.74 billion. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.Steel Dynamics’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.05 EPS. Equities analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st were paid a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $2.00 annualized dividend and a dividend yield of 1.1%. Steel Dynamics’s dividend payout ratio is currently 26.49%.

Wall Street Analysts Forecast Growth

STLD has been the topic of several analyst reports. KeyCorp reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of Steel Dynamics in a research report on Wednesday, January 7th. JPMorgan Chase & Co. boosted their target price on shares of Steel Dynamics from $165.00 to $190.00 and gave the stock a “neutral” rating in a report on Friday, December 5th. UBS Group set a $165.00 price target on shares of Steel Dynamics in a research note on Tuesday, November 4th. Wells Fargo & Company lifted their target price on Steel Dynamics from $172.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, December 15th. Finally, The Goldman Sachs Group set a $172.00 price objective on Steel Dynamics and gave the stock a “neutral” rating in a research note on Friday, October 31st. Five investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Steel Dynamics has an average rating of “Hold” and a consensus target price of $182.00.

Steel Dynamics Profile

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.