Rakuten Investment Management Inc. Buys Shares of 22,292 Steel Dynamics, Inc. $STLD

Rakuten Investment Management Inc. bought a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 22,292 shares of the basic materials company’s stock, valued at approximately $5,221,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in STLD. Strs Ohio grew its position in Steel Dynamics by 7.3% during the 4th quarter. Strs Ohio now owns 153,878 shares of the basic materials company’s stock worth $26,075,000 after acquiring an additional 10,519 shares during the last quarter. Canada Post Corp Registered Pension Plan increased its holdings in Steel Dynamics by 70.5% in the 4th quarter. Canada Post Corp Registered Pension Plan now owns 11,692 shares of the basic materials company’s stock worth $1,981,000 after purchasing an additional 4,835 shares in the last quarter. Ethic Inc. raised its position in Steel Dynamics by 56.5% in the fourth quarter. Ethic Inc. now owns 18,548 shares of the basic materials company’s stock valued at $3,143,000 after purchasing an additional 6,695 shares during the last quarter. Sapient Capital LLC raised its position in Steel Dynamics by 34.6% in the second quarter. Sapient Capital LLC now owns 447,664 shares of the basic materials company’s stock valued at $102,958,000 after purchasing an additional 115,080 shares during the last quarter. Finally, Donoghue Forlines LLC acquired a new stake in shares of Steel Dynamics during the fourth quarter valued at about $2,268,000. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $234.66 on Friday. The business’s 50 day simple moving average is $242.07 and its 200 day simple moving average is $223.62. Steel Dynamics, Inc. has a one year low of $126.88 and a one year high of $288.74. The stock has a market capitalization of $33.63 billion, a PE ratio of 21.27, a PEG ratio of 0.44 and a beta of 1.52. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The business had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $5.56 billion. During the same quarter in the prior year, the firm posted $2.01 EPS. The company’s revenue for the quarter was up 33.4% compared to the same quarter last year. As a group, research analysts forecast that Steel Dynamics, Inc. will post 17.16 earnings per share for the current year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.53 per share. The ex-dividend date is Wednesday, September 30th. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. Steel Dynamics’s dividend payout ratio is 19.22%.

Insider Buying and Selling at Steel Dynamics

In related news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the transaction, the senior vice president owned 102,837 shares of the company’s stock, valued at $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 6.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on STLD shares. Weiss Ratings upgraded Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. Morgan Stanley dropped their price objective on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a report on Wednesday, July 22nd. The Goldman Sachs Group began coverage on shares of Steel Dynamics in a research report on Wednesday, July 29th. They set a “buy” rating and a $300.00 target price on the stock. JPMorgan Chase & Co. upped their price target on shares of Steel Dynamics from $256.00 to $260.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $257.27.

About Steel Dynamics

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.