BTS Asset Management Inc. Purchases Shares of 2,955 Steel Dynamics, Inc. (NASDAQ:STLD)

BTS Asset Management Inc. bought a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) during the second quarter, Holdings Channel reports. The institutional investor bought 2,955 shares of the basic materials company’s stock, valued at approximately $370,000. Steel Dynamics accounts for 0.3% of BTS Asset Management Inc.’s holdings, making the stock its 12th largest holding.

Other hedge funds have also recently added to or reduced their stakes in the company. Natixis Advisors L.P. raised its stake in Steel Dynamics by 33.9% during the fourth quarter. Natixis Advisors L.P. now owns 36,999 shares of the basic materials company’s stock worth $4,369,000 after acquiring an additional 9,367 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in Steel Dynamics during the fourth quarter worth about $497,000. Private Advisor Group LLC boosted its holdings in Steel Dynamics by 27.0% during the fourth quarter. Private Advisor Group LLC now owns 3,942 shares of the basic materials company’s stock worth $466,000 after buying an additional 837 shares during the last quarter. Apollon Wealth Management LLC lifted its holdings in shares of Steel Dynamics by 4.1% during the 4th quarter. Apollon Wealth Management LLC now owns 6,365 shares of the basic materials company’s stock valued at $752,000 after purchasing an additional 248 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Steel Dynamics by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,354,525 shares of the basic materials company’s stock valued at $159,969,000 after purchasing an additional 21,143 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on Steel Dynamics in a research report on Monday, May 20th. They issued a “hold” rating and a $150.00 target price on the stock. Morgan Stanley boosted their price target on Steel Dynamics from $134.00 to $138.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. BMO Capital Markets lowered their price target on Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a research report on Tuesday, June 18th. JPMorgan Chase & Co. boosted their target price on Steel Dynamics from $118.00 to $120.00 and gave the stock an “underweight” rating in a report on Tuesday, July 16th. Finally, Bank of America decreased their target price on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Steel Dynamics presently has an average rating of “Hold” and a consensus target price of $141.86.

Steel Dynamics Stock Performance

STLD opened at $111.32 on Friday. The business has a fifty day simple moving average of $123.27 and a 200 day simple moving average of $130.20. The company has a market capitalization of $17.18 billion, a PE ratio of 7.65 and a beta of 1.32. Steel Dynamics, Inc. has a 1 year low of $95.53 and a 1 year high of $151.34. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19.

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, beating the consensus estimate of $2.67 by $0.05. The business had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The firm’s quarterly revenue was down 8.8% on a year-over-year basis. During the same period in the previous year, the company posted $4.81 EPS. Research analysts expect that Steel Dynamics, Inc. will post 10.74 EPS for the current year.

Steel Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a $0.46 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.84 annualized dividend and a yield of 1.65%. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.64%.

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.