Steel Dynamics (NASDAQ:STLD) Shares Gap Down to $137.30

Shares of Steel Dynamics, Inc. (NASDAQ:STLD) gapped down before the market opened on Tuesday . The stock had previously closed at $137.30, but opened at $133.53. Steel Dynamics shares last traded at $133.85, with a volume of 186,022 shares changing hands.

Wall Street Analyst Weigh In

Several research firms recently commented on STLD. UBS Group reduced their target price on shares of Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. Citigroup increased their price target on shares of Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, March 13th. JPMorgan Chase & Co. increased their price target on shares of Steel Dynamics from $100.00 to $118.00 and gave the company an “underweight” rating in a research report on Tuesday, April 16th. Finally, BMO Capital Markets increased their price target on shares of Steel Dynamics from $110.00 to $120.00 and gave the company a “market perform” rating in a research report on Monday, March 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $121.17.

Steel Dynamics Stock Performance

The company’s 50-day moving average price is $136.80 and its 200 day moving average price is $121.97. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.67 and a current ratio of 2.91. The stock has a market capitalization of $20.52 billion, a PE ratio of 8.92 and a beta of 1.42.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share for the quarter, topping the consensus estimate of $3.54 by $0.13. The firm had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a net margin of 12.89% and a return on equity of 27.83%. The business’s quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.01 EPS. On average, equities research analysts expect that Steel Dynamics, Inc. will post 11.79 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, April 14th. Stockholders of record on Sunday, March 31st were given a dividend of $0.46 per share. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.42%. Steel Dynamics’s payout ratio is presently 12.64%.

Hedge Funds Weigh In On Steel Dynamics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Nordea Investment Management AB increased its holdings in Steel Dynamics by 1.1% in the 4th quarter. Nordea Investment Management AB now owns 1,008,853 shares of the basic materials company’s stock worth $118,787,000 after acquiring an additional 11,026 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc bought a new stake in shares of Steel Dynamics during the 4th quarter valued at $14,762,000. Barclays PLC lifted its stake in shares of Steel Dynamics by 3.1% during the 3rd quarter. Barclays PLC now owns 363,518 shares of the basic materials company’s stock valued at $38,975,000 after buying an additional 10,942 shares in the last quarter. AustralianSuper Pty Ltd boosted its holdings in Steel Dynamics by 13.1% in the 4th quarter. AustralianSuper Pty Ltd now owns 514,888 shares of the basic materials company’s stock worth $60,808,000 after buying an additional 59,668 shares during the period. Finally, Morgan Stanley increased its stake in Steel Dynamics by 0.8% in the 3rd quarter. Morgan Stanley now owns 2,612,430 shares of the basic materials company’s stock worth $280,105,000 after buying an additional 19,833 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

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.