Rakuten Investment Management Inc. Acquires New Holdings in Steel Dynamics, Inc. $STLD

Rakuten Investment Management Inc. bought a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the third quarter, HoldingsChannel.com reports. The firm bought 61,625 shares of the basic materials company’s stock, valued at approximately $8,592,000.

A number of other institutional investors and hedge funds have also made changes to their positions in STLD. Trust Co. of Toledo NA OH purchased a new stake in shares of Steel Dynamics during the 2nd quarter worth $30,000. Rosenberg Matthew Hamilton grew its stake in Steel Dynamics by 306.2% in the second quarter. Rosenberg Matthew Hamilton now owns 264 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 199 shares during the last quarter. Toth Financial Advisory Corp raised its holdings in Steel Dynamics by 50.0% in the third quarter. Toth Financial Advisory Corp now owns 300 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 100 shares in the last quarter. True Wealth Design LLC lifted its position in shares of Steel Dynamics by 120.4% during the second quarter. True Wealth Design LLC now owns 324 shares of the basic materials company’s stock valued at $41,000 after buying an additional 177 shares during the last quarter. Finally, Root Financial Partners LLC purchased a new stake in Steel Dynamics during the third quarter valued at approximately $48,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Stock Up 4.7%

STLD stock opened at $179.83 on Thursday. The company has a current ratio of 3.11, a quick ratio of 1.47 and a debt-to-equity ratio of 0.43. The firm has a 50-day moving average of $168.71 and a two-hundred day moving average of $148.41. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $180.57. The company has a market cap of $26.26 billion, a price-to-earnings ratio of 23.82, a PEG ratio of 0.72 and a beta of 1.48.

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

Steel Dynamics Dividend Announcement

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

Analysts Set New Price Targets

STLD has been the topic of several analyst reports. Wells Fargo & Company lifted their price target on shares of Steel Dynamics from $172.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, December 15th. JPMorgan Chase & Co. boosted their target price on Steel Dynamics from $165.00 to $190.00 and gave the stock a “neutral” rating in a research note on Friday, December 5th. KeyCorp reissued an “overweight” rating and issued a $190.00 price target on shares of Steel Dynamics in a report on Wednesday, January 7th. Citigroup raised their target price on Steel Dynamics from $150.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a research note on Monday, December 29th. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $182.00.

Insiders Place Their Bets

In other news, SVP Miguel Alvarez sold 8,251 shares of the stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total value of $1,343,180.29. Following the completion of the sale, the senior vice president owned 117,068 shares of the company’s stock, valued at $19,057,499.72. This represents a 6.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 6.30% of the stock is owned by insiders.

Steel Dynamics Company 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.