Tidal Investments LLC Buys 3,709 Shares of Steel Dynamics, Inc. $STLD

Tidal Investments LLC grew its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 15.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,467 shares of the basic materials company’s stock after purchasing an additional 3,709 shares during the period. Tidal Investments LLC’s holdings in Steel Dynamics were worth $6,303,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Keating Financial Advisory Services Inc. boosted its position in Steel Dynamics by 27.1% in the second quarter. Keating Financial Advisory Services Inc. now owns 197 shares of the basic materials company’s stock valued at $45,000 after buying an additional 42 shares in the last quarter. Parkside Financial Bank & Trust increased its holdings in shares of Steel Dynamics by 2.7% during the second quarter. Parkside Financial Bank & Trust now owns 1,726 shares of the basic materials company’s stock worth $396,000 after buying an additional 45 shares in the last quarter. Jacobi Capital Management LLC increased its holdings in shares of Steel Dynamics by 1.6% during the fourth quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock worth $599,000 after buying an additional 55 shares in the last quarter. Hohimer Wealth Management LLC lifted its stake in shares of Steel Dynamics by 1.1% in the 4th quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock valued at $967,000 after acquiring an additional 61 shares during the last quarter. Finally, Nilsine Partners LLC lifted its stake in shares of Steel Dynamics by 6.8% in the 2nd quarter. Nilsine Partners LLC now owns 969 shares of the basic materials company’s stock valued at $222,000 after acquiring an additional 62 shares during the last quarter. 82.41% of the stock is owned by institutional investors.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $239.79 on Monday. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. Steel Dynamics, Inc. has a twelve month low of $129.41 and a twelve month high of $288.74. The stock has a market cap of $34.37 billion, a price-to-earnings ratio of 21.74, a P/E/G ratio of 0.44 and a beta of 1.50. The company’s fifty day moving average is $242.94 and its 200 day moving average is $226.92.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data 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. The business had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.Steel Dynamics’s quarterly revenue was up 33.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.01 earnings per share. Sell-side analysts forecast that Steel Dynamics, Inc. will post 17.8 EPS for the current year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be paid a $0.53 dividend. The ex-dividend date of this dividend 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 presently 19.22%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Bank of America reduced their price objective on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. JPMorgan Chase & Co. increased their target price on Steel Dynamics from $260.00 to $273.00 and gave the company a “neutral” rating in a research report on Wednesday, September 9th. Barclays lifted their price target on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research note on Wednesday, July 22nd. The Goldman Sachs Group initiated coverage on Steel Dynamics in a report on Wednesday, July 29th. They set a “buy” rating and a $300.00 price target on the stock. Finally, Wells Fargo & Company lowered their price objective on Steel Dynamics from $275.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, August 24th. Eight equities research 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.com, Steel Dynamics currently has an average rating of “Moderate Buy” and a consensus price target of $258.45.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnaces that use recycled steel and other metallic inputs to manufacture a broad range of steel products. Its customers include companies in the construction, automotive, manufacturing, transportation, energy and appliance industries.

Steel Dynamics’ steel operations produce flat-rolled steel, structural steel, rail, engineered bar products and other specialty steel products.