Kestra Private Wealth Services LLC Takes Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Posted by Defense World Staff on Apr 21st, 2023

Kestra Private Wealth Services LLC purchased a new stake in Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,481 shares of the basic materials company’s stock, valued at approximately $242,000.

A number of other institutional investors also recently modified their holdings of the company. State Street Corp lifted its holdings in shares of Steel Dynamics by 9.5% in the first quarter. State Street Corp now owns 9,207,455 shares of the basic materials company’s stock valued at $771,198,000 after purchasing an additional 800,656 shares in the last quarter. Royal London Asset Management Ltd. lifted its holdings in shares of Steel Dynamics by 3.0% in the third quarter. Royal London Asset Management Ltd. now owns 2,604,971 shares of the basic materials company’s stock valued at $184,810,000 after purchasing an additional 74,722 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Steel Dynamics by 4.3% in the third quarter. Bank of New York Mellon Corp now owns 2,124,519 shares of the basic materials company’s stock valued at $150,734,000 after purchasing an additional 86,719 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Steel Dynamics by 11.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 1,999,689 shares of the basic materials company’s stock valued at $141,879,000 after purchasing an additional 208,704 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Steel Dynamics by 183.6% during the first quarter. First Trust Advisors LP now owns 1,380,388 shares of the basic materials company’s stock worth $115,166,000 after acquiring an additional 893,705 shares in the last quarter. 79.54% of the stock is currently owned by institutional investors.

Steel Dynamics Price Performance

Shares of NASDAQ STLD opened at $111.46 on Friday. Steel Dynamics, Inc. has a twelve month low of $62.44 and a twelve month high of $136.46. The business’s 50 day moving average price is $115.48 and its two-hundred day moving average price is $106.24. The company has a quick ratio of 2.22, a current ratio of 3.76 and a debt-to-equity ratio of 0.38. The company has a market cap of $19.01 billion, a PE ratio of 5.36 and a beta of 1.49.

Steel Dynamics (NASDAQ:STLD – Get Rating) last posted its earnings results on Wednesday, April 19th. The basic materials company reported $4.01 EPS for the quarter, beating the consensus estimate of $3.81 by $0.20. Steel Dynamics had a return on equity of 56.22% and a net margin of 17.35%. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.95 billion. During the same quarter in the prior year, the business earned $6.02 earnings per share. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. On average, analysts predict that Steel Dynamics, Inc. will post 15.85 EPS for the current year.

Steel Dynamics Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 14th. Stockholders of record on Friday, March 31st were given a $0.425 dividend. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.34. The ex-dividend date was Thursday, March 30th. This represents a $1.70 annualized dividend and a dividend yield of 1.53%. Steel Dynamics’s dividend payout ratio is presently 8.18%.

Analysts Set New Price Targets

Several research firms recently issued reports on STLD. Credit Suisse Group upped their target price on Steel Dynamics from $92.00 to $106.00 and gave the stock an “outperform” rating in a report on Thursday, March 16th. BMO Capital Markets upped their target price on Steel Dynamics from $109.00 to $120.00 and gave the stock a “market perform” rating in a report on Friday, January 27th. StockNews.com lowered Steel Dynamics from a “buy” rating to a “hold” rating in a report on Friday, March 24th. Morgan Stanley upped their target price on Steel Dynamics from $85.00 to $93.00 and gave the stock an “equal weight” rating in a report on Monday, January 30th. Finally, Bank of America lowered Steel Dynamics from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $140.00 to $123.00 in a report on Wednesday, April 5th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $109.38.

About Steel Dynamics

(Get Rating)

Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel, long products including structural steel beams, pilings, and standard and premium grade rail, and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.