Wambolt & Associates LLC Acquires 1,583 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Wambolt & Associates LLC increased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 9.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,233 shares of the basic materials company’s stock after acquiring an additional 1,583 shares during the period. Wambolt & Associates LLC’s holdings in Steel Dynamics were worth $2,484,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in STLD. Larson Financial Group LLC purchased a new stake in shares of Steel Dynamics in the first quarter valued at about $25,000. LifeSteps Financial Inc. bought a new position in shares of Steel Dynamics during the 1st quarter worth approximately $26,000. Security National Bank bought a new position in shares of Steel Dynamics in the fourth quarter valued at approximately $30,000. Innealta Capital LLC bought a new position in shares of Steel Dynamics in the second quarter valued at approximately $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Steel Dynamics during the second quarter valued at approximately $41,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $108.10 on Thursday. 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, Inc. has a one year low of $95.53 and a one year high of $151.34. The firm has a market capitalization of $16.99 billion, a P/E ratio of 7.42 and a beta of 1.32. The business has a fifty day moving average price of $121.76 and a 200-day moving average price of $129.85.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.67 by $0.05. The company had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. Steel Dynamics’s revenue was down 8.8% compared to the same quarter last year. During the same period last year, the business earned $4.81 earnings per share. As a group, equities research analysts forecast 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. Stockholders of record on Monday, September 30th will be issued a $0.46 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 annualized dividend and a dividend yield of 1.70%. Steel Dynamics’s payout ratio is currently 12.64%.

Analysts Set New Price Targets

A number of brokerages have issued reports on STLD. BMO Capital Markets reduced their price objective on Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating for the company in a research note on Tuesday, June 18th. Jefferies Financial Group started coverage on shares of Steel Dynamics in a research report on Monday, May 20th. They issued a “hold” rating and a $150.00 price objective on the stock. Morgan Stanley boosted their target price on shares of Steel Dynamics from $134.00 to $138.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price target for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Finally, Bank of America dropped their price objective on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $143.43.

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.