Steel Dynamics, Inc. (NASDAQ:STLD) Short Interest Update

Steel Dynamics, Inc. (NASDAQ:STLD) was the recipient of a large drop in short interest in the month of February. As of February 27th, there was short interest totaling 3,656,327 shares, a drop of 17.5% from the February 12th total of 4,434,070 shares. Based on an average trading volume of 1,040,576 shares, the days-to-cover ratio is presently 3.5 days. Currently, 2.7% of the company’s stock are sold short. Currently, 2.7% of the company’s stock are sold short. Based on an average trading volume of 1,040,576 shares, the days-to-cover ratio is presently 3.5 days.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on STLD. Jefferies Financial Group upped their target price on Steel Dynamics from $180.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 10th. KeyCorp reiterated an “overweight” rating and issued a $190.00 price objective on shares of Steel Dynamics in a research note on Wednesday, January 7th. Wall Street Zen downgraded shares of Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 7th. JPMorgan Chase & Co. boosted their price target on shares of Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a report on Friday, December 5th. Finally, Wells Fargo & Company lifted their price objective on Steel Dynamics from $190.00 to $210.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $184.22.

Steel Dynamics Stock Up 1.6%

Shares of STLD traded up $2.74 during trading hours on Monday, hitting $173.34. 221,583 shares of the company were exchanged, compared to its average volume of 1,299,745. The company has a market cap of $25.11 billion, a PE ratio of 21.63, a PEG ratio of 0.45 and a beta of 1.43. The firm’s 50 day moving average is $184.81 and its 200-day moving average is $164.26. Steel Dynamics has a 52 week low of $103.17 and a 52 week high of $208.47. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.10. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.62 billion. During the same period last year, the business earned $1.36 EPS. The firm’s revenue was up 14.0% compared to the same quarter last year. On average, equities research analysts forecast that Steel Dynamics will post 9.01 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be given a $0.53 dividend. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.50. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Tuesday, March 31st. Steel Dynamics’s payout ratio is 24.97%.

Institutional Trading of Steel Dynamics

Large investors have recently modified their holdings of the company. Jacobi Capital Management LLC lifted its position in Steel Dynamics by 1.6% during the 4th quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock worth $599,000 after acquiring an additional 55 shares during the last quarter. Optas LLC increased its position in Steel Dynamics by 3.0% in the 4th quarter. Optas LLC now owns 1,979 shares of the basic materials company’s stock worth $335,000 after buying an additional 58 shares during the period. Hohimer Wealth Management LLC lifted its holdings in shares of Steel Dynamics by 1.1% during the fourth quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock worth $967,000 after buying an additional 61 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of Steel Dynamics by 13.2% during the third quarter. Versant Capital Management Inc now owns 548 shares of the basic materials company’s stock worth $76,000 after buying an additional 64 shares during the last quarter. Finally, Wright Investors Service Inc. boosted its position in shares of Steel Dynamics by 1.2% in the fourth quarter. Wright Investors Service Inc. now owns 5,555 shares of the basic materials company’s stock valued at $941,000 after acquiring an additional 64 shares during the period. 82.41% of the stock is owned by institutional investors.

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.