Brave Asset Management Inc. Purchases 3,559 Shares of Steel Dynamics, Inc. (STLD)
Brave Asset Management Inc. increased its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 8.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 47,774 shares of the basic materials company’s stock after acquiring an additional 3,559 shares during the quarter. Brave Asset Management Inc.’s holdings in Steel Dynamics were worth $1,647,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Toronto Dominion Bank purchased a new position in Steel Dynamics during the 2nd quarter valued at about $107,000. Hefty Wealth Partners grew its holdings in Steel Dynamics by 76.1% during the 3rd quarter. Hefty Wealth Partners now owns 3,417 shares of the basic materials company’s stock valued at $118,000 after buying an additional 1,477 shares in the last quarter. Advisory Services Network LLC grew its holdings in Steel Dynamics by 2.3% during the 2nd quarter. Advisory Services Network LLC now owns 4,414 shares of the basic materials company’s stock valued at $158,000 after buying an additional 101 shares in the last quarter. Creative Planning grew its holdings in Steel Dynamics by 36.3% during the 2nd quarter. Creative Planning now owns 4,718 shares of the basic materials company’s stock valued at $169,000 after buying an additional 1,256 shares in the last quarter. Finally, IHT Wealth Management LLC grew its holdings in Steel Dynamics by 0.7% during the 2nd quarter. IHT Wealth Management LLC now owns 407 shares of the basic materials company’s stock valued at $198,000 after buying an additional 3 shares in the last quarter. 83.45% of the stock is owned by institutional investors.
A number of research firms have weighed in on STLD. Morgan Stanley set a $36.00 target price on Steel Dynamics and gave the company a “hold” rating in a report on Tuesday, October 24th. Bank of America lifted their target price on Steel Dynamics from $44.00 to $45.00 and gave the company a “buy” rating in a report on Friday, October 20th. Cowen set a $43.00 target price on Steel Dynamics and gave the company a “buy” rating in a report on Friday, October 20th. Citigroup lifted their target price on Steel Dynamics from $41.00 to $42.00 and gave the company a “buy” rating in a report on Friday, October 20th. Finally, KeyCorp upgraded Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $44.00 price target for the company in a research report on Friday, October 20th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $41.70.
Shares of Steel Dynamics, Inc. (NASDAQ:STLD) opened at $39.79 on Tuesday. The stock has a market capitalization of $9,079.99, a PE ratio of 15.09, a PEG ratio of 1.20 and a beta of 1.40. The company has a current ratio of 3.35, a quick ratio of 1.95 and a debt-to-equity ratio of 0.80. Steel Dynamics, Inc. has a 12-month low of $32.15 and a 12-month high of $40.41.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, October 18th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.66. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.41 billion. Steel Dynamics had a return on equity of 21.45% and a net margin of 5.79%. The company’s revenue for the quarter was up 16.3% on a year-over-year basis. During the same quarter last year, the company posted $0.64 EPS. sell-side analysts forecast that Steel Dynamics, Inc. will post 2.67 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Sunday, December 31st will be given a $0.155 dividend. The ex-dividend date is Thursday, December 28th. This represents a $0.62 dividend on an annualized basis and a yield of 1.56%. Steel Dynamics’s payout ratio is 28.57%.
About Steel Dynamics
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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