Concentric Capital Strategies LP Makes New $24.35 Million Investment in Steel Dynamics, Inc. $STLD

Concentric Capital Strategies LP bought a new position in Steel Dynamics, Inc. (NASDAQ:STLD) in the 3rd quarter, Holdings Channel.com reports. The firm bought 174,630 shares of the basic materials company’s stock, valued at approximately $24,349,000. Steel Dynamics makes up 1.1% of Concentric Capital Strategies LP’s portfolio, making the stock its 8th biggest holding.

Other large investors have also modified their holdings of the company. Lingohr Asset Management GmbH boosted its stake in shares of Steel Dynamics by 1,284.8% in the third quarter. Lingohr Asset Management GmbH now owns 40,423 shares of the basic materials company’s stock valued at $5,636,000 after purchasing an additional 37,504 shares during the period. Ninety One UK Ltd grew its holdings in Steel Dynamics by 33.5% during the 3rd quarter. Ninety One UK Ltd now owns 119,863 shares of the basic materials company’s stock valued at $16,712,000 after purchasing an additional 30,102 shares in the last quarter. Rakuten Investment Management Inc. purchased a new stake in Steel Dynamics during the 3rd quarter worth $8,592,000. Forvis Mazars Wealth Advisors LLC purchased a new stake in Steel Dynamics during the 3rd quarter worth $1,047,000. Finally, Mediolanum International Funds Ltd lifted its holdings in Steel Dynamics by 157.2% in the 3rd quarter. Mediolanum International Funds Ltd now owns 206,140 shares of the basic materials company’s stock worth $28,629,000 after buying an additional 125,981 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Price Performance

Shares of STLD stock opened at $170.60 on Friday. The firm has a market cap of $24.72 billion, a P/E ratio of 21.30, a P/E/G ratio of 0.46 and a beta of 1.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.06 and a quick ratio of 1.29. Steel Dynamics, Inc. has a 1-year low of $103.17 and a 1-year high of $208.47. The firm has a fifty day moving average of $184.81 and a two-hundred day moving average of $163.82.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.10. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.62 billion. Steel Dynamics had a net margin of 6.52% and a return on equity of 13.56%. The company’s revenue was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.36 EPS. As a group, research analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on STLD shares. Morgan Stanley reissued an “equal weight” rating and issued a $194.00 price objective (up from $173.00) on shares of Steel Dynamics in a research report on Friday, January 9th. Wall Street Zen cut Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. JPMorgan Chase & Co. increased their price target on Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a report on Friday, December 5th. Finally, Jefferies Financial Group raised their price objective on Steel Dynamics from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 10th. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Steel Dynamics currently has an average rating of “Moderate Buy” and a consensus price target of $184.22.

About Steel Dynamics

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.