NEOS Investment Management LLC Grows Stock Position in Steel Dynamics, Inc. $STLD

NEOS Investment Management LLC lifted its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 15.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,641 shares of the basic materials company’s stock after acquiring an additional 3,068 shares during the period. NEOS Investment Management LLC’s holdings in Steel Dynamics were worth $5,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Keating Financial Advisory Services Inc. lifted its holdings in Steel Dynamics by 27.1% in the 2nd quarter. Keating Financial Advisory Services Inc. now owns 197 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 42 shares in the last quarter. Jacobi Capital Management LLC grew its holdings in shares of Steel Dynamics by 1.6% during the fourth quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock worth $599,000 after buying an additional 55 shares in the last quarter. Hohimer Wealth Management LLC raised its position in shares of Steel Dynamics by 1.1% in the fourth quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock valued at $967,000 after buying an additional 61 shares during the last quarter. Kestra Private Wealth Services LLC raised its position in shares of Steel Dynamics by 2.7% in the first quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company’s stock valued at $431,000 after buying an additional 64 shares during the last quarter. Finally, Trustmark Bank Trust Department lifted its stake in shares of Steel Dynamics by 4.5% in the second quarter. Trustmark Bank Trust Department now owns 1,613 shares of the basic materials company’s stock worth $370,000 after buying an additional 70 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $256.00 to $260.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 22nd. Morgan Stanley lowered their target price on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 22nd. Bank of America dropped their price target on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Finally, UBS Group increased their price target on Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $257.27.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $242.06 on Monday. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. The company has a 50-day moving average price of $241.46 and a 200 day moving average price of $225.27. Steel Dynamics, Inc. has a 12-month low of $129.41 and a 12-month high of $288.74. The stock has a market cap of $34.69 billion, a P/E ratio of 21.95, a PEG ratio of 0.46 and a beta of 1.50.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating the consensus estimate of $3.63 by $0.06. The business had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company’s quarterly revenue was up 33.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.01 EPS. Sell-side analysts anticipate that Steel Dynamics, Inc. will post 17.16 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Steel Dynamics’s payout ratio is currently 19.22%.

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.