Optimal Asset Management Inc. Raises Stock Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)
Optimal Asset Management Inc. grew its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 266.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 77,895 shares of the basic materials company’s stock after buying an additional 56,656 shares during the period. Optimal Asset Management Inc.’s holdings in Steel Dynamics were worth $1,756,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Assetmark Inc. bought a new position in Steel Dynamics during the 4th quarter worth approximately $26,000. Westside Investment Management Inc. bought a new stake in shares of Steel Dynamics in the 1st quarter worth approximately $4,522,000. Verus Capital Partners LLC bought a new stake in shares of Steel Dynamics in the 4th quarter worth approximately $36,000. Point72 Hong Kong Ltd lifted its holdings in shares of Steel Dynamics by 147.9% in the 4th quarter. Point72 Hong Kong Ltd now owns 4,051 shares of the basic materials company’s stock worth $138,000 after purchasing an additional 2,417 shares during the last quarter. Finally, First Quadrant L P CA bought a new stake in shares of Steel Dynamics in the 1st quarter worth approximately $94,000. 80.80% of the stock is currently owned by institutional investors.
Shares of STLD stock traded down $1.05 during mid-day trading on Friday, hitting $25.65. 29,880 shares of the stock traded hands, compared to its average volume of 2,245,297. Steel Dynamics, Inc. has a twelve month low of $14.98 and a twelve month high of $35.78. The firm has a market cap of $5.44 billion, a price-to-earnings ratio of 8.74, a price-to-earnings-growth ratio of 1.16 and a beta of 1.44. The company’s 50-day simple moving average is $26.04 and its 200-day simple moving average is $27.44. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.42 and a current ratio of 4.02.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date is Monday, June 29th. Steel Dynamics’s payout ratio is 32.26%.
Several research firms recently commented on STLD. UBS Group lowered their target price on Steel Dynamics from $43.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. TheStreet upgraded Steel Dynamics from a “c+” rating to a “b-” rating in a research report on Friday, June 19th. BidaskClub upgraded Steel Dynamics from a “strong sell” rating to a “sell” rating in a research report on Friday, May 22nd. BMO Capital Markets raised their target price on Steel Dynamics from $24.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, June 19th. Finally, JPMorgan Chase & Co. lowered their target price on Steel Dynamics from $35.00 to $28.00 and set an “overweight” rating on the stock in a research report on Friday, April 17th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $30.55.
Steel Dynamics Profile
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.
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