Meeder Advisory Services Inc. has $288,000 position in Steel Dynamics, Inc. (NASDAQ:STLD)

Meeder Advisory Services Inc. increased its stake in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 28.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,222 shares of the basic materials company’s stock after acquiring an additional 486 shares during the period. The holdings of Meeder Advisory Services Inc. holdings in Steel Dynamics were worth $288,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of STLD. Norges Bank bought a new position in shares of Steel Dynamics in the fourth quarter valued at $221,817,000. National Bank of Canada FI raised its stake in Steel Dynamics by 481.2% in the second quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock worth $42,461,000 after purchasing an additional 272,226 shares in the last quarter. Swedbank AB bought a new position in Steel Dynamics in the first quarter valued at approximately $32,178,000. Acadian Asset Management LLC grew its position in shares of Steel Dynamics by 21.6% in the first quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock valued at $168,550,000 after buying an additional 202,312 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Steel Dynamics by 4.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,604,492 shares of the basic materials company’s stock worth $534,295,000 after acquiring an additional 152,254 shares during the period. 82.41% of shares are currently owned by institutional investors.

Analyst upgrades and downgrades

Several research analysts have commented on the shares. BMO Capital Markets lowered their price objective on shares of Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating for the company in a research report on Tuesday, June 18th. Jefferies Financial Group started coverage on Steel Dynamics in a research report on Monday, May 20th. They set a “hold” rating and a $150.00 price objective for the company. Morgan Stanley boosted their price objective on Steel Dynamics from $134.00 to $138.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. raised Steel Dynamics from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $120.00 to $131.00 in a research note on Monday, September 9th. Finally, UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the company from $129.00 to $145.00 in a note research on Tuesday, September 3. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $143.43, based on data from MarketBeat.com.

Check out our latest analysis of steel dynamics

Steel Dynamics price performance

Shares of Steel Dynamics stock opened at $112.84 on Monday. The stock has a 50 day moving average price of $121.20 and a two hundred day moving average price of $129.54. Steel Dynamics, Inc. has a 12-month low of $95.53 and a 12-month high of $151.34. The company has a market cap of $17.73 billion, a PE ratio of 7.75 and a beta of 1.32. The company has a current ratio of 2.35, a quick ratio of 1.19, and a debt-to-equity ratio of 0.25.

Steel Dynamics (NASDAQ:STLD – Get Your Free Report ) last issued its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.43 billion. In the same quarter last year, the business earned $4.81 EPS. The company’s quarterly revenue was down 8.8% year-over-year. Analysts expect Steel Dynamics, Inc. will record 10.81 EPS for the current year.

Steel Dynamics announces dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a $0.46 dividend. The ex-dividend date of this dividend is Monday, September 30. This represents a dividend of $1.84 on an annualized basis and a yield of 1.63%. Steel Dynamics’ payout ratio is 12.64%.

Steel dynamics profile

(Free report)

Steel Dynamics, Inc., together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot-rolled, cold-rolled and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles and reinforcing steel bars, as well as standard strength carbon products, alloy intermediate hardness and premium grade rail products; specialty bar quality products, merchant bar quality products and other engineered steel round bars; channel, angle, flat, commercial round and reinforcing steel bars; and specialty shapes and mild structural steel products.

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