BTS Asset Management Inc. Invests $370,000 in Steel Dynamics, Inc. (NASDAQ:STLD)

BTS Asset Management Inc. acquired a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,955 shares of the basic materials company’s stock, valued at approximately $370,000. Steel Dynamics comprises about 0.3% of BTS Asset Management Inc.’s investment portfolio, making the stock its 12th biggest position.

A number of other institutional investors and hedge funds have also bought and sold shares of STLD. Larson Financial Group LLC purchased a new stake in shares of Steel Dynamics during the first quarter valued at $25,000. LifeSteps Financial Inc. purchased a new stake in shares of Steel Dynamics during the 1st quarter valued at about $26,000. Security National Bank bought a new stake in shares of Steel Dynamics in the fourth quarter worth approximately $30,000. Innealta Capital LLC purchased a new position in shares of Steel Dynamics during the second quarter valued at approximately $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in Steel Dynamics during the second quarter valued at approximately $41,000. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Stock Performance

STLD stock opened at $111.32 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19. The business has a 50-day moving average price of $123.27 and a 200 day moving average price of $130.20. The company has a market capitalization of $17.18 billion, a P/E ratio of 7.65 and a beta of 1.32. Steel Dynamics, Inc. has a 1-year low of $95.53 and a 1-year high of $151.34.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.43 billion. During the same quarter in the previous year, the firm earned $4.81 earnings per share. The company’s revenue was down 8.8% on a year-over-year basis. As a group, equities research analysts forecast that Steel Dynamics, Inc. will post 10.74 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Monday, September 30th. Steel Dynamics’s dividend payout ratio is presently 12.64%.

Analyst Ratings Changes

STLD has been the topic of a number of recent research reports. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and increased their target price for the company from $129.00 to $145.00 in a report on Tuesday. BMO Capital Markets cut 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 report on Tuesday, June 18th. Bank of America cut their price objective on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Morgan Stanley raised their target price on shares of Steel Dynamics from $134.00 to $138.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Finally, JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $141.86.

Steel Dynamics Company Profile

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, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.