Dorsey Wright & Associates decreased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 64.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 51,138 shares of the basic materials company’s stock after selling 90,888 shares during the period. Dorsey Wright & Associates’ holdings in Steel Dynamics were worth $2,311,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in STLD. Canton Hathaway LLC purchased a new position in shares of Steel Dynamics during the third quarter valued at approximately $106,000. Qube Research & Technologies Ltd purchased a new position in shares of Steel Dynamics during the second quarter valued at approximately $119,000. Mount Yale Investment Advisors LLC purchased a new position in shares of Steel Dynamics during the first quarter valued at approximately $188,000. Itau Unibanco Holding S.A. purchased a new position in shares of Steel Dynamics during the second quarter valued at approximately $193,000. Finally, CENTRAL TRUST Co lifted its stake in shares of Steel Dynamics by 6,707.7% during the second quarter. CENTRAL TRUST Co now owns 4,425 shares of the basic materials company’s stock valued at $203,000 after buying an additional 4,360 shares during the period. 83.43% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Christopher A. Graham sold 10,800 shares of the stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $47.61, for a total value of $514,188.00. Following the completion of the sale, the insider now owns 26,087 shares of the company’s stock, valued at $1,242,002.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.40% of the stock is owned by corporate insiders.
Several brokerages recently commented on STLD. BidaskClub lowered shares of Steel Dynamics from a “hold” rating to a “sell” rating in a research report on Thursday, August 9th. Zacks Investment Research lowered shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Monday, August 13th. Seaport Global Securities began coverage on shares of Steel Dynamics in a research report on Thursday. They set a “buy” rating and a $55.00 price target for the company. Bank of America upped their price target on shares of Steel Dynamics from $54.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Finally, ValuEngine lowered shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Saturday, June 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company. Steel Dynamics currently has an average rating of “Buy” and an average price target of $54.08.
Shares of STLD stock opened at $42.39 on Friday. Steel Dynamics, Inc. has a one year low of $35.48 and a one year high of $52.10. The company has a quick ratio of 1.92, a current ratio of 3.61 and a debt-to-equity ratio of 0.66. The company has a market cap of $10.61 billion, a P/E ratio of 16.00, a P/E/G ratio of 0.68 and a beta of 1.29.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Monday, July 23rd. The basic materials company reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.04. Steel Dynamics had a net margin of 10.01% and a return on equity of 26.90%. The company had revenue of $3.09 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same quarter in the prior year, the business earned $0.63 earnings per share. The business’s quarterly revenue was up 29.3% compared to the same quarter last year. Research analysts anticipate that Steel Dynamics, Inc. will post 5.55 EPS for the current year.
Steel Dynamics announced that its board has initiated a stock repurchase program on Tuesday, September 4th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the basic materials company to reacquire up to 6.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Sunday, September 30th were given a $0.1875 dividend. This represents a $0.75 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend was Thursday, September 27th. Steel Dynamics’s payout ratio is currently 28.30%.
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. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.
Further Reading: What is a Stop Order?
Receive News & Ratings for Steel Dynamics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steel Dynamics and related companies with MarketBeat.com's FREE daily email newsletter.