Sterling Capital Management LLC lifted its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 12.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 61,040 shares of the basic materials company’s stock after purchasing an additional 6,960 shares during the period. Sterling Capital Management LLC’s holdings in Steel Dynamics were worth $2,758,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Canton Hathaway LLC purchased a new stake in shares of Steel Dynamics in the third quarter worth $106,000. Qube Research & Technologies Ltd purchased a new stake in shares of Steel Dynamics in the second quarter worth $119,000. Itau Unibanco Holding S.A. purchased a new position in Steel Dynamics during the second quarter valued at $193,000. HL Financial Services LLC purchased a new position in Steel Dynamics during the second quarter valued at $203,000. Finally, CENTRAL TRUST Co grew its stake in 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 acquiring an additional 4,360 shares in the last quarter. 83.05% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently weighed in on the stock. BidaskClub cut shares of Steel Dynamics from a “hold” rating to a “sell” rating in a research note on Thursday, August 9th. Zacks Investment Research cut shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Monday, August 13th. Bank of America raised their target price on shares of Steel Dynamics from $54.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. Seaport Global Securities assumed coverage on shares of Steel Dynamics in a research note on Thursday, October 11th. They set a “buy” rating and a $55.00 target price for the company. Finally, Morgan Stanley raised shares of Steel Dynamics from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $50.00 to $52.00 in a research note on Monday, August 27th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $53.31.
Shares of NASDAQ:STLD opened at $41.23 on Wednesday. Steel Dynamics, Inc. has a 52 week low of $35.80 and a 52 week high of $52.10. The firm has a market capitalization of $9.59 billion, a price-to-earnings ratio of 15.56, a price-to-earnings-growth ratio of 0.61 and a beta of 1.35. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.94 and a quick ratio of 2.17.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, October 17th. The basic materials company reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.04. Steel Dynamics had a net margin of 11.49% and a return on equity of 31.96%. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.14 billion. During the same period last year, the company posted $0.66 EPS. The business’s revenue was up 31.9% on a year-over-year basis. As a group, research analysts expect that Steel Dynamics, Inc. will post 5.59 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Sunday, September 30th were paid a $0.1875 dividend. The ex-dividend date was Thursday, September 27th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.82%. Steel Dynamics’s payout ratio is currently 28.30%.
Steel Dynamics announced that its board has initiated a stock buyback program on Tuesday, September 4th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the basic materials company to buy up to 6.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
In other Steel Dynamics news, insider Christopher A. Graham sold 10,800 shares of Steel Dynamics 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 transaction, the insider now directly owns 26,087 shares of the company’s stock, valued at approximately $1,242,002.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.40% of the company’s stock.
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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.
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