Chicago Equity Partners LLC increased its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 6.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 68,960 shares of the basic materials company’s stock after purchasing an additional 3,945 shares during the period. Chicago Equity Partners LLC’s holdings in Steel Dynamics were worth $3,116,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Canton Hathaway LLC purchased a new stake in Steel Dynamics during the 3rd quarter valued at about $106,000. Qube Research & Technologies Ltd purchased a new stake in Steel Dynamics during the 2nd quarter valued at about $119,000. Itau Unibanco Holding S.A. purchased a new stake in Steel Dynamics during the 2nd quarter valued at about $193,000. CENTRAL TRUST Co grew its stake in Steel Dynamics by 6,707.7% during the 2nd 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. Finally, HL Financial Services LLC purchased a new stake in Steel Dynamics during the 2nd quarter valued at about $203,000. Hedge funds and other institutional investors own 83.05% of the company’s stock.
In other news, insider Christopher A. Graham sold 10,800 shares of the stock in a transaction that occurred 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 approximately $1,242,002.07. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 4.40% of the company’s stock.
Steel Dynamics stock opened at $40.28 on Friday. Steel Dynamics, Inc. has a 1-year low of $35.80 and a 1-year high of $52.10. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.94 and a quick ratio of 2.17. The company has a market capitalization of $9.68 billion, a PE ratio of 15.20, a PEG ratio of 0.62 and a beta of 1.35.
Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, October 17th. The basic materials company reported $1.69 earnings per share for the quarter, beating the consensus estimate 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 quarter in the prior year, the company posted $0.66 EPS. The business’s revenue for the quarter was up 31.9% on a year-over-year basis. As a group, equities analysts forecast that Steel Dynamics, Inc. will post 5.58 earnings per share for the current fiscal year.
Steel Dynamics announced that its board has authorized a stock repurchase plan on Tuesday, September 4th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the basic materials company to reacquire up to 6.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, October 12th. Stockholders 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 annualized dividend and a dividend yield of 1.86%. Steel Dynamics’s dividend payout ratio (DPR) is 28.30%.
STLD has been the subject of several research reports. Credit Suisse Group reaffirmed a “neutral” rating on shares of Steel Dynamics in a research note on Monday, October 15th. Zacks Investment Research cut shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. Jefferies Financial Group reaffirmed a “buy” rating and set a $58.00 price objective on shares of Steel Dynamics in a research note on Wednesday, July 25th. Morgan Stanley raised shares of Steel Dynamics from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $50.00 to $52.00 in a research note on Monday, August 27th. Finally, BMO Capital Markets dropped their price objective on shares of Steel Dynamics from $60.00 to $53.00 and set a “buy” rating for the company in a research note on Friday, October 19th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $53.31.
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Steel Dynamics Company 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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