Dynamic Technology Lab Private Ltd bought a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 34,650 shares of the basic materials company’s stock, valued at approximately $1,566,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. grew its position in Steel Dynamics by 200.0% during the 2nd quarter. Victory Capital Management Inc. now owns 1,291,425 shares of the basic materials company’s stock worth $59,341,000 after purchasing an additional 860,913 shares during the last quarter. Standard Life Aberdeen plc grew its position in Steel Dynamics by 43.3% during the 2nd quarter. Standard Life Aberdeen plc now owns 2,690,278 shares of the basic materials company’s stock worth $123,632,000 after purchasing an additional 812,425 shares during the last quarter. BlackRock Inc. grew its position in Steel Dynamics by 3.0% during the 3rd quarter. BlackRock Inc. now owns 23,117,232 shares of the basic materials company’s stock worth $1,044,668,000 after purchasing an additional 679,662 shares during the last quarter. Prudential Financial Inc. grew its position in Steel Dynamics by 24.8% during the 3rd quarter. Prudential Financial Inc. now owns 2,461,872 shares of the basic materials company’s stock worth $111,251,000 after purchasing an additional 489,463 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in Steel Dynamics by 235.4% during the 3rd quarter. Janus Henderson Group PLC now owns 645,292 shares of the basic materials company’s stock worth $29,161,000 after purchasing an additional 452,921 shares during the last quarter. 84.01% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ:STLD opened at $32.31 on Friday. The stock has a market capitalization of $7.97 billion, a PE ratio of 12.19, a PEG ratio of 0.52 and a beta of 1.33. The company has a current ratio of 3.94, a quick ratio of 2.17 and a debt-to-equity ratio of 0.61. Steel Dynamics, Inc. has a fifty-two week low of $32.25 and a fifty-two week high of $52.10.
Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, October 17th. The basic materials company reported $1.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.65 by $0.04. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.14 billion. Steel Dynamics had a net margin of 11.49% and a return on equity of 31.96%. The business’s quarterly revenue was up 31.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 earnings per share. On average, equities analysts predict that Steel Dynamics, Inc. will post 5.58 earnings per share for the current fiscal year.
Steel Dynamics announced that its Board of Directors has approved a stock buyback plan on Tuesday, September 4th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the basic materials company to reacquire up to 6.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 11th. Stockholders of record on Monday, December 31st will be issued a $0.1875 dividend. This represents a $0.75 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, December 28th. Steel Dynamics’s payout ratio is 28.30%.
In other news, Director Richard P. Teets, Jr. bought 20,000 shares of the stock in a transaction dated Wednesday, November 28th. The shares were acquired at an average price of $33.85 per share, with a total value of $677,000.00. Following the completion of the acquisition, the director now directly owns 5,022,779 shares in the company, valued at $170,021,069.15. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Christopher A. Graham sold 10,800 shares of Steel Dynamics stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $47.61, for a total transaction of $514,188.00. Following the completion of the sale, the insider now directly owns 26,087 shares in the company, valued at approximately $1,242,002.07. The disclosure for this sale can be found here. 4.40% of the stock is owned by insiders.
Several research analysts have issued reports on the stock. BidaskClub downgraded shares of Steel Dynamics from a “sell” rating to a “strong sell” rating in a research report on Wednesday, November 28th. ValuEngine downgraded shares of Steel Dynamics from a “sell” rating to a “strong sell” rating in a research report on Tuesday, November 27th. BMO Capital Markets lowered their price objective on shares of Steel Dynamics from $60.00 to $53.00 and set a “buy” rating on the stock in a research report on Friday, October 19th. Citigroup lowered their price objective on shares of Steel Dynamics from $56.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, October 19th. Finally, Zacks Investment Research downgraded shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Monday, October 15th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $53.31.
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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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