Marshall Wace LLP bought a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 472,444 shares of the basic materials company’s stock, valued at approximately $21,350,000. Marshall Wace LLP owned 0.21% of Steel Dynamics as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the company. Northern Trust Corp raised its position in Steel Dynamics by 2.4% in the 2nd quarter. Northern Trust Corp now owns 2,679,485 shares of the basic materials company’s stock valued at $123,123,000 after buying an additional 63,716 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Steel Dynamics by 2.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 107,665 shares of the basic materials company’s stock valued at $4,946,000 after buying an additional 2,136 shares during the last quarter. Piedmont Investment Advisors Inc. raised its position in Steel Dynamics by 66.3% in the 3rd quarter. Piedmont Investment Advisors Inc. now owns 18,544 shares of the basic materials company’s stock valued at $838,000 after buying an additional 7,396 shares during the last quarter. Brookstone Capital Management purchased a new stake in Steel Dynamics in the 3rd quarter valued at $214,000. Finally, IFM Investors Pty Ltd raised its position in Steel Dynamics by 27.3% in the 3rd quarter. IFM Investors Pty Ltd now owns 12,800 shares of the basic materials company’s stock valued at $578,000 after buying an additional 2,743 shares during the last quarter. 84.01% of the stock is currently owned by institutional investors.
Shares of NASDAQ:STLD opened at $32.31 on Friday. The firm has a market capitalization of $7.61 billion, a price-to-earnings ratio of 7.02, a price-to-earnings-growth ratio of 0.50 and a beta of 1.33. The company has a quick ratio of 2.17, a current ratio of 3.94 and a debt-to-equity ratio of 0.61. Steel Dynamics, Inc. has a 1 year low of $32.25 and a 1 year high of $52.10.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, October 17th. The basic materials company reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.04. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.14 billion. Steel Dynamics had a return on equity of 31.96% and a net margin of 11.49%. The business’s revenue for the quarter was up 31.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.66 EPS. On average, equities analysts forecast that Steel Dynamics, Inc. will post 5.58 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 11th. Shareholders of record on Monday, December 31st will be paid a $0.1875 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.75 dividend on an annualized basis and a yield of 2.32%. Steel Dynamics’s dividend payout ratio (DPR) is presently 28.30%.
Steel Dynamics declared that its board has authorized a stock repurchase program on Tuesday, September 4th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the basic materials company to reacquire up to 6.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
A number of research firms recently commented on STLD. Zacks Investment Research raised Steel Dynamics from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research report on Wednesday, September 12th. Deutsche Bank lowered Steel Dynamics to a “buy” rating in a research report on Tuesday, October 2nd. BidaskClub raised Steel Dynamics from a “sell” rating to a “hold” rating in a research report on Tuesday, August 21st. Morgan Stanley raised Steel Dynamics from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $50.00 to $52.00 in a research report on Monday, August 27th. Finally, Seaport Global Securities began coverage on Steel Dynamics in a research report on Thursday, October 11th. They issued a “buy” rating and a $55.00 price target for the company. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $53.31.
In other Steel Dynamics news, Director Richard P. Teets, Jr. acquired 20,000 shares of Steel Dynamics stock in a transaction on Wednesday, November 28th. The stock was purchased at an average price of $33.85 per share, for a total transaction of $677,000.00. Following the purchase, the director now directly owns 5,022,779 shares of the company’s stock, valued at $170,021,069.15. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Christopher A. Graham sold 10,800 shares of the company’s 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 owns 26,087 shares of the company’s stock, valued at approximately $1,242,002.07. The disclosure for this sale can be found here. 4.40% of the stock is owned by corporate insiders.
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About Steel Dynamics
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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