Steel Dynamics, Inc. (NASDAQ:STLD)’s stock price shot up 3.5% on Tuesday . The stock traded as high as $58.87 and last traded at $58.66. 42,028 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 2,257,941 shares. The stock had previously closed at $56.70.
A number of equities research analysts have recently weighed in on the stock. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised their price objective on shares of Steel Dynamics from $56.00 to $60.00 in a report on Wednesday, April 21st. The Goldman Sachs Group began coverage on Steel Dynamics in a report on Thursday, April 15th. They set a “buy” rating and a $57.00 price target for the company. Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $49.00 to $61.00 in a report on Monday, April 26th. Morgan Stanley boosted their target price on Steel Dynamics from $44.00 to $53.00 and gave the stock an “overweight” rating in a research note on Thursday, March 18th. Finally, Credit Suisse Group increased their price target on shares of Steel Dynamics from $52.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, April 26th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Steel Dynamics currently has a consensus rating of “Buy” and an average price target of $51.70.
The company has a 50-day moving average of $50.64 and a 200-day moving average of $40.96. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.91 and a current ratio of 3.28. The stock has a market cap of $12.47 billion, a price-to-earnings ratio of 24.98, a PEG ratio of 1.06 and a beta of 1.40.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 16th. Shareholders of record on Wednesday, March 31st were paid a $0.26 dividend. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend was Tuesday, March 30th. Steel Dynamics’s payout ratio is currently 33.55%.
In other Steel Dynamics news, SVP Glenn Pushis sold 24,340 shares of the stock in a transaction on Tuesday, April 27th. The stock was sold at an average price of $54.81, for a total value of $1,334,075.40. Following the completion of the transaction, the senior vice president now owns 137,536 shares in the company, valued at $7,538,348.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Keith E. Busse sold 8,035 shares of the business’s stock in a transaction dated Wednesday, March 10th. The stock was sold at an average price of $49.06, for a total transaction of $394,197.10. 5.00% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Boston Partners grew its stake in Steel Dynamics by 143.0% in the 4th quarter. Boston Partners now owns 9,560,516 shares of the basic materials company’s stock valued at $352,496,000 after acquiring an additional 5,625,748 shares during the last quarter. Norges Bank purchased a new position in shares of Steel Dynamics during the 4th quarter worth approximately $138,378,000. Principal Financial Group Inc. raised its position in shares of Steel Dynamics by 366.0% during the 4th quarter. Principal Financial Group Inc. now owns 3,228,871 shares of the basic materials company’s stock worth $119,049,000 after purchasing an additional 2,536,010 shares during the last quarter. KAMES CAPITAL plc purchased a new stake in Steel Dynamics in the 4th quarter valued at approximately $30,049,000. Finally, KBC Group NV grew its holdings in Steel Dynamics by 593.0% during the 4th quarter. KBC Group NV now owns 920,118 shares of the basic materials company’s stock valued at $33,925,000 after buying an additional 787,344 shares during the last quarter. Institutional investors own 79.95% of the company’s stock.
About Steel Dynamics (NASDAQ:STLD)
Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel; long products including structural steel beams, pilings, and standard and premium grade rail; and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.
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