Bayesian Capital Management LP Invests $1.40 Million in Steel Dynamics, Inc. (NASDAQ:STLD)

Bayesian Capital Management LP purchased a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 12,300 shares of the basic materials company's stock, valued at approximately $1,403,000.

Other institutional investors have also added to or reduced their stakes in the company. Atomi Financial Group Inc. boosted its position in shares of Steel Dynamics by 5.0% during the 4th quarter. Atomi Financial Group Inc. now owns 1,929 shares of the basic materials company's stock valued at $220,000 after acquiring an additional 91 shares during the last quarter. Resonant Capital Advisors LLC grew its stake in shares of Steel Dynamics by 3.3% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,200 shares of the basic materials company's stock worth $366,000 after buying an additional 101 shares in the last quarter. OneAscent Financial Services LLC raised its position in shares of Steel Dynamics by 2.2% during the 4th quarter. OneAscent Financial Services LLC now owns 4,605 shares of the basic materials company's stock valued at $527,000 after buying an additional 101 shares in the last quarter. Center For Asset Management LLC lifted its holdings in shares of Steel Dynamics by 3.6% in the 4th quarter. Center For Asset Management LLC now owns 3,252 shares of the basic materials company's stock valued at $371,000 after acquiring an additional 113 shares during the last quarter. Finally, Cidel Asset Management Inc. increased its stake in Steel Dynamics by 6.2% during the fourth quarter. Cidel Asset Management Inc. now owns 2,036 shares of the basic materials company's stock worth $232,000 after acquiring an additional 118 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company's stock.

Steel Dynamics Price Performance

Shares of STLD stock opened at $134.94 on Monday. Steel Dynamics, Inc. has a twelve month low of $103.17 and a twelve month high of $155.56. The company has a current ratio of 2.53, a quick ratio of 1.08 and a debt-to-equity ratio of 0.32. The stock has a fifty day simple moving average of $123.66 and a two-hundred day simple moving average of $128.15. The stock has a market capitalization of $20.23 billion, a price-to-earnings ratio of 13.77, a P/E/G ratio of 1.05 and a beta of 1.35.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.04. Steel Dynamics had a net margin of 8.76% and a return on equity of 17.32%. The company had revenue of $4.37 billion for the quarter, compared to analysts' expectations of $4.17 billion. During the same period in the prior year, the business earned $3.67 EPS. On average, analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.00 annualized dividend and a yield of 1.48%. Steel Dynamics's dividend payout ratio (DPR) is presently 26.42%.

Steel Dynamics declared that its Board of Directors has initiated a share repurchase program on Monday, February 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the basic materials company to reacquire up to 7.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have recently commented on STLD shares. UBS Group upgraded Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 target price for the company in a report on Monday, March 24th. KeyCorp upgraded shares of Steel Dynamics from a "sector weight" rating to an "overweight" rating and set a $155.00 price objective on the stock in a research report on Tuesday, February 11th. JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $135.00 to $138.00 and gave the stock a "neutral" rating in a report on Thursday, April 24th. StockNews.com downgraded shares of Steel Dynamics from a "hold" rating to a "sell" rating in a report on Friday, April 25th. Finally, Jefferies Financial Group upgraded Steel Dynamics from a "hold" rating to a "buy" rating and boosted their target price for the company from $125.00 to $145.00 in a research report on Friday, January 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $147.44.

Insider Activity

In other Steel Dynamics news, SVP Glenn Pushis sold 23,649 shares of Steel Dynamics stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total value of $3,184,810.83. Following the transaction, the senior vice president now owns 122,140 shares in the company, valued at $16,448,593.80. The trade was a 16.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 6.30% of the company's stock.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.

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