Mackenzie Financial Corp Boosts Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Mackenzie Financial Corp increased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 28.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,461 shares of the basic materials company's stock after purchasing an additional 3,867 shares during the quarter. Mackenzie Financial Corp's holdings in Steel Dynamics were worth $1,992,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of STLD. Barclays PLC lifted its position in shares of Steel Dynamics by 21.8% during the 3rd quarter. Barclays PLC now owns 448,942 shares of the basic materials company's stock worth $56,603,000 after buying an additional 80,262 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Steel Dynamics by 24.3% during the fourth quarter. Blue Trust Inc. now owns 4,530 shares of the basic materials company's stock worth $571,000 after buying an additional 886 shares during the last quarter. Pacer Advisors Inc. increased its holdings in Steel Dynamics by 74.5% in the 4th quarter. Pacer Advisors Inc. now owns 18,570 shares of the basic materials company's stock worth $2,118,000 after purchasing an additional 7,928 shares in the last quarter. Forsta AP Fonden raised its holdings in Steel Dynamics by 20.7% in the 4th quarter. Forsta AP Fonden now owns 37,900 shares of the basic materials company's stock valued at $4,323,000 after buying an additional 6,500 shares during the last quarter. Finally, Swedbank AB lifted its holdings in shares of Steel Dynamics by 4.5% during the fourth quarter. Swedbank AB now owns 219,076 shares of the basic materials company's stock worth $24,990,000 after purchasing an additional 9,462 shares during the period. 82.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on STLD shares. Wall Street Zen cut Steel Dynamics from a "hold" rating to a "sell" rating in a report on Friday, April 25th. BMO Capital Markets raised Steel Dynamics from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $135.00 to $145.00 in a research note on Monday, March 31st. JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $135.00 to $138.00 and gave the company a "neutral" rating in a research report on Thursday, April 24th. KeyCorp raised Steel Dynamics from a "sector weight" rating to an "overweight" rating and set a $155.00 price target for the company in a research report on Tuesday, February 11th. Finally, Morgan Stanley set a $140.00 price objective on shares of Steel Dynamics and gave the stock an "overweight" rating in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $147.44.

Insider Activity at Steel Dynamics

In other news, SVP Miguel Alvarez sold 7,495 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $135.26, for a total value of $1,013,773.70. Following the sale, the senior vice president now owns 125,319 shares of the company's stock, valued at $16,950,647.94. The trade was a 5.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 6.30% of the stock is currently owned by company insiders.

Steel Dynamics Stock Performance

STLD traded down $1.87 during trading on Wednesday, hitting $134.97. 1,191,393 shares of the company traded hands, compared to its average volume of 1,541,624. The stock's fifty day moving average is $125.84 and its 200 day moving average is $127.31. The company has a quick ratio of 1.08, a current ratio of 2.53 and a debt-to-equity ratio of 0.32. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $155.56. The firm has a market cap of $20.04 billion, a P/E ratio of 13.77, a price-to-earnings-growth ratio of 1.05 and a beta of 1.44.

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

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.48%. The ex-dividend date is Monday, June 30th. Steel Dynamics's dividend payout ratio (DPR) is currently 26.42%.

Steel Dynamics announced that its Board of Directors has initiated a share repurchase plan on Monday, February 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the basic materials company to reacquire up to 7.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

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.