Man Group plc Sells 44,267 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Man Group plc reduced its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 41.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 63,433 shares of the basic materials company's stock after selling 44,267 shares during the period. Man Group plc's holdings in Steel Dynamics were worth $7,236,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in STLD. Barclays PLC lifted its stake in shares of Steel Dynamics by 21.8% in the third quarter. Barclays PLC now owns 448,942 shares of the basic materials company's stock worth $56,603,000 after acquiring an additional 80,262 shares during the period. Ritholtz Wealth Management lifted its stake in shares of Steel Dynamics by 24.6% in the fourth quarter. Ritholtz Wealth Management now owns 5,377 shares of the basic materials company's stock worth $613,000 after acquiring an additional 1,060 shares during the period. Merit Financial Group LLC lifted its stake in shares of Steel Dynamics by 6.9% in the fourth quarter. Merit Financial Group LLC now owns 12,458 shares of the basic materials company's stock worth $1,421,000 after acquiring an additional 809 shares during the period. HB Wealth Management LLC lifted its stake in shares of Steel Dynamics by 9.0% in the fourth quarter. HB Wealth Management LLC now owns 3,367 shares of the basic materials company's stock worth $384,000 after acquiring an additional 279 shares during the period. Finally, Annex Advisory Services LLC lifted its stake in shares of Steel Dynamics by 7.5% in the fourth quarter. Annex Advisory Services LLC now owns 2,150 shares of the basic materials company's stock worth $245,000 after acquiring an additional 150 shares during the period. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Trading Up 0.9%

NASDAQ STLD opened at $136.06 on Tuesday. The firm has a market capitalization of $20.20 billion, a P/E ratio of 13.88, a PEG ratio of 1.05 and a beta of 1.44. The business has a fifty day simple moving average of $124.96 and a 200 day simple moving average of $128.20. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 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.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 EPS for the quarter, beating analysts' consensus estimates 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 firm posted $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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 1.47%. Steel Dynamics's dividend payout ratio (DPR) is presently 26.42%.

Steel Dynamics declared that its board has authorized a stock repurchase program on Monday, February 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the basic materials company to reacquire up to 7.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. KeyCorp raised Steel Dynamics from a "sector weight" rating to an "overweight" rating and set a $155.00 price target on the stock in a research note on Tuesday, February 11th. Wolfe Research raised Steel Dynamics from an "underperform" rating to a "peer perform" rating in a research note on Thursday, February 27th. StockNews.com lowered Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. UBS Group raised Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price target on the stock in a research note on Monday, March 24th. Finally, Morgan Stanley set a $140.00 price target on Steel Dynamics and gave the company an "overweight" rating in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $147.44.

Steel Dynamics Company Profile

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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