23,700 Shares in Steel Dynamics, Inc. (NASDAQ:STLD) Bought by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. acquired a new stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 23,700 shares of the basic materials company's stock, valued at approximately $2,703,000.

Several other hedge funds have also modified their holdings of the stock. IAG Wealth Partners LLC purchased a new position in shares of Steel Dynamics during the fourth quarter worth about $39,000. Investment Management Corp VA ADV acquired a new stake in shares of Steel Dynamics during the 4th quarter valued at approximately $40,000. Avalon Trust Co acquired a new stake in shares of Steel Dynamics during the 4th quarter valued at approximately $42,000. Sunbelt Securities Inc. lifted its position in shares of Steel Dynamics by 100.0% during the 4th quarter. Sunbelt Securities Inc. now owns 400 shares of the basic materials company's stock valued at $46,000 after acquiring an additional 200 shares during the period. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Steel Dynamics during the 4th quarter valued at approximately $48,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Stock Down 2.0%

NASDAQ:STLD traded down $2.49 on Friday, reaching $122.66. The stock had a trading volume of 2,143,083 shares, compared to its average volume of 1,528,961. 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 company has a 50-day moving average of $125.29 and a 200 day moving average of $127.29. The stock has a market cap of $18.21 billion, a P/E ratio of 12.52, a price-to-earnings-growth ratio of 1.05 and a beta of 1.44. Steel Dynamics, Inc. has a 12-month low of $103.17 and a 12-month high of $155.56.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 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 business had revenue of $4.37 billion for the quarter, compared to analysts' expectations of $4.17 billion. During the same quarter last year, the company posted $3.67 earnings per share. On average, research analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a $0.50 dividend. The ex-dividend date is Monday, June 30th. This represents a $2.00 annualized dividend and a dividend yield of 1.63%. Steel Dynamics's dividend payout ratio is currently 26.42%.

Steel Dynamics announced that its Board of Directors has authorized a stock buyback program on Monday, February 24th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the basic materials company to purchase up to 7.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on STLD shares. UBS Group upgraded shares of Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price target for the company in a research report on Monday, March 24th. Wall Street Zen cut shares of Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. BMO Capital Markets raised shares of Steel Dynamics from a "market perform" rating to an "outperform" rating and lifted their target price 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 shares of Steel Dynamics from $135.00 to $138.00 and gave the stock a "neutral" rating in a research note on Thursday, April 24th. Finally, Morgan Stanley set a $140.00 target price on shares of Steel Dynamics and gave the stock 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 issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Steel Dynamics currently has an average rating of "Moderate Buy" and a consensus target price of $147.44.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, SVP Miguel Alvarez sold 7,495 shares of Steel Dynamics stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $135.26, for a total transaction of $1,013,773.70. Following the transaction, the senior vice president now directly owns 125,319 shares in the company, valued at approximately $16,950,647.94. The trade was a 5.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.30% of the stock is owned by corporate insiders.

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.