Toronto Dominion Bank lifted its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 7.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 80,609 shares of the basic materials company's stock after acquiring an additional 5,922 shares during the period. Toronto Dominion Bank owned 0.05% of Steel Dynamics worth $9,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently made changes to their positions in the company. Barclays PLC boosted its holdings in Steel Dynamics by 21.8% in the third quarter. Barclays PLC now owns 448,942 shares of the basic materials company's stock valued at $56,603,000 after purchasing an additional 80,262 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Steel Dynamics by 2.3% in the fourth quarter. Fifth Third Bancorp now owns 6,147 shares of the basic materials company's stock valued at $701,000 after purchasing an additional 137 shares during the last quarter. Flagship Harbor Advisors LLC boosted its holdings in Steel Dynamics by 7.9% in the fourth quarter. Flagship Harbor Advisors LLC now owns 3,339 shares of the basic materials company's stock valued at $381,000 after purchasing an additional 245 shares during the last quarter. Blue Trust Inc. boosted its holdings in Steel Dynamics by 24.3% in the fourth quarter. Blue Trust Inc. now owns 4,530 shares of the basic materials company's stock valued at $571,000 after purchasing an additional 886 shares during the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new stake in Steel Dynamics in the fourth quarter valued at $158,000. 82.41% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities research analysts have commented on STLD shares. JPMorgan Chase & Co. upped their price target on shares of Steel Dynamics from $135.00 to $138.00 and gave the company a "neutral" rating in a report on Thursday, April 24th. UBS Group raised shares of Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price target on the stock in a report on Monday, March 24th. Morgan Stanley set a $140.00 price target on shares of Steel Dynamics and gave the company an "overweight" rating in a report on Thursday, April 24th. BMO Capital Markets raised shares of Steel Dynamics from a "market perform" rating to an "outperform" rating and upped their price target for the company from $135.00 to $145.00 in a report on Monday, March 31st. Finally, KeyCorp raised shares of Steel Dynamics from a "sector weight" rating to an "overweight" rating and set a $155.00 target price on the stock in a research note on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Steel Dynamics has a consensus rating of "Moderate Buy" and an average price target of $147.44.
View Our Latest Stock Analysis on STLD
Steel Dynamics Price Performance
Shares of STLD stock traded up $12.64 during mid-day trading on Monday, hitting $135.71. 3,316,684 shares of the stock were exchanged, compared to its average volume of 1,536,116. The firm has a fifty day moving average of $125.44 and a 200 day moving average of $127.19. 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 52-week low of $103.17 and a 52-week high of $155.56. The company has a market cap of $20.15 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 1.05 and a beta of 1.44.
Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.40 by $0.04. The firm had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.17 billion. Steel Dynamics had a net margin of 8.76% and a return on equity of 17.32%. During the same period last year, the company posted $3.67 EPS. Research analysts anticipate 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. Investors of record on Monday, June 30th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date is Monday, June 30th. Steel Dynamics's dividend payout ratio is presently 26.42%.
Steel Dynamics announced that its board has approved a share buyback plan on Monday, February 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the basic materials company to buy up to 7.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.
Insider Activity at Steel Dynamics
In related news, SVP Miguel Alvarez sold 7,495 shares of the firm's stock in a transaction dated 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 transaction, the senior vice president now directly owns 125,319 shares of the company's stock, valued at approximately $16,950,647.94. This trade represents a 5.64% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 6.30% of the stock is currently owned by corporate insiders.
About Steel Dynamics
(
Free Report)
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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