Woodline Partners LP Invests $16.11 Million in Steel Dynamics, Inc. (NASDAQ:STLD)

Woodline Partners LP acquired a new stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 141,224 shares of the basic materials company's stock, valued at approximately $16,109,000. Woodline Partners LP owned 0.09% of Steel Dynamics as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Atomi Financial Group Inc. raised its stake in Steel Dynamics by 5.0% in the fourth quarter. Atomi Financial Group Inc. now owns 1,929 shares of the basic materials company's stock valued at $220,000 after buying an additional 91 shares during the period. Resonant Capital Advisors LLC increased its stake in shares of Steel Dynamics by 3.3% during the fourth quarter. Resonant Capital Advisors LLC now owns 3,200 shares of the basic materials company's stock worth $366,000 after purchasing an additional 101 shares during the period. OneAscent Financial Services LLC increased its stake in shares of Steel Dynamics by 2.2% during the fourth quarter. OneAscent Financial Services LLC now owns 4,605 shares of the basic materials company's stock worth $527,000 after purchasing an additional 101 shares during the period. Center For Asset Management LLC increased its stake in shares of Steel Dynamics by 3.6% during the fourth quarter. Center For Asset Management LLC now owns 3,252 shares of the basic materials company's stock worth $371,000 after purchasing an additional 113 shares during the period. Finally, Cidel Asset Management Inc. increased its stake in shares of 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 purchasing an additional 118 shares during the period. Institutional investors own 82.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on STLD shares. Wolfe Research upgraded Steel Dynamics from an "underperform" rating to a "peer perform" rating in a research note on Thursday, February 27th. KeyCorp upgraded 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. UBS Group upgraded Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 target price on the stock in a research note on Monday, March 24th. Wall Street Zen lowered Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Finally, JPMorgan Chase & Co. increased their target price on Steel Dynamics from $135.00 to $138.00 and gave the stock a "neutral" rating in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Steel Dynamics has a consensus rating of "Moderate Buy" and a consensus price target of $147.44.

Insider Activity

In other news, SVP Miguel Alvarez sold 7,495 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $135.26, for a total value of $1,013,773.70. Following the completion of the transaction, the senior vice president now directly owns 125,319 shares in the company, valued at approximately $16,950,647.94. This represents a 5.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.30% of the stock is owned by corporate insiders.

Steel Dynamics Price Performance

NASDAQ:STLD traded down $4.57 during trading hours on Friday, reaching $125.32. 3,180,388 shares of the company were exchanged, compared to its average volume of 1,524,201. The business has a 50 day moving average of $125.37 and a 200 day moving average of $128.00. The company has a market capitalization of $18.60 billion, a P/E ratio of 12.79, a P/E/G ratio of 1.05 and a beta of 1.44. Steel Dynamics, Inc. has a 1-year low of $103.17 and a 1-year high of $155.56. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.53 and a quick ratio of 1.08.

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 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 the consensus estimate of $4.17 billion. Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. During the same quarter last year, the business posted $3.67 EPS. Research analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders 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 dividend yield of 1.60%. The ex-dividend date of this dividend is Monday, June 30th. Steel Dynamics's payout ratio is 26.42%.

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

Steel Dynamics 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.