Mercer Global Advisors Inc. ADV grew its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 23.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 79,882 shares of the basic materials company's stock after buying an additional 15,284 shares during the period. Mercer Global Advisors Inc. ADV owned approximately 0.05% of Steel Dynamics worth $9,112,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of STLD. Barclays PLC boosted its holdings in Steel Dynamics by 21.8% in the 3rd 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 period. Wilmington Savings Fund Society FSB bought a new position in Steel Dynamics during the 3rd quarter worth $25,000. Tidal Investments LLC raised its holdings in Steel Dynamics by 6.4% in the 3rd quarter. Tidal Investments LLC now owns 26,413 shares of the basic materials company's stock valued at $3,330,000 after acquiring an additional 1,585 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Steel Dynamics by 24.3% during the 4th quarter. GAMMA Investing LLC now owns 2,420 shares of the basic materials company's stock valued at $276,000 after acquiring an additional 473 shares during the period. Finally, Everence Capital Management Inc. acquired a new stake in shares of Steel Dynamics during the 4th quarter worth $216,000. Institutional investors and hedge funds own 82.41% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on STLD shares. StockNews.com downgraded shares of Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Jefferies Financial Group upgraded shares of Steel Dynamics from a "hold" rating to a "buy" rating and boosted their price objective for the company from $125.00 to $145.00 in a research report on Friday, January 24th. BMO Capital Markets raised Steel Dynamics from a "market perform" rating to an "outperform" rating and raised their target price for the company from $135.00 to $145.00 in a report on Monday, March 31st. UBS Group raised Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price target for the company in a report on Monday, March 24th. Finally, Wolfe Research raised Steel Dynamics from an "underperform" rating to a "peer perform" rating in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $147.44.
Read Our Latest Stock Report on STLD
Steel Dynamics Trading Down 0.3 %
Shares of Steel Dynamics stock traded down $0.42 during trading on Wednesday, hitting $130.75. The company's stock had a trading volume of 1,549,319 shares, compared to its average volume of 1,498,330. The stock has a market cap of $19.60 billion, a price-to-earnings ratio of 13.34, a price-to-earnings-growth ratio of 1.05 and a beta of 1.44. 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, Inc. has a 52 week low of $103.17 and a 52 week high of $155.56. The stock has a 50-day moving average price of $123.61 and a two-hundred day moving average price of $128.15.
Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $0.04. The company had revenue of $4.37 billion during 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 period last year, the company earned $3.67 earnings per share. Equities research analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.
Steel Dynamics Announces Dividend
The company also recently announced 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. The ex-dividend date is Monday, June 30th. This represents a $2.00 annualized dividend and a yield of 1.53%. Steel Dynamics's payout ratio is 26.42%.
Steel Dynamics announced that its Board of Directors has approved a stock repurchase program on Monday, February 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the basic materials company to buy up to 7.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is undervalued.
Insider Buying and Selling at Steel Dynamics
In related news, SVP Glenn Pushis sold 23,649 shares of the company's stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total transaction of $3,184,810.83. Following the sale, the senior vice president now owns 122,140 shares in the company, valued at $16,448,593.80. This represents a 16.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 6.30% of the company's stock.
Steel Dynamics Company Profile
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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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