Adage Capital Partners GP L.L.C. Grows Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Adage Capital Partners GP L.L.C. grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 5.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 168,300 shares of the basic materials company's stock after purchasing an additional 9,000 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.11% of Steel Dynamics worth $19,198,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. raised its position in shares of Steel Dynamics by 1.5% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 11,444 shares of the basic materials company's stock worth $1,305,000 after acquiring an additional 170 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Steel Dynamics by 8.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,628,403 shares of the basic materials company's stock worth $642,033,000 after purchasing an additional 451,630 shares during the period. Quantessence Capital LLC bought a new position in Steel Dynamics in the fourth quarter worth $1,157,000. Hsbc Holdings PLC lifted its position in Steel Dynamics by 5.4% during the fourth quarter. Hsbc Holdings PLC now owns 748,168 shares of the basic materials company's stock valued at $85,386,000 after buying an additional 38,427 shares during the period. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Steel Dynamics by 22.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,162 shares of the basic materials company's stock valued at $931,000 after buying an additional 1,472 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on STLD. BMO Capital Markets upgraded shares of Steel Dynamics from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $135.00 to $145.00 in a research note on Monday, March 31st. Morgan Stanley set a $140.00 target price on shares of Steel Dynamics and gave the company an "overweight" rating in a report on Thursday, April 24th. 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 report on Tuesday, February 11th. UBS Group raised Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price objective for the company in a research 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 research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $147.44.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Glenn Pushis sold 23,649 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were 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 directly owns 122,140 shares in the company, valued at $16,448,593.80. This represents a 16.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 6.30% of the company's stock.

Steel Dynamics Trading Up 0.3 %

Steel Dynamics stock traded up $0.43 during trading on Wednesday, reaching $129.71. 1,502,347 shares of the company were exchanged, compared to its average volume of 1,502,049. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.53 and a quick ratio of 1.08. The stock's 50 day simple moving average is $123.71 and its two-hundred day simple moving average is $128.15. The company has a market capitalization of $19.44 billion, a P/E ratio of 13.24, a PEG ratio of 1.05 and a beta of 1.35. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $155.56.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings data 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. 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 in the prior year, the business posted $3.67 EPS. On average, equities research analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

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 dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Monday, June 30th. Steel Dynamics's dividend payout ratio (DPR) is 26.42%.

Steel Dynamics announced that its Board of Directors has initiated a stock repurchase plan on Monday, February 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 7.4% of its stock through open market purchases. Stock repurchase plans are usually an indication 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.