Bay Capital Advisors LLC Purchases New Shares in Steel Dynamics, Inc. (NASDAQ:STLD)

Bay Capital Advisors LLC acquired a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 3,002 shares of the basic materials company's stock, valued at approximately $342,000.

Other hedge funds also recently added to or reduced their stakes in the company. Harbour Capital Advisors LLC raised its position in Steel Dynamics by 133.7% during the fourth quarter. Harbour Capital Advisors LLC now owns 11,499 shares of the basic materials company's stock worth $1,301,000 after acquiring an additional 6,579 shares during the period. Oak Thistle LLC purchased a new stake in shares of Steel Dynamics in the fourth quarter valued at about $1,725,000. Foster & Motley Inc. increased its position in Steel Dynamics by 8.0% during the fourth quarter. Foster & Motley Inc. now owns 35,299 shares of the basic materials company's stock worth $4,027,000 after purchasing an additional 2,602 shares during the last quarter. Larson Financial Group LLC boosted its holdings in Steel Dynamics by 9,465.5% in the 3rd quarter. Larson Financial Group LLC now owns 18,844 shares of the basic materials company's stock valued at $2,376,000 after purchasing an additional 18,647 shares during the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of Steel Dynamics by 22.4% in the 4th quarter. Nordea Investment Management AB now owns 1,384,526 shares of the basic materials company's stock valued at $158,487,000 after buying an additional 253,802 shares during the period. 82.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Steel Dynamics

In related news, SVP Glenn Pushis sold 23,649 shares of the business's stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $134.67, for a total value of $3,184,810.83. Following the completion of the sale, the senior vice president now directly owns 122,140 shares of the company's stock, valued at $16,448,593.80. The trade was a 16.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 6.30% of the company's stock.

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Steel Dynamics Stock Down 3.1 %

Steel Dynamics stock traded down $4.02 during midday trading on Friday, reaching $123.97. The company's stock had a trading volume of 2,337,322 shares, compared to its average volume of 1,453,366. The company has a market cap of $18.58 billion, a P/E ratio of 12.65, a P/E/G ratio of 1.05 and a beta of 1.34. The company has a quick ratio of 1.08, a current ratio of 2.53 and a debt-to-equity ratio of 0.32. The business has a 50-day simple moving average of $128.46 and a 200-day simple moving average of $128.66. Steel Dynamics, Inc. has a fifty-two week low of $104.60 and a fifty-two week high of $155.56.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.33). Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. During the same period last year, the business posted $2.61 EPS. On average, research analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics announced that its board has approved a share 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 reacquire up to 7.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Steel Dynamics Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be issued a $0.50 dividend. This is a boost from Steel Dynamics's previous quarterly dividend of $0.46. The ex-dividend date is Monday, March 31st. This represents a $2.00 annualized dividend and a dividend yield of 1.61%. Steel Dynamics's dividend payout ratio is presently 20.41%.

Wall Street Analyst Weigh In

STLD has been the topic of a number of recent analyst reports. Wolfe Research upgraded Steel Dynamics from an "underperform" rating to a "peer perform" rating in a report on Thursday, February 27th. StockNews.com upgraded shares of Steel Dynamics from a "sell" rating to a "hold" rating in a report on Thursday, March 6th. BNP Paribas raised shares of Steel Dynamics from a "neutral" rating to an "outperform" rating in a research note on Friday, January 3rd. JPMorgan Chase & Co. boosted their price objective on Steel Dynamics from $132.00 to $140.00 and gave the company a "neutral" rating in a report on Tuesday, March 11th. Finally, UBS Group raised Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 target price for the company in a research report on Monday, March 24th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $148.56.

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.