Bornite Capital Management LP Increases Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Bornite Capital Management LP boosted its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 75.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 350,000 shares of the basic materials company's stock after acquiring an additional 150,000 shares during the period. Steel Dynamics accounts for about 5.4% of Bornite Capital Management LP's holdings, making the stock its 2nd biggest position. Bornite Capital Management LP owned approximately 0.23% of Steel Dynamics worth $39,924,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of STLD. Wilmington Savings Fund Society FSB bought a new stake in shares of Steel Dynamics during the 3rd quarter worth $25,000. ORG Wealth Partners LLC bought a new position in shares of Steel Dynamics in the fourth quarter worth $28,000. IAG Wealth Partners LLC bought a new position in Steel Dynamics in the 4th quarter worth about $39,000. Avalon Trust Co purchased a new position in Steel Dynamics during the 4th quarter valued at about $42,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Steel Dynamics in the fourth quarter worth about $48,000. Institutional investors own 82.41% of the company's stock.

Steel Dynamics Stock Performance

STLD stock traded up $0.57 during midday trading on Wednesday, reaching $110.80. 866,817 shares of the company's stock traded hands, compared to its average volume of 1,483,418. The company has a current ratio of 2.53, a quick ratio of 1.08 and a debt-to-equity ratio of 0.32. The stock has a market cap of $16.61 billion, a P/E ratio of 11.30, 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. The stock's 50-day moving average is $127.20 and its 200 day moving average is $128.81.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings data on Wednesday, January 22nd. The basic materials company reported $1.36 EPS 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 in the prior year, the company posted $2.61 earnings per share. As a group, analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics declared that its Board of Directors has initiated a stock buyback plan on Monday, February 24th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the basic materials company to reacquire up to 7.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Steel Dynamics Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.00 annualized dividend and a dividend yield of 1.81%. This is a boost from Steel Dynamics's previous quarterly dividend of $0.46. Steel Dynamics's dividend payout ratio (DPR) is presently 20.41%.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Glenn Pushis sold 23,649 shares of the 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 sale, the senior vice president now owns 122,140 shares of the company's stock, valued at approximately $16,448,593.80. This represents a 16.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

STLD has been the subject of a number of research reports. UBS Group upgraded Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price objective for the company in a report on Monday, March 24th. Citigroup lowered their price objective on shares of Steel Dynamics from $160.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, December 19th. JPMorgan Chase & Co. increased their target price on shares of Steel Dynamics from $132.00 to $140.00 and gave the company a "neutral" rating in a report on Tuesday, March 11th. BMO Capital Markets upgraded 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 research report on Monday, March 31st. Finally, StockNews.com upgraded shares of Steel Dynamics from a "sell" rating to a "hold" rating in a research report on Thursday, March 6th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $149.67.

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.