Cerity Partners LLC trimmed its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 23.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 73,548 shares of the basic materials company's stock after selling 21,938 shares during the period. Cerity Partners LLC's holdings in Steel Dynamics were worth $8,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Steel Dynamics in the fourth quarter valued at about $336,426,000. Lord Abbett & CO. LLC increased its holdings in Steel Dynamics by 116.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,018,668 shares of the basic materials company's stock worth $128,434,000 after buying an additional 548,086 shares during the period. Nordea Investment Management AB increased its holdings in 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 worth $158,487,000 after buying an additional 253,802 shares during the period. ExodusPoint Capital Management LP raised its position in Steel Dynamics by 90.3% during the 4th quarter. ExodusPoint Capital Management LP now owns 406,343 shares of the basic materials company's stock worth $46,352,000 after buying an additional 192,767 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc lifted its stake in Steel Dynamics by 192.4% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 250,621 shares of the basic materials company's stock valued at $28,577,000 after acquiring an additional 164,895 shares during the period. Hedge funds and other institutional investors own 82.41% of the company's stock.
Insiders Place Their Bets
In other Steel Dynamics news, SVP Glenn Pushis sold 23,649 shares of the company's stock in a transaction dated 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 transaction, the senior vice president now owns 122,140 shares of the company's stock, valued at $16,448,593.80. This represents a 16.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 6.30% of the company's stock.
Steel Dynamics Price Performance
STLD stock traded up $0.77 during trading on Wednesday, hitting $119.01. The stock had a trading volume of 286,883 shares, compared to its average volume of 1,898,368. The company's 50-day moving average price is $126.17 and its two-hundred day moving average price is $128.60. Steel Dynamics, Inc. has a twelve month low of $103.17 and a twelve month high of $155.56. The stock has a market capitalization of $17.84 billion, a P/E ratio of 12.14, a PEG ratio of 1.05 and a beta of 1.35. 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 quarterly earnings results 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 previous year, the firm earned $2.61 EPS. As a group, research analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.
Steel Dynamics declared that its board has authorized a share buyback 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 generally a sign that the company's board believes its stock is undervalued.
Steel Dynamics Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were issued a $0.50 dividend. This is an increase from Steel Dynamics's previous quarterly dividend of $0.46. The ex-dividend date was Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a yield of 1.68%. Steel Dynamics's dividend payout ratio is presently 20.41%.
Wall Street Analysts Forecast Growth
A number of research firms have recently weighed in on STLD. Citigroup cut their price objective on shares of Steel Dynamics from $160.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday, December 19th. Jefferies Financial Group upgraded Steel Dynamics from a "hold" rating to a "buy" rating and lifted their price objective for the company from $125.00 to $145.00 in a research note on Friday, January 24th. 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. StockNews.com upgraded Steel Dynamics from a "sell" rating to a "hold" rating in a research report on Thursday, March 6th. Finally, Wolfe Research raised Steel Dynamics from an "underperform" rating to a "peer perform" rating in a report on Thursday, February 27th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $149.11.
View Our Latest Stock Report on Steel Dynamics
About Steel Dynamics
(
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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