Cibc World Markets Corp Grows Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Cibc World Markets Corp grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 287.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 76,932 shares of the basic materials company's stock after purchasing an additional 57,079 shares during the quarter. Cibc World Markets Corp owned approximately 0.05% of Steel Dynamics worth $8,776,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in STLD. Holocene Advisors LP grew its stake in Steel Dynamics by 85.8% in the 3rd quarter. Holocene Advisors LP now owns 2,295,365 shares of the basic materials company's stock worth $289,400,000 after acquiring an additional 1,060,007 shares in the last quarter. Lord Abbett & CO. LLC grew its stake in Steel Dynamics by 116.5% in the third quarter. Lord Abbett & CO. LLC now owns 1,018,668 shares of the basic materials company's stock worth $128,434,000 after purchasing an additional 548,086 shares in the last quarter. Nordea Investment Management AB increased its holdings in Steel Dynamics by 22.4% during 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 purchasing an additional 253,802 shares during the period. AEGON ASSET MANAGEMENT UK Plc increased its holdings 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 worth $28,577,000 after purchasing an additional 164,895 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Steel Dynamics during the 4th quarter valued at $16,495,000. 82.41% of the stock is currently owned by institutional investors.

Remove Ads

Insider Buying and Selling

In other news, SVP Glenn Pushis sold 23,649 shares of the stock in a transaction dated Tuesday, February 11th. The stock was 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 directly 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 6.00% of the stock is currently owned by company insiders.

Steel Dynamics Stock Down 3.1 %

NASDAQ:STLD traded down $3.97 during mid-day trading on Friday, hitting $122.67. 6,338,112 shares of the company's stock traded hands, compared to its average volume of 1,389,419. The company has a fifty day moving average of $128.22 and a 200 day moving average of $128.00. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.08 and a current ratio of 2.53. Steel Dynamics, Inc. has a twelve month low of $104.60 and a twelve month high of $155.56. The company has a market capitalization of $18.39 billion, a P/E ratio of 12.52, a P/E/G ratio of 1.05 and a beta of 1.34.

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

Steel Dynamics announced that its Board of Directors has approved a share buyback plan on Monday, February 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 7.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Steel Dynamics Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.63%. This is an increase from Steel Dynamics's previous quarterly dividend of $0.46. The ex-dividend date is Monday, March 31st. Steel Dynamics's dividend payout ratio is presently 20.41%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Citigroup cut their price target on Steel Dynamics from $160.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday, December 19th. KeyCorp raised shares of Steel Dynamics from a "sector weight" rating to an "overweight" rating and set a $155.00 target price on the stock in a research report on Tuesday, February 11th. Wolfe Research raised shares of Steel Dynamics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, February 27th. Morgan Stanley raised shares of Steel Dynamics from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $145.00 to $158.00 in a report on Friday, March 7th. Finally, Jefferies Financial Group upgraded Steel Dynamics from a "hold" rating to a "buy" rating and upped their target price for the stock from $125.00 to $145.00 in a report on Friday, January 24th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target 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.