Corebridge Financial Inc. trimmed its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 7.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,550 shares of the basic materials company's stock after selling 2,705 shares during the quarter. Corebridge Financial Inc.'s holdings in Steel Dynamics were worth $3,827,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. M&T Bank Corp grew its position in Steel Dynamics by 0.9% in the 3rd quarter. M&T Bank Corp now owns 10,055 shares of the basic materials company's stock worth $1,267,000 after purchasing an additional 88 shares during the last quarter. Atomi Financial Group Inc. grew its position in Steel Dynamics by 5.0% during the fourth quarter. Atomi Financial Group Inc. now owns 1,929 shares of the basic materials company's stock worth $220,000 after buying an additional 91 shares in the last quarter. Resonant Capital Advisors LLC increased its stake in Steel Dynamics by 3.3% during the fourth quarter. Resonant Capital Advisors LLC now owns 3,200 shares of the basic materials company's stock valued at $366,000 after acquiring an additional 101 shares during the period. Center For Asset Management LLC lifted its position in shares of Steel Dynamics by 3.6% in the 4th quarter. Center For Asset Management LLC now owns 3,252 shares of the basic materials company's stock worth $371,000 after acquiring an additional 113 shares during the period. Finally, Cidel Asset Management Inc. grew its holdings in shares of Steel Dynamics by 6.2% during the 4th quarter. Cidel Asset Management Inc. now owns 2,036 shares of the basic materials company's stock worth $232,000 after purchasing an additional 118 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company's stock.
Steel Dynamics Price Performance
STLD traded up $3.36 during trading on Wednesday, hitting $127.36. The company's stock had a trading volume of 1,261,948 shares, compared to its average volume of 1,455,235. The firm's 50 day moving average price is $128.43 and its two-hundred day moving average price is $128.98. 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 stock has a market capitalization of $19.09 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 1.05 and a beta of 1.34. Steel Dynamics, Inc. has a 12 month low of $104.60 and a 12 month high of $155.56.
Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings results 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 return on equity of 17.32% and a net margin of 8.76%. During the same quarter last year, the company posted $2.61 EPS. Sell-side analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.
Steel Dynamics announced that its Board of Directors has authorized a stock buyback program on Monday, February 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the basic materials company to repurchase up to 7.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.
Steel Dynamics Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be issued a $0.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.57%. This is a positive change from Steel Dynamics's previous quarterly dividend of $0.46. Steel Dynamics's dividend payout ratio (DPR) is currently 20.41%.
Insider Buying and Selling
In other news, SVP Glenn Pushis sold 23,649 shares of the business's stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total transaction of $3,184,810.83. Following the completion of the sale, the senior vice president now owns 122,140 shares in the company, valued at $16,448,593.80. The trade was a 16.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 6.30% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
STLD has been the subject of a number of recent research reports. BNP Paribas upgraded Steel Dynamics from a "neutral" rating to an "outperform" rating in a research note on Friday, January 3rd. Citigroup dropped their price objective on shares of Steel Dynamics from $160.00 to $145.00 and set a "buy" rating for the company in a research note on Thursday, December 19th. Wolfe Research raised shares of Steel Dynamics from an "underperform" rating to a "peer perform" rating in a research note on Thursday, February 27th. UBS Group upgraded shares of Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price target for the company in a research note on Monday, March 24th. Finally, JPMorgan Chase & Co. upped their price objective on Steel Dynamics from $132.00 to $140.00 and gave the company a "neutral" rating in a research note on Tuesday, March 11th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Steel Dynamics presently has a consensus rating of "Moderate Buy" and a consensus price target of $149.67.
Check Out 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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