Dark Forest Capital Management LP Decreases Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Dark Forest Capital Management LP reduced its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 52.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,449 shares of the basic materials company's stock after selling 6,008 shares during the period. Dark Forest Capital Management LP's holdings in Steel Dynamics were worth $622,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Steel Dynamics in the fourth quarter valued at approximately $336,426,000. Capital Research Global Investors lifted its stake in Steel Dynamics by 29.4% during the 4th quarter. Capital Research Global Investors now owns 3,592,670 shares of the basic materials company's stock valued at $409,816,000 after acquiring an additional 815,629 shares during the period. Lord Abbett & CO. LLC boosted its holdings in shares of 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 valued at $128,434,000 after acquiring an additional 548,086 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Steel Dynamics by 14.1% in the fourth quarter. First Trust Advisors LP now owns 3,179,062 shares of the basic materials company's stock worth $362,636,000 after acquiring an additional 393,516 shares during the period. Finally, Nordea Investment Management AB increased its stake in shares of Steel Dynamics by 22.4% in the fourth quarter. Nordea Investment Management AB now owns 1,384,526 shares of the basic materials company's stock worth $158,487,000 after acquiring an additional 253,802 shares during the period. 82.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Glenn Pushis sold 23,649 shares of Steel Dynamics stock in a transaction that occurred on 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 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 SEC, which is available at this link. Insiders own 6.30% of the company's stock.

Steel Dynamics Trading Down 0.0 %

Shares of NASDAQ:STLD opened at $127.34 on Friday. The business's 50 day moving average price is $124.00 and its 200-day moving average price is $128.17. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56. The firm has a market capitalization of $19.09 billion, a price-to-earnings ratio of 12.99, a price-to-earnings-growth 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 posted its quarterly earnings data on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.04. The business had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.17 billion. Steel Dynamics had a net margin of 8.76% and a return on equity of 17.32%. During the same period last year, the firm posted $3.67 earnings per share. On average, equities research analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics declared that its Board of Directors has authorized a share repurchase 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 reacquire up to 7.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Steel Dynamics Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were paid a dividend of $0.50 per share. This is a positive change from Steel Dynamics's previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a yield of 1.57%. The ex-dividend date was Monday, March 31st. Steel Dynamics's payout ratio is 20.41%.

Wall Street Analyst Weigh In

STLD has been the topic of several recent research reports. BNP Paribas raised shares of Steel Dynamics from a "neutral" rating to an "outperform" rating in a report on Friday, January 3rd. 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. Wolfe Research upgraded Steel Dynamics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, February 27th. JPMorgan Chase & Co. upped their price objective on Steel Dynamics from $135.00 to $138.00 and gave the stock a "neutral" rating in a research report on Thursday. Finally, Jefferies Financial Group raised shares of Steel Dynamics from a "hold" rating to a "buy" rating and lifted their target price for the company from $125.00 to $145.00 in a report on Friday, January 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Steel Dynamics has an average rating of "Moderate Buy" and a consensus price target of $147.44.

About Steel Dynamics

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.