ExodusPoint Capital Management LP Boosts Position in Steel Dynamics, Inc. (NASDAQ:STLD)

ExodusPoint Capital Management LP lifted its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 90.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 406,343 shares of the basic materials company's stock after purchasing an additional 192,767 shares during the period. ExodusPoint Capital Management LP owned about 0.27% of Steel Dynamics worth $46,352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. M&T Bank Corp raised its stake in shares of Steel Dynamics by 0.9% during the 3rd quarter. M&T Bank Corp now owns 10,055 shares of the basic materials company's stock worth $1,267,000 after buying an additional 88 shares during the period. Atomi Financial Group Inc. increased its stake in shares of 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 purchasing an additional 91 shares in the last quarter. Resonant Capital Advisors LLC raised its position in shares of Steel Dynamics by 3.3% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,200 shares of the basic materials company's stock worth $366,000 after purchasing an additional 101 shares during the last quarter. OneAscent Financial Services LLC lifted its stake in Steel Dynamics by 2.2% in the 4th quarter. OneAscent Financial Services LLC now owns 4,605 shares of the basic materials company's stock valued at $527,000 after buying an additional 101 shares in the last quarter. Finally, Center For Asset Management LLC lifted its stake in 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 valued at $371,000 after buying an additional 113 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company's stock.

Steel Dynamics Stock Performance

Steel Dynamics stock traded up $2.99 during mid-day trading on Tuesday, reaching $114.03. 885,633 shares of the company were exchanged, compared to its average volume of 1,474,035. The firm's 50-day simple moving average is $127.91 and its two-hundred day simple moving average is $129.00. Steel Dynamics, Inc. has a twelve month low of $103.17 and a twelve month high of $155.56. The firm has a market cap of $17.09 billion, a PE ratio of 11.62, 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 quick ratio of 1.08 and a current ratio of 2.53.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released 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 posted $2.61 EPS. Equities analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics announced that its board has approved a share repurchase program on Monday, February 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 7.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Steel Dynamics Increases Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a yield of 1.75%. This is an increase 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 firm's 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 completion of the sale, the senior vice president now directly owns 122,140 shares of the company's stock, valued at $16,448,593.80. This trade represents a 16.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. KeyCorp upgraded 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. BNP Paribas raised shares of Steel Dynamics from a "neutral" rating to an "outperform" rating in a research note on Friday, January 3rd. Citigroup dropped their price target on Steel Dynamics from $160.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday, December 19th. UBS Group upgraded Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price objective on the stock in a research report on Monday, March 24th. Finally, Jefferies Financial Group raised Steel Dynamics from a "hold" rating to a "buy" rating and raised their target price for the stock from $125.00 to $145.00 in a research note on Friday, January 24th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Steel Dynamics presently has a consensus rating of "Moderate Buy" and an average price target of $149.67.

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.