Geode Capital Management LLC Boosts Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Geode Capital Management LLC boosted its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 0.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,688,494 shares of the basic materials company's stock after purchasing an additional 30,350 shares during the quarter. Geode Capital Management LLC owned about 2.42% of Steel Dynamics worth $419,697,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB bought a new stake in shares of Steel Dynamics in the 3rd quarter valued at about $25,000. ORG Wealth Partners LLC acquired a new stake in Steel Dynamics in the fourth quarter valued at approximately $28,000. IAG Wealth Partners LLC purchased a new position in Steel Dynamics in the fourth quarter worth $39,000. Avalon Trust Co acquired a new position in shares of Steel Dynamics during the fourth quarter worth $42,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Steel Dynamics during the 4th quarter valued at $48,000. Hedge funds and other institutional investors own 82.41% of the company's stock.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD traded down $8.11 during trading on Thursday, reaching $114.54. 548,020 shares of the company's stock traded hands, compared to its average volume of 1,492,691. The company has a quick ratio of 1.08, a current ratio of 2.53 and a debt-to-equity ratio of 0.32. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $155.56. The company has a 50-day simple moving average of $126.93 and a 200-day simple moving average of $128.77. The firm has a market cap of $17.17 billion, a PE ratio of 11.71, a P/E/G ratio of 1.05 and a beta of 1.35.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings data on Wednesday, January 22nd. The basic materials company reported $1.36 EPS for the quarter, missing analysts' consensus estimates 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 period in the previous year, the firm earned $2.61 earnings per share. As a group, analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.50 per share. The ex-dividend date is Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.75%. This is a boost from Steel Dynamics's previous quarterly dividend of $0.46. Steel Dynamics's payout ratio is currently 20.41%.

Steel Dynamics declared that its Board of Directors has approved a share buyback 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 stock through open market purchases. Stock buyback programs are typically an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on STLD shares. Citigroup decreased their price target on Steel Dynamics from $160.00 to $145.00 and set a "buy" rating for the company in a research note on Thursday, December 19th. Morgan Stanley upgraded shares of Steel Dynamics from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $145.00 to $158.00 in a research note on Friday, March 7th. StockNews.com raised shares of Steel Dynamics from a "sell" rating to a "hold" rating in a report on Thursday, March 6th. JPMorgan Chase & Co. boosted their price objective on shares of Steel Dynamics from $132.00 to $140.00 and gave the company a "neutral" rating in a report on Tuesday, March 11th. Finally, BNP Paribas upgraded Steel Dynamics from a "neutral" rating to an "outperform" rating in a research note on Friday, January 3rd. Four equities research 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.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $149.67.

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 shares were 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 in the company, valued at $16,448,593.80. This represents a 16.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 6.30% of the company's stock.

Steel Dynamics Company 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.