HighTower Advisors LLC Cuts Stock Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

HighTower Advisors LLC lowered its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 6.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 88,917 shares of the basic materials company's stock after selling 6,360 shares during the period. HighTower Advisors LLC owned 0.06% of Steel Dynamics worth $10,143,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new position in Steel Dynamics during the third quarter valued at approximately $25,000. ORG Wealth Partners LLC bought a new position in shares of Steel Dynamics in the fourth quarter valued at about $28,000. Private Trust Co. NA raised its holdings in shares of Steel Dynamics by 532.6% in the third quarter. Private Trust Co. NA now owns 291 shares of the basic materials company's stock valued at $37,000 after buying an additional 245 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in Steel Dynamics during the 4th quarter worth about $48,000. Finally, Brooklyn Investment Group bought a new stake in shares of Steel Dynamics in the 3rd quarter valued at about $61,000. Institutional investors own 82.41% of the company's stock.

Steel Dynamics Price Performance

Shares of NASDAQ STLD traded down $1.88 during mid-day trading on Thursday, reaching $126.64. The company's stock had a trading volume of 1,744,971 shares, compared to its average volume of 1,839,089. The firm has a market capitalization of $19.02 billion, a PE ratio of 12.92, a P/E/G ratio of 1.05 and a beta of 1.34. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.53 and a quick ratio of 1.08. The stock has a fifty day moving average of $127.89 and a two-hundred day moving average of $127.99. Steel Dynamics, Inc. has a 52 week low of $104.60 and a 52 week high of $155.56.

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Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its earnings results 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 prior year, the firm posted $2.61 EPS. As a group, sell-side analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.58%. The ex-dividend date is Monday, March 31st. This is a positive change from Steel Dynamics's previous quarterly dividend of $0.46. Steel Dynamics's dividend payout ratio is currently 20.41%.

Steel Dynamics declared that its board has approved a stock buyback program on Monday, February 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the basic materials company to reacquire up to 7.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on STLD. StockNews.com raised Steel Dynamics from a "sell" rating to a "hold" rating in a research report on Thursday, March 6th. Morgan Stanley upgraded Steel Dynamics from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $145.00 to $158.00 in a research report on Friday, March 7th. KeyCorp upgraded Steel Dynamics from a "sector weight" rating to an "overweight" rating and set a $155.00 price target on the stock in a research report on Tuesday, February 11th. The Goldman Sachs Group initiated coverage on Steel Dynamics in a research note on Monday, December 2nd. They issued a "neutral" rating and a $155.00 price objective on the stock. Finally, UBS Group reissued a "neutral" rating and set a $149.00 price target (up from $145.00) on shares of Steel Dynamics in a research note on Thursday, December 12th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $148.56.

Insider Buying and Selling

In related news, SVP Glenn Pushis sold 23,649 shares of Steel Dynamics 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 sale, the senior vice president now directly owns 122,140 shares in the company, valued at approximately $16,448,593.80. The trade was a 16.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 6.00% of the stock is currently owned by company insiders.

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.