Mirabella Financial Services LLP Takes Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Mirabella Financial Services LLP purchased a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 105,401 shares of the basic materials company's stock, valued at approximately $12,010,000. Steel Dynamics accounts for 1.1% of Mirabella Financial Services LLP's investment portfolio, making the stock its 21st largest holding. Mirabella Financial Services LLP owned 0.07% of Steel Dynamics as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. MetLife Investment Management LLC lifted its stake in shares of Steel Dynamics by 0.4% in the 4th quarter. MetLife Investment Management LLC now owns 37,537 shares of the basic materials company's stock worth $4,282,000 after acquiring an additional 137 shares during the period. Natixis boosted its position in Steel Dynamics by 1,940.7% during the fourth quarter. Natixis now owns 106,220 shares of the basic materials company's stock worth $12,117,000 after purchasing an additional 101,015 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its stake in Steel Dynamics by 13.2% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 189,170 shares of the basic materials company's stock valued at $21,579,000 after acquiring an additional 22,018 shares during the last quarter. Capital Research Global Investors increased its stake in shares of 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 worth $409,816,000 after purchasing an additional 815,629 shares in the last quarter. Finally, Curi RMB Capital LLC increased its position in Steel Dynamics by 2.6% during the fourth quarter. Curi RMB Capital LLC now owns 19,762 shares of the basic materials company's stock worth $2,254,000 after buying an additional 492 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Glenn Pushis sold 23,649 shares of Steel Dynamics 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 of the company's stock, valued at approximately $16,448,593.80. This trade represents a 16.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.30% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on STLD shares. JPMorgan Chase & Co. boosted their price objective on shares of Steel Dynamics from $135.00 to $138.00 and gave the company a "neutral" rating in a research report on Thursday. Jefferies Financial Group upgraded shares of Steel Dynamics from a "hold" rating to a "buy" rating and raised their price target for the company from $125.00 to $145.00 in a report on Friday, January 24th. KeyCorp upgraded shares of Steel Dynamics from a "sector weight" rating to an "overweight" rating and set a $155.00 target price for the company in a research note on Tuesday, February 11th. Wolfe Research raised shares of Steel Dynamics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, February 27th. Finally, BNP Paribas upgraded shares of 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 assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $147.44.

Steel Dynamics Price Performance

Steel Dynamics stock traded up $4.89 during midday trading on Thursday, hitting $127.38. The company's stock had a trading volume of 1,352,015 shares, compared to its average volume of 1,508,284. The stock's 50-day moving average price is $124.41 and its 200-day moving average price is $128.19. The company has a market capitalization of $19.09 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 1.05 and a beta of 1.35. 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 12 month low of $103.17 and a 12 month high of $155.56.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $0.04. The business had revenue of $4.37 billion for the quarter, compared to analysts' expectations of $4.17 billion. 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 $3.67 EPS. Analysts anticipate 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 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 purchase up to 7.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Steel Dynamics Increases Dividend

The company also recently announced 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 an increase 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 of this dividend was Monday, March 31st. Steel Dynamics's payout ratio is 20.41%.

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.