Proficio Capital Partners LLC Takes Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Proficio Capital Partners LLC purchased a new position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 92,527 shares of the basic materials company's stock, valued at approximately $10,555,000. Proficio Capital Partners LLC owned about 0.06% of Steel Dynamics as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in STLD. Commerce Bank lifted its stake in shares of Steel Dynamics by 1.2% in the 3rd quarter. Commerce Bank now owns 5,981 shares of the basic materials company's stock valued at $754,000 after acquiring an additional 73 shares during the last quarter. M&T Bank Corp lifted its position in Steel Dynamics by 0.9% in the third quarter. M&T Bank Corp now owns 10,055 shares of the basic materials company's stock valued at $1,267,000 after purchasing an additional 88 shares during the last quarter. Atomi Financial Group Inc. boosted 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 valued at $220,000 after purchasing an additional 91 shares during the period. Covestor Ltd grew its holdings in shares of Steel Dynamics by 10.8% in the third quarter. Covestor Ltd now owns 951 shares of the basic materials company's stock worth $120,000 after purchasing an additional 93 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC grew its holdings in shares of Steel Dynamics by 2.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 5,041 shares of the basic materials company's stock worth $636,000 after purchasing an additional 99 shares during the last quarter. 82.41% of the stock is owned by institutional investors.

Steel Dynamics Trading Up 1.1 %

STLD stock traded up $1.35 during midday trading on Wednesday, hitting $127.72. 2,523,724 shares of the company's stock were exchanged, compared to its average volume of 1,338,233. Steel Dynamics, Inc. has a 1-year low of $104.60 and a 1-year high of $155.56. The company has a current ratio of 2.53, a quick ratio of 1.08 and a debt-to-equity ratio of 0.32. The business has a 50-day simple moving average of $125.87 and a two-hundred day simple moving average of $127.61. The stock has a market capitalization of $19.44 billion, a PE ratio of 13.03, a P/E/G ratio of 1.05 and a beta of 1.35.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced 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 net margin of 8.76% and a return on equity of 17.32%. During the same quarter in the previous year, the business earned $2.61 earnings per share. On average, sell-side analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

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 paid a dividend of $0.50 per share. This is an increase from Steel Dynamics's previous quarterly dividend of $0.46. The ex-dividend date is Monday, March 31st. This represents a $2.00 annualized dividend and a dividend yield of 1.57%. Steel Dynamics's dividend payout ratio is presently 20.41%.

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 repurchase up to 7.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Jefferies Financial Group upgraded Steel Dynamics from a "hold" rating to a "buy" rating and increased their price objective for the stock from $125.00 to $145.00 in a report on Friday, January 24th. Wolfe Research raised Steel Dynamics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, February 27th. BNP Paribas raised shares of Steel Dynamics from a "neutral" rating to an "outperform" rating in a research report on Friday, January 3rd. The Goldman Sachs Group began coverage on shares of Steel Dynamics in a research note on Monday, December 2nd. They issued a "neutral" rating and a $155.00 price target for the company. Finally, StockNews.com lowered Steel Dynamics from a "hold" rating to a "sell" rating in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $146.22.

Insider Buying and Selling at Steel Dynamics

In related news, SVP Glenn Pushis sold 23,649 shares of the business's 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 transaction, the senior vice president now owns 122,140 shares in the company, valued at approximately $16,448,593.80. The trade was a 16.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.00% of the stock is owned by company insiders.

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.