Royal London Asset Management Ltd. lowered its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 21.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,100,017 shares of the basic materials company's stock after selling 559,937 shares during the quarter. Steel Dynamics accounts for about 0.6% of Royal London Asset Management Ltd.'s holdings, making the stock its 28th biggest position. Royal London Asset Management Ltd. owned about 1.38% of Steel Dynamics worth $239,549,000 as of its most recent filing with the SEC.
Several other institutional investors also recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB acquired a new stake in shares of Steel Dynamics in the third quarter valued at about $25,000. ORG Wealth Partners LLC purchased a new position in Steel Dynamics in the fourth quarter valued at about $28,000. Private Trust Co. NA lifted its position in shares of Steel Dynamics by 532.6% during the 3rd quarter. Private Trust Co. NA now owns 291 shares of the basic materials company's stock valued at $37,000 after acquiring an additional 245 shares during the period. IAG Wealth Partners LLC purchased a new stake in shares of Steel Dynamics during the 4th quarter worth approximately $39,000. Finally, Avalon Trust Co acquired a new stake in shares of Steel Dynamics in the 4th quarter worth approximately $42,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.
Steel Dynamics Trading Up 3.3 %
Shares of Steel Dynamics stock traded up $3.99 during trading hours on Monday, hitting $126.66. The company's stock had a trading volume of 2,213,584 shares, compared to its average volume of 1,395,208. The company has a quick ratio of 1.08, a current ratio of 2.53 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $18.99 billion, a PE ratio of 12.92, a P/E/G ratio of 1.05 and a beta of 1.34. The business has a fifty day moving average of $128.22 and a 200 day moving average of $128.20. Steel Dynamics, Inc. has a 1-year low of $104.60 and a 1-year high of $155.56.
Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings data 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 period in the previous year, the business earned $2.61 earnings per share. As a group, equities analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.
Steel Dynamics Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date is Monday, March 31st. This is a boost 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 of Directors has approved a share repurchase program on Monday, February 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 7.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on the company. UBS Group raised Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price objective for the company in a report on Monday. Morgan Stanley upgraded shares of Steel Dynamics from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $145.00 to $158.00 in a research report on Friday, March 7th. JPMorgan Chase & Co. raised their target price 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. The Goldman Sachs Group assumed coverage on Steel Dynamics in a research note on Monday, December 2nd. They issued a "neutral" rating and a $155.00 target price on the stock. Finally, Wolfe Research raised shares of Steel Dynamics from an "underperform" rating to a "peer perform" rating in a research note on Thursday, February 27th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Steel Dynamics currently has an average rating of "Moderate Buy" and an average price target of $148.56.
View Our Latest Analysis on STLD
Insider Buying and Selling at Steel Dynamics
In other news, SVP Glenn Pushis sold 23,649 shares of the company's stock in a transaction on 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 transaction, the senior vice president now directly owns 122,140 shares in the company, valued at approximately $16,448,593.80. This represents a 16.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.00% of the stock is owned by corporate insiders.
About Steel Dynamics
(
Free Report)
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.
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