Cartenna Capital LP Grows Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Cartenna Capital LP boosted its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 45.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 413,272 shares of the basic materials company's stock after buying an additional 128,272 shares during the period. Steel Dynamics makes up 2.3% of Cartenna Capital LP's portfolio, making the stock its 16th largest holding. Cartenna Capital LP owned 0.27% of Steel Dynamics worth $47,142,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Norges Bank bought a new position in Steel Dynamics during the fourth quarter worth about $336,426,000. Capital Research Global Investors grew its position in Steel Dynamics by 29.4% during the fourth quarter. Capital Research Global Investors now owns 3,592,670 shares of the basic materials company's stock worth $409,816,000 after buying an additional 815,629 shares in the last quarter. Lord Abbett & CO. LLC raised its holdings in Steel Dynamics by 116.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,018,668 shares of the basic materials company's stock valued at $128,434,000 after acquiring an additional 548,086 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Steel Dynamics by 8.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,628,403 shares of the basic materials company's stock worth $642,033,000 after purchasing an additional 451,630 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in Steel Dynamics by 14.1% in the fourth quarter. First Trust Advisors LP now owns 3,179,062 shares of the basic materials company's stock valued at $362,636,000 after purchasing an additional 393,516 shares in the last quarter. 82.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. StockNews.com lowered shares of Steel Dynamics from a "hold" rating to a "sell" rating in a research report on Friday. Wolfe Research raised Steel Dynamics from an "underperform" rating to a "peer perform" rating in a report on Thursday, February 27th. JPMorgan Chase & Co. raised their price objective on Steel Dynamics from $135.00 to $138.00 and gave the company a "neutral" rating in a research note on Thursday. BMO Capital Markets raised shares of Steel Dynamics from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $135.00 to $145.00 in a report on Monday, March 31st. Finally, KeyCorp raised shares of Steel Dynamics from a "sector weight" rating to an "overweight" rating and set a $155.00 price target on the stock in a report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Steel Dynamics presently has an average rating of "Moderate Buy" and an average price target of $147.44.

Steel Dynamics Trading Down 0.0 %

NASDAQ STLD traded down $0.04 on Friday, reaching $127.34. The company had a trading volume of 774,474 shares, compared to its average volume of 1,503,196. The firm has a market cap of $19.09 billion, a price-to-earnings ratio of 12.99, a P/E/G ratio of 1.05 and a beta of 1.35. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $155.56. The business has a 50 day moving average of $124.00 and a two-hundred day moving average of $128.16. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.53 and a quick ratio of 1.08.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.40 by $0.04. Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. The business had revenue of $4.37 billion for the quarter, compared to analysts' expectations of $4.17 billion. During the same period in the prior year, the business posted $3.67 earnings per share. Analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were given a $0.50 dividend. The ex-dividend date was Monday, March 31st. This represents a $2.00 annualized dividend and a yield of 1.57%. This is an increase from Steel Dynamics's previous quarterly dividend of $0.46. Steel Dynamics's dividend payout ratio (DPR) is presently 26.42%.

Steel Dynamics announced that its board has approved a share buyback program on Monday, February 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the basic materials company to purchase up to 7.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, SVP Glenn Pushis sold 23,649 shares of the business's stock in a transaction that occurred on 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 $16,448,593.80. The trade was a 16.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 6.30% of the company's stock.

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.