FIL Ltd Boosts Stock Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

FIL Ltd lifted its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 1,310.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 163,341 shares of the basic materials company's stock after acquiring an additional 151,757 shares during the quarter. FIL Ltd owned approximately 0.11% of Steel Dynamics worth $18,632,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new stake in shares of Steel Dynamics during the 3rd quarter valued at $25,000. ORG Wealth Partners LLC bought a new position in shares of Steel Dynamics during the 4th quarter valued at approximately $28,000. IAG Wealth Partners LLC bought a new position in Steel Dynamics during the fourth quarter valued at $39,000. Avalon Trust Co bought a new stake in shares of Steel Dynamics in the 4th quarter worth about $42,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Steel Dynamics during the 4th quarter valued at about $48,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Stock Up 2.2 %

NASDAQ STLD traded up $2.59 during trading on Thursday, hitting $119.80. The company's stock had a trading volume of 321,654 shares, compared to its average volume of 1,499,519. The company has a market cap of $17.96 billion, a PE ratio of 12.22, 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 company has a debt-to-equity ratio of 0.32, a current ratio of 2.53 and a quick ratio of 1.08. The business's 50 day simple moving average is $125.98 and its 200-day simple moving average is $128.53.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced 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 quarter last year, the firm earned $2.61 EPS. On average, equities analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, March 31st. This is an increase from Steel Dynamics's previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a yield of 1.67%. Steel Dynamics's payout ratio is presently 20.41%.

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

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Jefferies Financial Group upgraded Steel Dynamics from a "hold" rating to a "buy" rating and lifted their target price for the stock from $125.00 to $145.00 in a report on Friday, January 24th. Morgan Stanley raised shares of Steel Dynamics from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $145.00 to $158.00 in a research note on Friday, March 7th. BNP Paribas upgraded Steel Dynamics from a "neutral" rating to an "outperform" rating in a report on Friday, January 3rd. UBS Group raised shares of Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 target price for the company in a research note on Monday, March 24th. Finally, JPMorgan Chase & Co. dropped their price objective on Steel Dynamics from $140.00 to $135.00 and set a "neutral" rating on the stock in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, Steel Dynamics currently has an average rating of "Moderate Buy" and a consensus price target of $149.11.

Insider Activity

In other news, SVP Glenn Pushis sold 23,649 shares of the firm's stock in a transaction dated 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 sale, the senior vice president now directly owns 122,140 shares in the company, valued at $16,448,593.80. This trade represents a 16.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 6.30% of the company's stock.

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.