Victory Capital Management Inc. Acquires 74,259 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Victory Capital Management Inc. raised its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 27.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 340,758 shares of the basic materials company's stock after acquiring an additional 74,259 shares during the quarter. Victory Capital Management Inc. owned 0.22% of Steel Dynamics worth $38,870,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Harbour Capital Advisors LLC lifted its holdings in Steel Dynamics by 133.7% in the 4th quarter. Harbour Capital Advisors LLC now owns 11,499 shares of the basic materials company's stock valued at $1,301,000 after acquiring an additional 6,579 shares during the last quarter. Oak Thistle LLC purchased a new stake in Steel Dynamics during the fourth quarter valued at about $1,725,000. Foster & Motley Inc. lifted its stake in Steel Dynamics by 8.0% during the fourth quarter. Foster & Motley Inc. now owns 35,299 shares of the basic materials company's stock valued at $4,027,000 after buying an additional 2,602 shares in the last quarter. Larson Financial Group LLC lifted its stake in Steel Dynamics by 9,465.5% during the third quarter. Larson Financial Group LLC now owns 18,844 shares of the basic materials company's stock valued at $2,376,000 after buying an additional 18,647 shares in the last quarter. Finally, Nordea Investment Management AB lifted its stake in Steel Dynamics by 22.4% during the fourth quarter. Nordea Investment Management AB now owns 1,384,526 shares of the basic materials company's stock valued at $158,487,000 after buying an additional 253,802 shares in the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.

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Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, SVP Glenn Pushis sold 23,649 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now owns 122,140 shares in the company, valued at $16,448,593.80. This trade represents a 16.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 6.00% of the company's stock.

Steel Dynamics Stock Up 1.1 %

NASDAQ:STLD traded up $1.36 during mid-day trading on Tuesday, reaching $120.76. The stock had a trading volume of 2,392,545 shares, compared to its average volume of 1,360,962. The business's 50 day moving average is $126.68 and its 200 day moving average is $127.80. Steel Dynamics, Inc. has a fifty-two week low of $104.60 and a fifty-two week high of $155.56. The stock has a market cap of $18.13 billion, a P/E ratio of 12.32, a PEG ratio of 1.05 and a beta of 1.34. 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 released its quarterly earnings data on Wednesday, January 22nd. The basic materials company reported $1.36 EPS for the quarter, missing analysts' consensus estimates of $1.69 by ($0.33). Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. During the same period last year, the company posted $2.61 earnings per share. As a group, sell-side analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics declared that its Board of Directors has approved a stock repurchase plan 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 reacquire up to 7.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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 issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a yield of 1.66%. This is an increase from Steel Dynamics's previous quarterly dividend of $0.46. Steel Dynamics's dividend payout ratio is currently 20.41%.

Analysts Set New Price Targets

STLD has been the subject of a number of analyst reports. KeyCorp raised shares of Steel Dynamics from a "sector weight" rating to an "overweight" rating and set a $155.00 price objective for the company in a research note on Tuesday, February 11th. StockNews.com raised shares of Steel Dynamics from a "sell" rating to a "hold" rating in a research note on Thursday, March 6th. Morgan Stanley raised shares of Steel Dynamics from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $145.00 to $158.00 in a research note on Friday. Jefferies Financial Group raised shares of Steel Dynamics from a "hold" rating to a "buy" rating and upped their price objective for the company from $125.00 to $145.00 in a research note on Friday, January 24th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Steel Dynamics from $132.00 to $140.00 and gave the company a "neutral" rating in a research note on Tuesday. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Steel Dynamics currently has a consensus rating of "Moderate Buy" and a consensus target price of $148.56.

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.