Steel Dynamics, Inc. (NASDAQ:STLD) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lessened its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 89.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 12,900 shares of the basic materials company's stock after selling 110,538 shares during the period. Renaissance Technologies LLC's holdings in Steel Dynamics were worth $1,472,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC lifted its position in Steel Dynamics by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 3,688,494 shares of the basic materials company's stock valued at $419,697,000 after purchasing an additional 30,350 shares during the period. Norges Bank purchased a new position in shares of Steel Dynamics during the 4th quarter worth approximately $336,426,000. Nordea Investment Management AB lifted its holdings in shares of Steel Dynamics by 22.4% in the 4th 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 during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Steel Dynamics by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,374,907 shares of the basic materials company's stock valued at $156,836,000 after buying an additional 11,672 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Steel Dynamics by 12.5% during the fourth quarter. Bank of New York Mellon Corp now owns 1,027,341 shares of the basic materials company's stock worth $117,189,000 after acquiring an additional 114,485 shares during the period. Hedge funds and other institutional investors own 82.41% of the company's stock.

Insider Buying and Selling at Steel Dynamics

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

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wolfe Research upgraded shares of Steel Dynamics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, February 27th. Jefferies Financial Group upgraded shares of Steel Dynamics from a "hold" rating to a "buy" rating and upped their target price for the stock from $125.00 to $145.00 in a research report on Friday, January 24th. BNP Paribas upgraded shares of Steel Dynamics from a "neutral" rating to an "outperform" rating in a research report on Friday, January 3rd. KeyCorp upgraded 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. Finally, 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, March 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $147.44.

Steel Dynamics Stock Up 0.5 %

STLD opened at $127.94 on Tuesday. The business's fifty day simple moving average is $123.83 and its 200 day simple moving average is $128.14. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $155.56. The firm has a market cap of $19.18 billion, a P/E ratio of 13.06, a PEG ratio of 1.05 and a beta of 1.35. The company has a quick ratio of 1.08, a current ratio of 2.53 and a debt-to-equity ratio of 0.32.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.40 by $0.04. The business had revenue of $4.37 billion during the quarter, compared to analyst estimates of $4.17 billion. 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 posted $3.67 earnings per share. As a group, equities research analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics declared that its Board of Directors has authorized a stock 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 purchase up to 7.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.56%. Steel Dynamics's payout ratio is 26.42%.

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.

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