Steel Dynamics (NASDAQ:STLD) Sets New 12-Month Low - Time to Sell?

Steel Dynamics, Inc. (NASDAQ:STLD - Get Free Report)'s share price hit a new 52-week low on Monday . The stock traded as low as $103.17 and last traded at $103.97, with a volume of 105961 shares. The stock had previously closed at $109.21.

Wall Street Analysts Forecast Growth

STLD has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price target on Steel Dynamics from $132.00 to $140.00 and gave the company a "neutral" rating in a report on Tuesday, March 11th. Wolfe Research raised Steel Dynamics from an "underperform" rating to a "peer perform" rating in a research note on Thursday, February 27th. BNP Paribas raised shares of Steel Dynamics from a "neutral" rating to an "outperform" rating in a research report on Friday, January 3rd. UBS Group upgraded shares of Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price objective for the company in a research report on Monday, March 24th. Finally, BMO Capital Markets raised shares of Steel Dynamics from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $135.00 to $145.00 in a research note on Monday, March 31st. 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, the company has an average rating of "Moderate Buy" and an average target price of $149.67.

Steel Dynamics Trading Up 2.5 %

The stock has a market cap of $18.05 billion, a price-to-earnings ratio of 12.29, a price-to-earnings-growth ratio of 1.05 and a beta of 1.35. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.08 and a current ratio of 2.53. The company has a 50 day moving average of $126.60 and a 200-day moving average of $128.70.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate 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 quarter last year, the firm posted $2.61 EPS. On average, research analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were paid a dividend of $0.50 per share. This is a boost from Steel Dynamics's previous quarterly dividend of $0.46. The ex-dividend date was Monday, March 31st. This represents a $2.00 annualized dividend and a yield of 1.66%. Steel Dynamics's payout ratio is presently 20.41%.

Steel Dynamics declared that its Board of Directors has approved a stock buyback plan on Monday, February 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 7.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, SVP Glenn Pushis sold 23,649 shares of the 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 transaction, the senior vice president now directly owns 122,140 shares of the company's stock, valued at $16,448,593.80. This trade represents a 16.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 6.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Steel Dynamics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Forum Financial Management LP lifted its holdings in shares of Steel Dynamics by 2.5% in the 4th quarter. Forum Financial Management LP now owns 3,113 shares of the basic materials company's stock valued at $355,000 after purchasing an additional 75 shares during the last quarter. M&T Bank Corp increased its position in Steel Dynamics by 0.9% during the third quarter. M&T Bank Corp now owns 10,055 shares of the basic materials company's stock worth $1,267,000 after buying an additional 88 shares during the period. Atomi Financial Group Inc. lifted its stake in Steel Dynamics by 5.0% in the fourth quarter. Atomi Financial Group Inc. now owns 1,929 shares of the basic materials company's stock valued at $220,000 after buying an additional 91 shares during the last quarter. Resonant Capital Advisors LLC lifted its stake in Steel Dynamics by 3.3% in the fourth quarter. Resonant Capital Advisors LLC now owns 3,200 shares of the basic materials company's stock valued at $366,000 after buying an additional 101 shares during the last quarter. Finally, OneAscent Financial Services LLC grew its position in shares of Steel Dynamics by 2.2% during the fourth quarter. OneAscent Financial Services LLC now owns 4,605 shares of the basic materials company's stock worth $527,000 after acquiring an additional 101 shares during the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

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.