Wells Fargo & Company MN Has $14.56 Million Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Wells Fargo & Company MN increased its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 7.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 127,621 shares of the basic materials company's stock after purchasing an additional 8,553 shares during the period. Wells Fargo & Company MN owned 0.08% of Steel Dynamics worth $14,558,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Bornite Capital Management LP increased its position in Steel Dynamics by 75.0% during the 4th quarter. Bornite Capital Management LP now owns 350,000 shares of the basic materials company's stock worth $39,924,000 after purchasing an additional 150,000 shares in the last quarter. Pitcairn Co. lifted its stake in shares of Steel Dynamics by 14.7% during the 4th quarter. Pitcairn Co. now owns 2,864 shares of the basic materials company's stock worth $327,000 after purchasing an additional 367 shares during the period. ExodusPoint Capital Management LP grew its position in shares of Steel Dynamics by 90.3% in the fourth quarter. ExodusPoint Capital Management LP now owns 406,343 shares of the basic materials company's stock valued at $46,352,000 after purchasing an additional 192,767 shares during the period. OneAscent Financial Services LLC boosted its stake in Steel Dynamics by 2.2% in the 4th quarter. OneAscent Financial Services LLC now owns 4,605 shares of the basic materials company's stock worth $527,000 after buying an additional 101 shares during the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of Steel Dynamics during the 4th quarter worth about $1,399,000. Institutional investors and hedge funds own 82.41% of the company's stock.

Steel Dynamics Stock Performance

NASDAQ STLD traded up $1.08 during midday trading on Friday, hitting $118.29. The company had a trading volume of 1,049,759 shares, compared to its average volume of 1,504,314. The company has a quick ratio of 1.08, a current ratio of 2.53 and a debt-to-equity ratio of 0.32. The firm has a fifty day simple moving average of $125.69 and a two-hundred day simple moving average of $128.47. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $155.56. The stock has a market cap of $17.73 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 1.05 and a beta of 1.35.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings results 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 in the prior year, the business earned $2.61 EPS. Equities analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics declared that its board has authorized a share repurchase 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 reacquire up to 7.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Steel Dynamics Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were given a $0.50 dividend. This is a boost from Steel Dynamics's previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Monday, March 31st. Steel Dynamics's payout ratio is currently 20.41%.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics 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 sale, the senior vice president now owns 122,140 shares in the company, valued at approximately $16,448,593.80. The trade was a 16.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 6.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on STLD shares. UBS Group upgraded shares of Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price target on the stock in a report on Monday, March 24th. BMO Capital Markets upgraded Steel Dynamics from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $135.00 to $145.00 in a report on Monday, March 31st. JPMorgan Chase & Co. reduced their price target on shares of Steel Dynamics from $140.00 to $135.00 and set a "neutral" rating on the stock in a research report on Wednesday. Citigroup decreased their price target on shares of Steel Dynamics from $160.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday, December 19th. Finally, Wolfe Research upgraded Steel Dynamics from an "underperform" rating to a "peer perform" rating in a research note on Thursday, February 27th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $149.11.

Steel Dynamics 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.