State Board of Administration of Florida Retirement System lessened its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 1.5% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 365,556 shares of the basic materials company’s stock after selling 5,607 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.16% of Steel Dynamics worth $16,519,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. increased its position in Steel Dynamics by 2.4% during the 2nd quarter. BlackRock Inc. now owns 22,437,570 shares of the basic materials company’s stock worth $1,031,008,000 after purchasing an additional 527,113 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Steel Dynamics by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,161,241 shares of the basic materials company’s stock valued at $191,211,000 after acquiring an additional 14,041 shares in the last quarter. Standard Life Aberdeen plc grew its position in Steel Dynamics by 43.3% in the second quarter. Standard Life Aberdeen plc now owns 2,690,278 shares of the basic materials company’s stock valued at $123,632,000 after acquiring an additional 812,425 shares in the last quarter. Northern Trust Corp grew its position in Steel Dynamics by 2.4% in the second quarter. Northern Trust Corp now owns 2,679,485 shares of the basic materials company’s stock valued at $123,123,000 after acquiring an additional 63,716 shares in the last quarter. Finally, Ashler Capital LLC grew its position in Steel Dynamics by 8.6% in the second quarter. Ashler Capital LLC now owns 1,756,812 shares of the basic materials company’s stock valued at $80,726,000 after acquiring an additional 138,956 shares in the last quarter. 83.05% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Christopher A. Graham sold 10,800 shares of the firm’s stock in a transaction that occurred on Wednesday, September 19th. The shares were sold at an average price of $47.61, for a total transaction of $514,188.00. Following the completion of the sale, the insider now owns 26,087 shares of the company’s stock, valued at $1,242,002.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.40% of the stock is currently owned by company insiders.
STLD stock opened at $40.28 on Friday. Steel Dynamics, Inc. has a twelve month low of $35.80 and a twelve month high of $52.10. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.94 and a quick ratio of 2.17. The company has a market cap of $9.79 billion, a PE ratio of 8.83, a P/E/G ratio of 0.62 and a beta of 1.35.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, October 17th. The basic materials company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.04. Steel Dynamics had a net margin of 11.49% and a return on equity of 31.96%. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.14 billion. During the same quarter last year, the company earned $0.66 earnings per share. The business’s quarterly revenue was up 31.9% compared to the same quarter last year. On average, analysts anticipate that Steel Dynamics, Inc. will post 5.58 EPS for the current year.
Steel Dynamics announced that its board has authorized a share repurchase program on Tuesday, September 4th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the basic materials company to buy up to 6.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Sunday, September 30th were given a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date of this dividend was Thursday, September 27th. Steel Dynamics’s payout ratio is currently 28.30%.
Several analysts have issued reports on STLD shares. Zacks Investment Research raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a research report on Monday, July 16th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $58.00 price objective on shares of Steel Dynamics in a research report on Wednesday, July 25th. Bank of America increased their price objective on shares of Steel Dynamics from $54.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, July 25th. BidaskClub downgraded shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Finally, Morgan Stanley raised shares of Steel Dynamics from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $50.00 to $52.00 in a research report on Monday, August 27th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the company. Steel Dynamics currently has an average rating of “Buy” and a consensus price target of $53.31.
About Steel Dynamics
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.
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