Wedge Capital Management L L P NC raised its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 11.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,719 shares of the basic materials company’s stock after acquiring an additional 1,928 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Steel Dynamics were worth $846,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Northern Trust Corp boosted its position in Steel Dynamics by 2.4% during the 2nd 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. PNC Financial Services Group Inc. lifted its holdings in shares of Steel Dynamics by 2.0% during the second quarter. PNC Financial Services Group Inc. now owns 107,665 shares of the basic materials company’s stock valued at $4,946,000 after purchasing an additional 2,136 shares during the last quarter. GWM Advisors LLC purchased a new position in shares of Steel Dynamics during the second quarter valued at approximately $683,000. IFM Investors Pty Ltd lifted its holdings in shares of Steel Dynamics by 27.3% during the third quarter. IFM Investors Pty Ltd now owns 12,800 shares of the basic materials company’s stock valued at $578,000 after purchasing an additional 2,743 shares during the last quarter. Finally, American International Group Inc. lifted its holdings in shares of Steel Dynamics by 0.6% during the second quarter. American International Group Inc. now owns 474,862 shares of the basic materials company’s stock valued at $21,820,000 after purchasing an additional 2,709 shares during the last quarter. 83.05% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Christopher A. Graham sold 10,800 shares of the business’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 value of $514,188.00. Following the completion of the transaction, the insider now directly owns 26,087 shares in the company, valued at approximately $1,242,002.07. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.40% of the stock is owned by insiders.
STLD has been the subject of several recent research reports. Credit Suisse Group reiterated a “neutral” rating on shares of Steel Dynamics in a report on Monday, October 15th. Zacks Investment Research lowered shares of Steel Dynamics from a “buy” rating to a “hold” rating in a report on Thursday, October 4th. Jefferies Financial Group reiterated a “buy” rating and set a $58.00 target price on shares of Steel Dynamics in a report on Wednesday, July 25th. Morgan Stanley upgraded shares of Steel Dynamics from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $50.00 to $52.00 in a report on Monday, August 27th. Finally, BMO Capital Markets lowered their target price on shares of Steel Dynamics from $60.00 to $53.00 and set a “buy” rating for the company in a report on Friday, October 19th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the stock. Steel Dynamics has a consensus rating of “Buy” and an average price target of $53.31.
Shares of NASDAQ STLD 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 market capitalization of $9.79 billion, a P/E ratio of 8.83, a PEG ratio of 0.62 and a beta of 1.35. The company has a quick ratio of 2.17, a current ratio of 3.94 and a debt-to-equity ratio of 0.61.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data 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 company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same period in the previous year, the business earned $0.66 EPS. The firm’s revenue for the quarter was up 31.9% on a year-over-year basis. Sell-side analysts expect that Steel Dynamics, Inc. will post 5.58 earnings per share for the current fiscal year.
Steel Dynamics declared that its Board of Directors has authorized a share repurchase program on Tuesday, September 4th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the basic materials company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Sunday, September 30th were issued a $0.1875 dividend. The ex-dividend date was Thursday, September 27th. This represents a $0.75 dividend on an annualized basis and a yield of 1.86%. Steel Dynamics’s payout ratio is currently 28.30%.
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Steel Dynamics Company Profile
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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