Andra AP fonden cut its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 17.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 168,800 shares of the basic materials company’s stock after selling 34,500 shares during the quarter. Andra AP fonden owned 0.07% of Steel Dynamics worth $7,756,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Qube Research & Technologies Ltd purchased a new stake in shares of Steel Dynamics in the 2nd quarter worth $119,000. Smithfield Trust Co. increased its stake in shares of Steel Dynamics by 2,523.1% in the 1st quarter. Smithfield Trust Co. now owns 3,410 shares of the basic materials company’s stock worth $150,000 after purchasing an additional 3,280 shares in the last quarter. Mount Yale Investment Advisors LLC purchased a new stake in shares of Steel Dynamics in the 1st quarter worth $188,000. Itau Unibanco Holding S.A. purchased a new stake in Steel Dynamics in the 2nd quarter worth $193,000. Finally, CENTRAL TRUST Co increased its stake in Steel Dynamics by 6,707.7% in the 2nd quarter. CENTRAL TRUST Co now owns 4,425 shares of the basic materials company’s stock worth $203,000 after buying an additional 4,360 shares in the last quarter. 83.43% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:STLD traded up $0.06 during trading on Friday, reaching $42.39. The company’s stock had a trading volume of 3,135,348 shares, compared to its average volume of 2,273,675. The company has a current ratio of 3.61, a quick ratio of 1.92 and a debt-to-equity ratio of 0.66. The company has a market cap of $10.61 billion, a price-to-earnings ratio of 16.00, a PEG ratio of 0.68 and a beta of 1.29. Steel Dynamics, Inc. has a 12 month low of $35.48 and a 12 month high of $52.10.
Steel Dynamics announced that its board has authorized a stock buyback plan 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 plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Sunday, September 30th were paid a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend was Thursday, September 27th. Steel Dynamics’s dividend payout ratio is presently 28.30%.
In other news, insider Christopher A. Graham sold 10,800 shares of Steel Dynamics 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.40% of the company’s stock.
A number of equities research analysts have issued reports on STLD shares. Morgan Stanley upgraded Steel Dynamics from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $50.00 to $52.00 in a research note on Monday, August 27th. Zacks Investment Research upgraded Steel Dynamics from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research note on Wednesday, September 12th. Bank of America increased their price target on Steel Dynamics from $54.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, July 25th. BidaskClub lowered Steel Dynamics from a “hold” rating to a “sell” rating in a research report on Thursday, August 9th. Finally, Deutsche Bank lowered Steel Dynamics to a “buy” rating in a research report on Tuesday, October 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $54.08.
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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