Rhumbline Advisers Has $33.64 Million Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Rhumbline Advisers grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLDGet Rating) by 4.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 508,583 shares of the basic materials company’s stock after purchasing an additional 20,044 shares during the period. Rhumbline Advisers owned approximately 0.28% of Steel Dynamics worth $33,643,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. HighTower Advisors LLC raised its holdings in shares of Steel Dynamics by 25.2% during the first quarter. HighTower Advisors LLC now owns 121,657 shares of the basic materials company’s stock valued at $10,177,000 after purchasing an additional 24,456 shares during the period. Treasurer of the State of North Carolina raised its holdings in shares of Steel Dynamics by 1.4% in the 1st quarter. Treasurer of the State of North Carolina now owns 71,934 shares of the basic materials company’s stock worth $6,001,000 after acquiring an additional 995 shares during the last quarter. Crossmark Global Holdings Inc. raised its holdings in shares of Steel Dynamics by 36.5% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 25,010 shares of the basic materials company’s stock worth $1,654,000 after acquiring an additional 6,690 shares during the last quarter. Fiduciary Trust Co. acquired a new stake in shares of Steel Dynamics in the 1st quarter worth about $2,444,000. Finally, CX Institutional acquired a new stake in shares of Steel Dynamics in the 1st quarter worth about $204,000. Institutional investors and hedge funds own 80.36% of the company’s stock.

Insider Activity

In other news, Director Keith E. Busse sold 22,103 shares of the stock in a transaction that occurred on Monday, October 24th. The shares were sold at an average price of $96.33, for a total transaction of $2,129,181.99. Following the completion of the transaction, the director now directly owns 701,948 shares of the company’s stock, valued at approximately $67,618,650.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.40% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on STLD. StockNews.com lowered shares of Steel Dynamics from a “buy” rating to a “hold” rating in a report on Thursday. Morgan Stanley upped their target price on shares of Steel Dynamics from $78.00 to $85.00 and gave the stock an “equal weight” rating in a report on Friday, October 21st. Citigroup upped their target price on shares of Steel Dynamics to $110.00 in a report on Tuesday, September 13th. BMO Capital Markets upped their price objective on shares of Steel Dynamics from $89.00 to $100.00 and gave the stock a “market perform” rating in a research report on Monday, November 14th. Finally, The Goldman Sachs Group upped their price objective on shares of Steel Dynamics from $88.00 to $99.00 and gave the stock a “buy” rating in a research report on Friday, October 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $94.14.

Steel Dynamics Trading Down 2.3 %

Shares of STLD stock opened at $103.95 on Thursday. Steel Dynamics, Inc. has a 52-week low of $50.54 and a 52-week high of $106.78. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.08 and a current ratio of 3.67. The company has a 50-day simple moving average of $86.46 and a two-hundred day simple moving average of $79.72. The company has a market capitalization of $18.25 billion, a price-to-earnings ratio of 4.59 and a beta of 1.46.

Steel Dynamics declared that its board has authorized a share buyback plan on Thursday, November 10th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the basic materials company to repurchase up to 8.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 13th. Stockholders of record on Saturday, December 31st will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend is Friday, December 30th. Steel Dynamics’s dividend payout ratio is currently 6.00%.

Steel Dynamics Company Profile

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Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.

See Also

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Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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