Dupont Capital Management Corp grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 3.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 191,300 shares of the basic materials company’s stock after buying an additional 6,222 shares during the quarter. Dupont Capital Management Corp owned 0.08% of Steel Dynamics worth $8,645,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in STLD. Principal Financial Group Inc. grew its stake in shares of Steel Dynamics by 8.2% during the first quarter. Principal Financial Group Inc. now owns 1,670,313 shares of the basic materials company’s stock valued at $73,861,000 after buying an additional 126,666 shares during the last quarter. IFM Investors Pty Ltd grew its stake in shares of Steel Dynamics by 44.7% during the second quarter. IFM Investors Pty Ltd now owns 10,057 shares of the basic materials company’s stock valued at $462,000 after buying an additional 3,109 shares during the last quarter. CENTRAL TRUST Co grew its stake in shares of Steel Dynamics by 6,707.7% during the second quarter. CENTRAL TRUST Co now owns 4,425 shares of the basic materials company’s stock valued at $203,000 after buying an additional 4,360 shares during the last quarter. Fisher Asset Management LLC bought a new position in shares of Steel Dynamics during the second quarter valued at about $6,361,000. Finally, State of Alaska Department of Revenue grew its stake in shares of Steel Dynamics by 79.2% during the second quarter. State of Alaska Department of Revenue now owns 48,388 shares of the basic materials company’s stock valued at $2,221,000 after buying an additional 21,390 shares during the last quarter. 83.05% of the stock is currently owned by hedge funds and other institutional investors.
Steel Dynamics stock opened at $41.07 on Friday. The company has a quick ratio of 2.17, a current ratio of 3.94 and a debt-to-equity ratio of 0.61. The stock has a market cap of $9.68 billion, a PE ratio of 15.50, a PEG ratio of 0.62 and a beta of 1.35. Steel Dynamics, Inc. has a 1-year low of $35.80 and a 1-year high of $52.10.
Steel Dynamics announced that its Board of Directors has approved a stock buyback program on Tuesday, September 4th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Sunday, September 30th were issued a dividend of $0.1875 per share. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.83%. Steel Dynamics’s dividend payout ratio is currently 28.30%.
In other news, insider Christopher A. Graham sold 10,800 shares of the stock in a transaction dated 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 directly owns 26,087 shares in the company, valued at $1,242,002.07. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.40% of the company’s stock.
A number of research analysts have recently issued reports on STLD shares. Deutsche Bank cut Steel Dynamics to a “buy” rating in a research note on Tuesday, October 2nd. Zacks Investment Research raised Steel Dynamics from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research note on Wednesday, September 12th. Morgan Stanley upgraded shares of Steel Dynamics from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $50.00 to $52.00 in a report on Monday, August 27th. Seaport Global Securities assumed coverage on shares of Steel Dynamics in a report on Thursday, October 11th. They set a “buy” rating and a $55.00 target price for the company. Finally, Bank of America increased their target price on shares of Steel Dynamics from $54.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday, July 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $53.31.
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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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