SG Americas Securities LLC increased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 7.5% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 77,733 shares of the basic materials company’s stock after purchasing an additional 5,414 shares during the period. SG Americas Securities LLC’s holdings in Steel Dynamics were worth $3,513,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted 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 valued at $1,031,008,000 after buying an additional 527,113 shares during the period. Dimensional Fund Advisors LP boosted its position in Steel Dynamics by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,161,241 shares of the basic materials company’s stock valued at $191,211,000 after buying an additional 14,041 shares during the period. Standard Life Aberdeen plc boosted its position in Steel Dynamics by 43.3% during the 2nd quarter. Standard Life Aberdeen plc now owns 2,690,278 shares of the basic materials company’s stock valued at $123,632,000 after buying an additional 812,425 shares during the period. 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 buying an additional 63,716 shares during the period. Finally, Ashler Capital LLC boosted its position in Steel Dynamics by 8.6% during the 2nd quarter. Ashler Capital LLC now owns 1,756,812 shares of the basic materials company’s stock valued at $80,726,000 after buying an additional 138,956 shares during the period. 85.62% of the stock is owned by institutional investors.
Shares of NASDAQ STLD opened at $38.48 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.94 and a quick ratio of 2.17. Steel Dynamics, Inc. has a 12 month low of $36.56 and a 12 month high of $52.10. The firm has a market capitalization of $8.83 billion, a price-to-earnings ratio of 14.52, a P/E/G ratio of 0.57 and a beta of 1.35.
Steel Dynamics declared 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 purchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 11th. Shareholders of record on Monday, December 31st will be issued a $0.1875 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.75 annualized dividend and a yield of 1.95%. Steel Dynamics’s dividend payout ratio (DPR) is presently 28.30%.
In other Steel Dynamics news, insider Christopher A. Graham sold 10,800 shares of the company’s stock in a transaction 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 Securities & Exchange Commission, which can be accessed through the SEC website. 4.40% of the stock is currently owned by corporate insiders.
Several equities research analysts have weighed in on the stock. BMO Capital Markets dropped their price target on shares of Steel Dynamics from $60.00 to $53.00 and set a “buy” rating for the company in a research report on Friday, October 19th. Citigroup dropped their price target on shares of Steel Dynamics from $56.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, October 19th. ValuEngine cut shares of Steel Dynamics from a “hold” rating to a “sell” rating in a research report on Wednesday, October 17th. Zacks Investment Research cut shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Monday, October 15th. Finally, Credit Suisse Group reissued a “neutral” rating on shares of Steel Dynamics in a research report on Monday, October 15th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the company. Steel Dynamics currently has an average rating of “Buy” and a consensus target price 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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