Steel Dynamics, Inc. (STLD) Position Lowered by Rhumbline Advisers

Rhumbline Advisers reduced its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 1.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 472,863 shares of the basic materials company’s stock after selling 5,205 shares during the quarter. Rhumbline Advisers’ holdings in Steel Dynamics were worth $21,369,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Prudential Financial Inc. lifted its stake in shares of Steel Dynamics by 24.8% in the third quarter. Prudential Financial Inc. now owns 2,461,872 shares of the basic materials company’s stock worth $111,251,000 after acquiring an additional 489,463 shares during the period. Candriam Luxembourg S.C.A. lifted its stake in Steel Dynamics by 6.3% in the third quarter. Candriam Luxembourg S.C.A. now owns 38,284 shares of the basic materials company’s stock valued at $1,730,000 after buying an additional 2,260 shares during the period. Toronto Dominion Bank lifted its stake in Steel Dynamics by 6.0% in the third quarter. Toronto Dominion Bank now owns 25,631 shares of the basic materials company’s stock valued at $1,158,000 after buying an additional 1,447 shares during the period. JPMorgan Chase & Co. lifted its stake in Steel Dynamics by 8.5% in the third quarter. JPMorgan Chase & Co. now owns 1,373,423 shares of the basic materials company’s stock valued at $62,065,000 after buying an additional 107,058 shares during the period. Finally, SG Americas Securities LLC lifted its stake in Steel Dynamics by 7.5% in the third quarter. SG Americas Securities LLC now owns 77,733 shares of the basic materials company’s stock valued at $3,513,000 after buying an additional 5,414 shares during the period. 85.62% of the stock is currently owned by institutional investors.

In related news, insider Christopher A. Graham sold 10,800 shares of the company’s stock in a transaction on Wednesday, September 19th. The stock was 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 in the company, valued at $1,242,002.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.40% of the company’s stock.

Several equities analysts have issued reports on the company. Zacks Investment Research raised Steel Dynamics from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Wednesday, September 12th. BidaskClub lowered Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Seaport Global Securities assumed coverage on Steel Dynamics in a research note on Thursday, October 11th. They issued a “buy” rating and a $55.00 price target on the stock. Deutsche Bank lowered Steel Dynamics to a “buy” rating in a research note on Tuesday, October 2nd. Finally, Citigroup dropped their price target on Steel Dynamics from $56.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, October 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $53.31.

Shares of Steel Dynamics stock opened at $38.48 on Friday. Steel Dynamics, Inc. has a 12-month low of $36.56 and a 12-month high of $52.10. The firm has a market cap of $8.83 billion, a P/E ratio of 14.52, a P/E/G ratio of 0.57 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 results on Wednesday, October 17th. The basic materials company reported $1.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.04. Steel Dynamics had a return on equity of 31.96% and a net margin of 11.49%. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.14 billion. During the same quarter in the prior year, the company posted $0.66 earnings per share. Steel Dynamics’s revenue was up 31.9% compared to the same quarter last year. On average, equities analysts anticipate that Steel Dynamics, Inc. will post 5.58 EPS for the current year.

Steel Dynamics announced that its Board of Directors has initiated a stock buyback program on Tuesday, September 4th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the basic materials company to reacquire up to 6.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, January 11th. Investors of record on Monday, December 31st will be issued a dividend of $0.1875 per share. 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 currently 28.30%.

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

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