Steel Dynamics (STLD) Reaches New 1-Year Low at $36.34

Steel Dynamics, Inc. (NASDAQ:STLD) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $36.34 and last traded at $37.53, with a volume of 64346 shares traded. The stock had previously closed at $38.48.

A number of equities research analysts have recently issued reports on STLD shares. Deutsche Bank downgraded shares of Steel Dynamics to a “buy” rating in a report on Tuesday, October 2nd. Zacks Investment Research raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a report on Wednesday, September 12th. Seaport Global Securities started coverage on shares of Steel Dynamics in a report on Thursday, October 11th. They issued a “buy” rating and a $55.00 price target on the stock. Citigroup lowered their price target on shares of Steel Dynamics from $56.00 to $47.00 and set a “buy” rating on the stock in a report on Friday, October 19th. Finally, BMO Capital Markets lowered their price target on shares of Steel Dynamics from $60.00 to $53.00 and set a “buy” rating on the stock in a report on Friday, October 19th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the company. Steel Dynamics presently has an average rating of “Buy” and an average price target of $53.31.

The company has a market cap of $8.83 billion, a price-to-earnings ratio of 14.13, a P/E/G ratio of 0.57 and a beta of 1.35. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.17 and a current ratio of 3.94.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, October 17th. The basic materials company reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $0.04. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.14 billion. Steel Dynamics had a net margin of 11.49% and a return on equity of 31.96%. Steel Dynamics’s quarterly revenue was up 31.9% on a year-over-year basis. During the same period last year, the firm posted $0.66 earnings per share. Analysts predict that Steel Dynamics, Inc. will post 5.58 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, January 11th. Investors of record on Monday, December 31st will be paid a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Friday, December 28th. Steel Dynamics’s dividend payout ratio is currently 28.30%.

Steel Dynamics announced that its Board of Directors has authorized a share repurchase plan on Tuesday, September 4th that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 6.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

In related news, insider Christopher A. Graham sold 10,800 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 26,087 shares of the company’s stock, valued at $1,242,002.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.40% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Steel Dynamics by 3.0% during the third quarter. BlackRock Inc. now owns 23,117,232 shares of the basic materials company’s stock worth $1,044,668,000 after acquiring an additional 679,662 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Steel Dynamics by 4.3% during the third quarter. Vanguard Group Inc. now owns 21,357,596 shares of the basic materials company’s stock worth $965,150,000 after acquiring an additional 882,061 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Steel Dynamics by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 4,161,241 shares of the basic materials company’s stock worth $191,211,000 after acquiring an additional 14,041 shares in the last quarter. Steadfast Capital Management LP raised its stake in shares of Steel Dynamics by 0.5% during the third quarter. Steadfast Capital Management LP now owns 3,457,050 shares of the basic materials company’s stock worth $156,224,000 after acquiring an additional 18,158 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Steel Dynamics by 2.3% during the third quarter. Bank of New York Mellon Corp now owns 3,264,092 shares of the basic materials company’s stock worth $147,503,000 after acquiring an additional 72,097 shares in the last quarter. 85.62% of the stock is currently owned by institutional investors and hedge funds.

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About Steel Dynamics (NASDAQ:STLD)

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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