Marshall Wace LLP purchased a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 472,444 shares of the basic materials company’s stock, valued at approximately $21,350,000.
Other large investors have also added to or reduced their stakes in the company. Canton Hathaway LLC purchased a new stake in shares of Steel Dynamics in the 3rd quarter valued at about $106,000. Qube Research & Technologies Ltd purchased a new position in shares of Steel Dynamics during the 2nd quarter valued at about $119,000. Stratos Wealth Partners LTD. purchased a new position in shares of Steel Dynamics during the 3rd quarter valued at about $134,000. Itau Unibanco Holding S.A. purchased a new position in shares of Steel Dynamics during the 2nd quarter valued at about $193,000. Finally, HL Financial Services LLC purchased a new position in shares of Steel Dynamics during the 2nd quarter valued at about $203,000. 84.01% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Steel Dynamics stock opened at $32.31 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.17 and a current ratio of 3.94. The company has a market capitalization of $7.61 billion, a price-to-earnings ratio of 7.02, a P/E/G ratio of 0.50 and a beta of 1.33. Steel Dynamics, Inc. has a one year low of $32.25 and a one year high of $52.10.
Steel Dynamics announced that its Board of Directors has authorized a share buyback program on Tuesday, September 4th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the basic materials company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 11th. Stockholders of record on Monday, December 31st will be given a $0.1875 dividend. The ex-dividend date is Friday, December 28th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 2.32%. Steel Dynamics’s dividend payout ratio is currently 28.30%.
In other news, insider Christopher A. Graham sold 10,800 shares of Steel Dynamics stock in a transaction that occurred on Wednesday, September 19th. The stock was 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 in the company, valued at approximately $1,242,002.07. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard P. Teets, Jr. acquired 20,000 shares of the business’s stock in a transaction dated Wednesday, November 28th. The stock was acquired at an average price of $33.85 per share, for a total transaction of $677,000.00. Following the completion of the transaction, the director now owns 5,022,779 shares in the company, valued at approximately $170,021,069.15. The disclosure for this purchase can be found here. 4.40% of the stock is currently owned by company insiders.
A number of equities analysts recently weighed in on STLD shares. Credit Suisse Group reissued a “neutral” rating on shares of Steel Dynamics in a report on Monday, October 15th. Zacks Investment Research cut Steel Dynamics from a “buy” rating to a “hold” rating in a report on Thursday, October 4th. Morgan Stanley raised Steel Dynamics from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $50.00 to $52.00 in a report on Monday, August 27th. BMO Capital Markets decreased their price objective on Steel Dynamics from $60.00 to $53.00 and set a “buy” rating on the stock in a report on Friday, October 19th. Finally, ValuEngine cut Steel Dynamics from a “hold” rating to a “sell” rating in a report on Wednesday, October 17th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the company. Steel Dynamics currently has an average rating of “Buy” and an average price target of $53.31.
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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