Diametric Capital LP Buys Shares of 2,068 Steel Dynamics, Inc. (NASDAQ:STLD)

Diametric Capital LP purchased a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,068 shares of the basic materials company’s stock, valued at approximately $236,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new position in Steel Dynamics during the 4th quarter worth $336,426,000. Nordea Investment Management AB lifted its position in shares of Steel Dynamics by 22.4% during the fourth quarter. Nordea Investment Management AB now owns 1,384,526 shares of the basic materials company’s stock worth $158,487,000 after purchasing an additional 253,802 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Steel Dynamics by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,374,907 shares of the basic materials company’s stock worth $156,836,000 after purchasing an additional 11,672 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Steel Dynamics by 12.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,027,341 shares of the basic materials company’s stock valued at $117,189,000 after buying an additional 114,485 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its stake in Steel Dynamics by 116.5% during the third quarter. Lord Abbett & CO. LLC now owns 1,018,668 shares of the basic materials company’s stock valued at $128,434,000 after buying an additional 548,086 shares in the last quarter. Institutional investors own 82.41% of the company’s stock.

Analysts Set New Price Targets

STLD has been the subject of several research reports. Jefferies Financial Group upgraded Steel Dynamics from a “hold” rating to a “buy” rating and lifted their target price for the stock from $125.00 to $145.00 in a research report on Friday, January 24th. BMO Capital Markets raised shares of Steel Dynamics from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $135.00 to $145.00 in a report on Monday. Citigroup dropped their target price on shares of Steel Dynamics from $160.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Wolfe Research raised shares of Steel Dynamics from an “underperform” rating to a “peer perform” rating in a report on Thursday, February 27th. Finally, StockNews.com upgraded shares of Steel Dynamics from a “sell” rating to a “hold” rating in a research note on Thursday, March 6th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.67.

Insider Activity

In related news, SVP Glenn Pushis sold 23,649 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total transaction of $3,184,810.83. Following the completion of the transaction, the senior vice president now owns 122,140 shares of the company’s stock, valued at $16,448,593.80. This trade represents a 16.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 6.30% of the company’s stock.

Steel Dynamics Stock Down 0.9 %

STLD opened at $124.00 on Wednesday. The stock’s 50 day moving average price is $128.43 and its 200 day moving average price is $128.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.53 and a quick ratio of 1.08. The stock has a market cap of $18.59 billion, a P/E ratio of 12.65, a P/E/G ratio of 1.05 and a beta of 1.34. Steel Dynamics, Inc. has a 12 month low of $104.60 and a 12 month high of $155.56.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.33). Steel Dynamics had a net margin of 8.76% and a return on equity of 17.32%. During the same period last year, the business earned $2.61 EPS. As a group, research analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be paid a $0.50 dividend. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date is Monday, March 31st. Steel Dynamics’s dividend payout ratio is currently 20.41%.

Steel Dynamics announced that its board has approved a stock repurchase plan on Monday, February 24th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the basic materials company to purchase up to 7.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.