Steel Dynamics, Inc. (NASDAQ:STLD) Shares Purchased by Capital Research Global Investors

Capital Research Global Investors increased its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 29.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,592,670 shares of the basic materials company’s stock after acquiring an additional 815,629 shares during the period. Capital Research Global Investors owned approximately 2.36% of Steel Dynamics worth $409,816,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in STLD. Wilmington Savings Fund Society FSB purchased a new position in shares of Steel Dynamics in the third quarter worth about $25,000. ORG Wealth Partners LLC purchased a new position in Steel Dynamics during the 4th quarter worth approximately $28,000. IAG Wealth Partners LLC acquired a new stake in Steel Dynamics during the 4th quarter valued at approximately $39,000. Avalon Trust Co acquired a new stake in shares of Steel Dynamics in the fourth quarter worth $42,000. Finally, Golden State Wealth Management LLC purchased a new position in shares of Steel Dynamics during the fourth quarter worth $48,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analyst Ratings Changes

STLD has been the topic of several analyst reports. Morgan Stanley raised Steel Dynamics from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $145.00 to $158.00 in a research report on Friday, March 7th. KeyCorp upgraded Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $155.00 price target for the company in a research report on Tuesday, February 11th. BMO Capital Markets raised shares of Steel Dynamics from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $135.00 to $145.00 in a research note on Monday, March 31st. Wolfe Research upgraded shares of Steel Dynamics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, February 27th. Finally, UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and set a $149.00 price target on the stock in a research report on Monday, March 24th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $149.11.

Insider Buying and Selling

In related news, SVP Glenn Pushis sold 23,649 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $134.67, for a total transaction of $3,184,810.83. Following the completion of the sale, the senior vice president now directly owns 122,140 shares in the company, valued at approximately $16,448,593.80. This trade represents a 16.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.30% of the stock is currently owned by company insiders.

Steel Dynamics Price Performance

Shares of Steel Dynamics stock opened at $118.29 on Friday. The stock has a market capitalization of $17.73 billion, a P/E ratio of 12.07, a PEG ratio of 1.05 and a beta of 1.35. The business has a 50 day simple moving average of $125.36 and a two-hundred day simple moving average of $128.40. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $155.56. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.53 and a quick ratio of 1.08.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, January 22nd. The basic materials company reported $1.36 earnings per share 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 in the previous year, the business posted $2.61 earnings per share. As a group, analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend was Monday, March 31st. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.46. Steel Dynamics’s dividend payout ratio (DPR) is currently 20.41%.

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

Steel Dynamics 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.