Redwood Investment Management LLC Has $1.42 Million Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Redwood Investment Management LLC grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 12.1% during the 4th quarter, Holdings Channel reports. The firm owned 12,479 shares of the basic materials company’s stock after buying an additional 1,345 shares during the period. Redwood Investment Management LLC’s holdings in Steel Dynamics were worth $1,423,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Barclays PLC boosted its stake in shares of Steel Dynamics by 21.8% during the 3rd quarter. Barclays PLC now owns 448,942 shares of the basic materials company’s stock worth $56,603,000 after acquiring an additional 80,262 shares during the period. Fifth Third Wealth Advisors LLC boosted its stake in shares of Steel Dynamics by 11.2% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 2,497 shares of the basic materials company’s stock worth $285,000 after acquiring an additional 252 shares during the period. Ritholtz Wealth Management boosted its stake in shares of Steel Dynamics by 24.6% during the 4th quarter. Ritholtz Wealth Management now owns 5,377 shares of the basic materials company’s stock worth $613,000 after acquiring an additional 1,060 shares during the period. Empirical Asset Management LLC boosted its stake in shares of Steel Dynamics by 44.3% during the 4th quarter. Empirical Asset Management LLC now owns 4,209 shares of the basic materials company’s stock worth $480,000 after acquiring an additional 1,293 shares during the period. Finally, Boston Common Asset Management LLC boosted its stake in shares of Steel Dynamics by 45.3% during the 4th quarter. Boston Common Asset Management LLC now owns 66,493 shares of the basic materials company’s stock worth $7,585,000 after acquiring an additional 20,721 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Trading Up 0.7%

NASDAQ STLD opened at $134.78 on Friday. The business’s 50-day moving average price is $124.71 and its two-hundred day moving average price is $128.23. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $155.56. The firm has a market capitalization of $20.01 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 1.05 and a beta of 1.44. The company has a current ratio of 2.53, a quick ratio of 1.08 and a debt-to-equity ratio of 0.32.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.04. Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. The firm had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.17 billion. During the same quarter in the previous year, the company posted $3.67 EPS. On average, analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

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

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.00 annualized dividend and a dividend yield of 1.48%. Steel Dynamics’s payout ratio is 26.42%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on STLD. Wolfe Research upgraded Steel Dynamics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, February 27th. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and set a $149.00 price target for the company in a report on Monday, March 24th. JPMorgan Chase & Co. lifted their price target on Steel Dynamics from $135.00 to $138.00 and gave the stock a “neutral” rating in a report on Thursday, April 24th. StockNews.com cut Steel Dynamics from a “hold” rating to a “sell” rating in a report on Friday, April 25th. Finally, Morgan Stanley set a $140.00 price target on Steel Dynamics and gave the stock an “overweight” rating in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Steel Dynamics presently has a consensus rating of “Moderate Buy” and an average price target of $147.44.

About Steel Dynamics

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.