Amalgamated Bank Cuts Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Amalgamated Bank lessened its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 3.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,403 shares of the basic materials company’s stock after selling 1,099 shares during the quarter. Amalgamated Bank’s holdings in Steel Dynamics were worth $3,126,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new position in Steel Dynamics in the third quarter worth about $25,000. ORG Wealth Partners LLC bought a new stake in shares of Steel Dynamics during the fourth quarter valued at approximately $28,000. Private Trust Co. NA raised its holdings in Steel Dynamics by 532.6% in the 3rd quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 245 shares during the last quarter. Golden State Wealth Management LLC bought a new position in Steel Dynamics in the 4th quarter valued at approximately $48,000. Finally, Brooklyn Investment Group purchased a new stake in Steel Dynamics during the 3rd quarter valued at $61,000. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Trading Up 1.3 %

NASDAQ:STLD opened at $135.07 on Friday. The firm has a market capitalization of $20.56 billion, a price-to-earnings ratio of 13.78, a price-to-earnings-growth ratio of 1.05 and a beta of 1.35. 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 business has a fifty day moving average price of $125.39 and a 200-day moving average price of $127.37. Steel Dynamics, Inc. has a one year low of $104.60 and a one year high of $155.56.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, January 22nd. The basic materials company reported $1.36 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.33). Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. During the same period in the prior year, the company posted $2.61 earnings per share. Sell-side analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics declared that its board has authorized a stock buyback program on Monday, February 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the basic materials company to repurchase up to 7.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Steel Dynamics Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be given 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 1.48%. The ex-dividend date of this dividend is Monday, March 31st. Steel Dynamics’s dividend payout ratio is presently 20.41%.

Insider Transactions at Steel Dynamics

In other news, SVP Glenn Pushis sold 23,649 shares of the company’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total value 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 represents a 16.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 6.00% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Wolfe Research raised Steel Dynamics from an “underperform” rating to a “peer perform” rating in a report on Thursday. KeyCorp upgraded shares of Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $155.00 target price on the stock in a research note on Tuesday, February 11th. Jefferies Financial Group raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and boosted their price objective for the company from $125.00 to $145.00 in a report on Friday, January 24th. Morgan Stanley raised their target price on shares of Steel Dynamics from $131.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Finally, JPMorgan Chase & Co. cut their target price on shares of Steel Dynamics from $134.00 to $132.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Steel Dynamics presently has an average rating of “Hold” and a consensus price target of $146.22.

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.