Rhumbline Advisers Increases Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Rhumbline Advisers boosted its position in Steel Dynamics, Inc. (NASDAQ:STLDGet Rating) by 4.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 508,583 shares of the basic materials company’s stock after purchasing an additional 20,044 shares during the quarter. Rhumbline Advisers’ holdings in Steel Dynamics were worth $33,643,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of STLD. First Horizon Advisors Inc. lifted its stake in Steel Dynamics by 70.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 464 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 191 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Steel Dynamics by 425.8% during the 2nd quarter. Parkside Financial Bank & Trust now owns 468 shares of the basic materials company’s stock valued at $31,000 after buying an additional 379 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of Steel Dynamics during the 1st quarter valued at $36,000. Quent Capital LLC raised its position in shares of Steel Dynamics by 1,042.9% during the 1st quarter. Quent Capital LLC now owns 480 shares of the basic materials company’s stock valued at $40,000 after buying an additional 438 shares in the last quarter. Finally, SeaCrest Wealth Management LLC purchased a new stake in shares of Steel Dynamics during the 2nd quarter valued at $47,000. 80.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

STLD has been the topic of several research reports. BMO Capital Markets raised their price objective on shares of Steel Dynamics from $89.00 to $100.00 and gave the company a “market perform” rating in a research report on Monday, November 14th. Citigroup raised their price objective on shares of Steel Dynamics to $110.00 in a research report on Tuesday, September 13th. Morgan Stanley raised their price objective on shares of Steel Dynamics from $78.00 to $85.00 and gave the company an “equal weight” rating in a research report on Friday, October 21st. StockNews.com cut shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, The Goldman Sachs Group raised their price objective on shares of Steel Dynamics from $88.00 to $99.00 and gave the company a “buy” rating in a research report on Friday, October 21st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $94.14.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, Director Keith E. Busse sold 22,103 shares of the firm’s stock in a transaction on Monday, October 24th. The shares were sold at an average price of $96.33, for a total value of $2,129,181.99. Following the sale, the director now owns 701,948 shares of the company’s stock, valued at approximately $67,618,650.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.40% of the stock is owned by insiders.

Steel Dynamics Price Performance

STLD stock opened at $103.95 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.08 and a current ratio of 3.67. Steel Dynamics, Inc. has a 52 week low of $50.54 and a 52 week high of $106.78. The firm’s fifty day moving average is $86.46 and its 200 day moving average is $79.72. The firm has a market cap of $18.25 billion, a P/E ratio of 4.59 and a beta of 1.46.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 13th. Investors of record on Saturday, December 31st will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.31%. The ex-dividend date of this dividend is Friday, December 30th. Steel Dynamics’s dividend payout ratio is currently 6.00%.

Steel Dynamics announced that its Board of Directors has initiated a share repurchase program on Thursday, November 10th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 8.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Steel Dynamics Profile

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Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.

See Also

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Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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