Wedge Capital Management L L P NC raised its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 11.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 18,719 shares of the basic materials company’s stock after buying an additional 1,928 shares during the period. Wedge Capital Management L L P NC’s holdings in Steel Dynamics were worth $846,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in STLD. Canton Hathaway LLC bought a new stake in shares of Steel Dynamics during the 3rd quarter valued at $106,000. Qube Research & Technologies Ltd bought a new stake in shares of Steel Dynamics during the 2nd quarter valued at $119,000. Itau Unibanco Holding S.A. bought a new stake in shares of Steel Dynamics during the 2nd quarter valued at $193,000. CENTRAL TRUST Co grew its position in shares of Steel Dynamics by 6,707.7% during the 2nd quarter. CENTRAL TRUST Co now owns 4,425 shares of the basic materials company’s stock valued at $203,000 after acquiring an additional 4,360 shares during the period. Finally, HL Financial Services LLC bought a new stake in shares of Steel Dynamics during the 2nd quarter valued at $203,000. Institutional investors and hedge funds own 83.05% of the company’s stock.
A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets cut their price objective on shares of Steel Dynamics from $60.00 to $53.00 and set a “buy” rating for the company in a research report on Friday, October 19th. Citigroup cut their price objective on shares of Steel Dynamics from $56.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, October 19th. ValuEngine downgraded shares of Steel Dynamics from a “hold” rating to a “sell” rating in a research report on Wednesday, October 17th. Zacks Investment Research downgraded shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Monday, October 15th. Finally, Credit Suisse Group reissued a “neutral” rating on shares of Steel Dynamics in a research report on Monday, October 15th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $53.31.
Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, October 17th. The basic materials company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.04. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.14 billion. Steel Dynamics had a net margin of 11.49% and a return on equity of 31.96%. Steel Dynamics’s quarterly revenue was up 31.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.66 EPS. On average, sell-side analysts forecast that Steel Dynamics, Inc. will post 5.58 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Sunday, September 30th were issued a $0.1875 dividend. This represents a $0.75 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend was Thursday, September 27th. Steel Dynamics’s dividend payout ratio is currently 28.30%.
Steel Dynamics declared that its Board of Directors has authorized a stock repurchase program on Tuesday, September 4th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the basic materials company to buy up to 6.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
In related news, insider Christopher A. Graham sold 10,800 shares of the company’s stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $47.61, for a total value of $514,188.00. Following the completion of the transaction, the insider now owns 26,087 shares of the company’s stock, valued at approximately $1,242,002.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.40% of the company’s stock.
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About Steel Dynamics
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.
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