William Blair Investment Management LLC Purchases 1,281 Shares of Steel Dynamics, Inc. (STLD)
William Blair Investment Management LLC raised its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 6.8% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 20,237 shares of the basic materials company’s stock after buying an additional 1,281 shares during the quarter. William Blair Investment Management LLC’s holdings in Steel Dynamics were worth $915,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently made changes to their positions in STLD. Canton Hathaway LLC acquired a new position in shares of Steel Dynamics during the 3rd quarter worth $106,000. Qube Research & Technologies Ltd acquired a new position in shares of Steel Dynamics during the 2nd quarter worth $119,000. Stratos Wealth Partners LTD. acquired a new position in shares of Steel Dynamics during the 3rd quarter worth $134,000. Itau Unibanco Holding S.A. acquired a new position in shares of Steel Dynamics during the 2nd quarter worth $193,000. Finally, HL Financial Services LLC acquired a new position in shares of Steel Dynamics during the 2nd quarter worth $203,000. 84.01% of the stock is currently owned by institutional investors.
In other Steel Dynamics news, Director Richard P. Teets, Jr. acquired 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 28th. The shares were acquired at an average cost of $33.85 per share, for a total transaction of $677,000.00. Following the transaction, the director now directly owns 5,022,779 shares of the company’s stock, valued at $170,021,069.15. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christopher A. Graham sold 10,800 shares of the business’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $47.61, for a total transaction of $514,188.00. Following the completion of the sale, the insider now owns 26,087 shares in the company, valued at $1,242,002.07. The disclosure for this sale can be found here. 4.40% of the stock is owned by insiders.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, October 17th. The basic materials company reported $1.69 EPS for the quarter, topping the consensus estimate of $1.65 by $0.04. Steel Dynamics had a net margin of 11.49% and a return on equity of 31.96%. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same period in the previous year, the firm earned $0.66 EPS. The business’s revenue for the quarter was up 31.9% compared to the same quarter last year. Analysts forecast that Steel Dynamics, Inc. will post 5.58 EPS for the current fiscal year.
Steel Dynamics announced that its board has approved a stock repurchase program on Tuesday, September 4th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the basic materials company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 11th. Investors of record on Monday, December 31st will be given a $0.1875 dividend. The ex-dividend date is Friday, December 28th. This represents a $0.75 annualized dividend and a dividend yield of 2.32%. Steel Dynamics’s dividend payout ratio is presently 28.30%.
A number of equities analysts have recently weighed in on STLD shares. Citigroup lowered their price target on shares of Steel Dynamics from $56.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, October 19th. Deutsche Bank cut shares of Steel Dynamics to a “buy” rating in a research note on Tuesday, October 2nd. Zacks Investment Research raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Wednesday, September 12th. Seaport Global Securities started coverage on shares of Steel Dynamics in a research note on Thursday, October 11th. They set a “buy” rating and a $55.00 price target on the stock. Finally, BMO Capital Markets lowered their price target on shares of Steel Dynamics from $60.00 to $53.00 and set a “buy” rating on the stock in a research note on Friday, October 19th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $53.31.
Steel Dynamics Company Profile
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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