First Trust Advisors LP Sells 82,546 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)
First Trust Advisors LP lowered its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 21.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 306,302 shares of the basic materials company’s stock after selling 82,546 shares during the quarter. First Trust Advisors LP owned about 0.14% of Steel Dynamics worth $6,904,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in STLD. Amundi Pioneer Asset Management Inc. boosted its position in Steel Dynamics by 12.3% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 256,517 shares of the basic materials company’s stock worth $9,048,000 after purchasing an additional 28,050 shares during the period. Nisa Investment Advisors LLC boosted its position in Steel Dynamics by 32.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 43,220 shares of the basic materials company’s stock worth $1,471,000 after purchasing an additional 10,700 shares during the period. Advisor Partners LLC bought a new stake in Steel Dynamics during the fourth quarter worth approximately $202,000. Meritage Portfolio Management bought a new stake in Steel Dynamics during the fourth quarter worth approximately $2,357,000. Finally, British Airways Pensions Investment Management Ltd bought a new stake in Steel Dynamics during the fourth quarter worth approximately $10,394,000. 83.38% of the stock is owned by hedge funds and other institutional investors.
Shares of STLD stock opened at $24.43 on Friday. The stock has a market cap of $5.18 billion, a P/E ratio of 8.14, a price-to-earnings-growth ratio of 1.19 and a beta of 1.43. Steel Dynamics, Inc. has a one year low of $14.98 and a one year high of $35.78. The stock has a fifty day moving average price of $23.45 and a 200 day moving average price of $28.35. The company has a debt-to-equity ratio of 0.67, a current ratio of 4.02 and a quick ratio of 2.42.
Steel Dynamics declared that its board has initiated a stock repurchase program on Wednesday, February 26th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the basic materials company to repurchase up to 8.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 4.09%. Steel Dynamics’s dividend payout ratio is currently 32.26%.
In related news, SVP Glenn Pushis acquired 18,600 shares of the company’s stock in a transaction on Friday, February 28th. The stock was purchased at an average cost of $26.12 per share, for a total transaction of $485,832.00. Following the completion of the purchase, the senior vice president now directly owns 111,612 shares of the company’s stock, valued at approximately $2,915,305.44. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Russell B. Rinn acquired 5,000 shares of the company’s stock in a transaction on Friday, February 28th. The shares were bought at an average price of $26.30 per share, with a total value of $131,500.00. Following the completion of the purchase, the executive vice president now directly owns 231,318 shares of the company’s stock, valued at $6,083,663.40. The disclosure for this purchase can be found here. Insiders have acquired 42,400 shares of company stock valued at $1,023,393 over the last quarter. Corporate insiders own 5.00% of the company’s stock.
A number of equities research analysts have issued reports on the company. UBS Group decreased their target price on Steel Dynamics from $43.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, May 14th. BMO Capital Markets decreased their target price on Steel Dynamics from $35.00 to $18.00 and set a “market perform” rating for the company in a research report on Thursday, March 19th. Deutsche Bank raised Steel Dynamics from a “hold” rating to a “buy” rating and reduced their price objective for the company from $30.00 to $27.00 in a research report on Monday, March 30th. Bank of America reissued an “underperform” rating and issued a $23.00 price objective on shares of Steel Dynamics in a research report on Wednesday, May 6th. Finally, ValuEngine cut Steel Dynamics from a “hold” rating to a “sell” rating in a research report on Friday, May 1st. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. Steel Dynamics has an average rating of “Hold” and a consensus target price of $30.15.
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. 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; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.
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