Retirement Systems of Alabama trimmed its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 9.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 384,630 shares of the basic materials company’s stock after selling 42,093 shares during the period. Retirement Systems of Alabama owned approximately 0.16% of Steel Dynamics worth $17,381,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its holdings in shares of Steel Dynamics by 200.0% in the second quarter. Victory Capital Management Inc. now owns 1,291,425 shares of the basic materials company’s stock valued at $59,341,000 after buying an additional 860,913 shares in the last quarter. Standard Life Aberdeen plc increased its holdings in shares of Steel Dynamics by 43.3% in the second quarter. Standard Life Aberdeen plc now owns 2,690,278 shares of the basic materials company’s stock valued at $123,632,000 after buying an additional 812,425 shares in the last quarter. Menora Mivtachim Holdings LTD. bought a new position in shares of Steel Dynamics in the second quarter valued at $28,967,000. BlackRock Inc. increased its holdings in shares of Steel Dynamics by 2.4% in the second quarter. BlackRock Inc. now owns 22,437,570 shares of the basic materials company’s stock valued at $1,031,008,000 after buying an additional 527,113 shares in the last quarter. Finally, Glenmede Trust Co. NA increased its holdings in shares of Steel Dynamics by 889.0% in the second quarter. Glenmede Trust Co. NA now owns 495,899 shares of the basic materials company’s stock valued at $22,786,000 after buying an additional 445,759 shares in the last quarter. Hedge funds and other institutional investors own 83.09% of the company’s stock.
Shares of NASDAQ:STLD opened at $38.37 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.17 and a current ratio of 3.94. Steel Dynamics, Inc. has a 12-month low of $35.80 and a 12-month high of $52.10. The firm has a market cap of $9.01 billion, a price-to-earnings ratio of 8.13, a PEG ratio of 0.57 and a beta of 1.29.
Steel Dynamics declared that its board has approved a stock repurchase plan on Tuesday, September 4th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to purchase up to 6.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Sunday, September 30th were paid a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 1.95%. The ex-dividend date was Thursday, September 27th. Steel Dynamics’s dividend payout ratio (DPR) is currently 28.30%.
In other Steel Dynamics news, insider Christopher A. Graham sold 10,800 shares of the business’s stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $47.61, for a total transaction of $514,188.00. Following the sale, the insider now directly owns 26,087 shares of the company’s stock, valued at approximately $1,242,002.07. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.40% of the stock is owned by insiders.
Several research analysts have issued reports on STLD shares. Deutsche Bank cut Steel Dynamics to a “buy” rating in a report on Tuesday, October 2nd. Morgan Stanley raised Steel Dynamics from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $50.00 to $52.00 in a report on Monday, August 27th. Zacks Investment Research raised Steel Dynamics from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a report on Wednesday, September 12th. Bank of America upped their price target on Steel Dynamics from $54.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. Finally, BidaskClub cut Steel Dynamics from a “hold” rating to a “sell” rating in a report on Thursday, August 9th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the company. Steel Dynamics presently has an average rating of “Buy” and an average target price of $53.31.
Steel Dynamics 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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