James Investment Research Inc. grew its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 18.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 53,890 shares of the basic materials company’s stock after buying an additional 8,255 shares during the period. James Investment Research Inc.’s holdings in Steel Dynamics were worth $2,435,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. boosted its stake in Steel Dynamics by 7.5% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 17,472 shares of the basic materials company’s stock worth $803,000 after purchasing an additional 1,226 shares during the period. Burney Co. boosted its stake in Steel Dynamics by 1.8% during the 2nd quarter. Burney Co. now owns 72,702 shares of the basic materials company’s stock worth $3,341,000 after purchasing an additional 1,292 shares during the period. NN Investment Partners Holdings N.V. boosted its stake in Steel Dynamics by 1.3% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 98,647 shares of the basic materials company’s stock worth $4,533,000 after purchasing an additional 1,305 shares during the period. State of Alaska Department of Revenue boosted its stake in Steel Dynamics by 2.8% during the 3rd quarter. State of Alaska Department of Revenue now owns 49,729 shares of the basic materials company’s stock worth $2,245,000 after purchasing an additional 1,341 shares during the period. Finally, Louisiana State Employees Retirement System boosted its stake in Steel Dynamics by 2.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 63,700 shares of the basic materials company’s stock worth $2,927,000 after purchasing an additional 1,700 shares during the period. Institutional investors and hedge funds own 83.06% of the company’s stock.
STLD stock opened at $38.59 on Tuesday. Steel Dynamics, Inc. has a one year low of $35.80 and a one year high of $52.10. The firm has a market capitalization of $9.01 billion, a PE ratio of 14.56, a PEG ratio of 0.57 and a beta of 1.29. The company has a quick ratio of 2.17, a current ratio of 3.94 and a debt-to-equity ratio of 0.61.
The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Sunday, September 30th were paid a $0.1875 dividend. This represents a $0.75 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend was Thursday, September 27th. Steel Dynamics’s dividend payout ratio (DPR) is presently 28.30%.
Steel Dynamics declared that its Board of Directors has initiated a share buyback plan on Tuesday, September 4th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the basic materials company to reacquire up to 6.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
STLD has been the subject of a number of recent research reports. Deutsche Bank cut shares of Steel Dynamics to a “buy” rating in a research note on Tuesday, October 2nd. Morgan Stanley upgraded shares of Steel Dynamics from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $50.00 to $52.00 in a research note on Monday, August 27th. Zacks Investment Research upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research note on Wednesday, September 12th. Bank of America increased their price target on shares of Steel Dynamics from $54.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Finally, BidaskClub cut shares of Steel Dynamics from a “hold” rating to a “sell” rating in a research note on Thursday, August 9th. Two investment 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’s stock. The stock has an average rating of “Buy” and a consensus price target of $53.31.
In other news, insider Christopher A. Graham sold 10,800 shares of the firm’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 sale, the insider now owns 26,087 shares in the company, valued at approximately $1,242,002.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.40% of the stock is currently owned by company insiders.
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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