Steel Dynamics, Inc. (NASDAQ:STLD) announced a quarterly dividend on Friday, May 22nd, RTT News reports. Stockholders of record on Tuesday, June 30th will be given a dividend of 0.25 per share by the basic materials company on Friday, July 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.09%.
Steel Dynamics has raised its dividend payment by an average of 17.3% annually over the last three years and has raised its dividend annually for the last 7 consecutive years. Steel Dynamics has a payout ratio of 57.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Steel Dynamics to earn $2.23 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 44.8%.
STLD opened at $24.43 on Friday. The stock’s 50 day moving average price is $23.45 and its 200 day moving average price is $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. The stock has a market cap of $5.21 billion, a P/E ratio of 8.09, a P/E/G ratio of 1.20 and a beta of 1.43. Steel Dynamics has a 12 month low of $14.98 and a 12 month high of $35.78.
A number of analysts have recently weighed in on the stock. Bank of America reiterated an “underperform” rating and issued a $23.00 price objective on shares of Steel Dynamics in a report on Wednesday, May 6th. KeyCorp increased their price target on Steel Dynamics from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Wednesday, April 22nd. BidaskClub raised Steel Dynamics from a “strong sell” rating to a “sell” rating in a research note on Friday. JPMorgan Chase & Co. decreased their target price on Steel Dynamics from $35.00 to $28.00 and set an “overweight” rating for the company in a research note on Friday, April 17th. Finally, TheStreet cut shares of Steel Dynamics from a “b-” rating to a “c+” rating in a research report on Friday, February 28th. Three analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company’s stock. Steel Dynamics presently has a consensus rating of “Hold” and an average target price of $30.15.
Steel Dynamics declared that its board has approved a stock buyback plan on Wednesday, February 26th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 8.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In other Steel Dynamics news, SVP Glenn Pushis acquired 18,600 shares of the firm’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 transaction, the senior vice president now owns 111,612 shares of the company’s stock, valued at approximately $2,915,305.44. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Russell B. Rinn bought 5,000 shares of the stock in a transaction on Friday, February 28th. The shares were acquired at an average cost of $26.30 per share, for a total transaction of $131,500.00. Following the purchase, the executive vice president now owns 231,318 shares in the company, valued at $6,083,663.40. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 42,400 shares of company stock worth $1,023,393. Company insiders own 5.00% of the company’s stock.
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. 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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