Globeflex Capital L P trimmed its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 13.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 66,720 shares of the basic materials company’s stock after selling 10,500 shares during the quarter. Steel Dynamics makes up 0.6% of Globeflex Capital L P’s holdings, making the stock its 23rd largest position. Globeflex Capital L P’s holdings in Steel Dynamics were worth $3,015,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Canton Hathaway LLC bought a new stake in shares of Steel Dynamics in the 3rd quarter valued at about $106,000. Qube Research & Technologies Ltd bought a new position in Steel Dynamics in the 2nd quarter valued at about $119,000. Stratos Wealth Partners LTD. bought a new position in Steel Dynamics in the 3rd quarter valued at about $134,000. Itau Unibanco Holding S.A. bought a new position in Steel Dynamics in the 2nd quarter valued at about $193,000. Finally, HL Financial Services LLC bought a new position in Steel Dynamics in the 2nd quarter valued at about $203,000. 84.01% of the stock is currently owned by institutional investors.
Shares of NASDAQ:STLD opened at $34.72 on Thursday. Steel Dynamics, Inc. has a 12-month low of $33.38 and a 12-month high of $52.10. The company has a market cap of $8.08 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 0.53 and a beta of 1.33. The company has a current ratio of 3.94, a quick ratio of 2.17 and a debt-to-equity ratio of 0.61.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 11th. Shareholders of record on Monday, December 31st will be given a dividend of $0.1875 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 2.16%. Steel Dynamics’s payout ratio is presently 28.30%.
Steel Dynamics announced that its board has initiated a stock buyback program on Tuesday, September 4th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 6.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
Several research analysts have weighed in on the stock. Zacks Investment Research cut shares of Steel Dynamics from a “buy” rating to a “hold” rating in a report on Monday, October 15th. BidaskClub cut shares of Steel Dynamics from a “sell” rating to a “strong sell” rating in a report on Wednesday, November 28th. ValuEngine cut shares of Steel Dynamics from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 27th. Credit Suisse Group reissued a “neutral” rating on shares of Steel Dynamics in a report on Monday, October 15th. Finally, 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 report on Friday, October 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $53.31.
In other news, Director Richard P. Teets, Jr. purchased 20,000 shares of Steel Dynamics stock in a transaction that occurred on Wednesday, November 28th. The shares were acquired at an average price of $33.85 per share, for a total transaction of $677,000.00. Following the transaction, the director now owns 5,022,779 shares of the company’s stock, valued at approximately $170,021,069.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher A. Graham sold 10,800 shares of the stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $47.61, for a total transaction of $514,188.00. Following the sale, the insider now owns 26,087 shares in the company, valued at approximately $1,242,002.07. The disclosure for this sale can be found here. Corporate insiders own 4.40% 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. 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.
Further Reading: Depreciation
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