Global Retirement Partners LLC Cuts Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Global Retirement Partners LLC trimmed its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 19.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 455 shares of the basic materials company’s stock after selling 113 shares during the quarter. Global Retirement Partners LLC’s holdings in Steel Dynamics were worth $52,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in STLD. Holocene Advisors LP raised its position in Steel Dynamics by 85.8% during the third quarter. Holocene Advisors LP now owns 2,295,365 shares of the basic materials company’s stock worth $289,400,000 after acquiring an additional 1,060,007 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Steel Dynamics by 6.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,546,104 shares of the basic materials company’s stock worth $194,933,000 after purchasing an additional 96,122 shares in the last quarter. Nordea Investment Management AB raised its position in shares of Steel Dynamics by 22.4% during the 4th quarter. Nordea Investment Management AB now owns 1,384,526 shares of the basic materials company’s stock worth $158,487,000 after purchasing an additional 253,802 shares during the last quarter. Lord Abbett & CO. LLC raised its position in shares of Steel Dynamics by 116.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,018,668 shares of the basic materials company’s stock worth $128,434,000 after purchasing an additional 548,086 shares during the last quarter. Finally, Barclays PLC lifted its stake in Steel Dynamics by 21.8% in the 3rd quarter. Barclays PLC now owns 448,942 shares of the basic materials company’s stock valued at $56,603,000 after buying an additional 80,262 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Glenn Pushis sold 23,649 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total transaction of $3,184,810.83. Following the completion of the transaction, the senior vice president now directly owns 122,140 shares in the company, valued at approximately $16,448,593.80. This represents a 16.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. The Goldman Sachs Group began coverage on Steel Dynamics in a research note on Monday, December 2nd. They set a “neutral” rating and a $155.00 price objective for the company. Morgan Stanley boosted their price target on Steel Dynamics from $131.00 to $145.00 and gave the stock an “equal weight” rating in a research report on Monday, February 3rd. BNP Paribas upgraded Steel Dynamics from a “neutral” rating to an “outperform” rating in a report on Friday, January 3rd. Jefferies Financial Group raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and lifted their target price for the stock from $125.00 to $145.00 in a research note on Friday, January 24th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Steel Dynamics from $134.00 to $132.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $146.22.

Steel Dynamics Trading Up 1.3 %

Shares of STLD opened at $135.07 on Friday. Steel Dynamics, Inc. has a 12-month low of $104.60 and a 12-month high of $155.56. The firm has a market capitalization of $20.56 billion, a P/E ratio of 13.78, a P/E/G ratio of 1.05 and a beta of 1.35. The firm has a 50-day moving average price of $125.39 and a 200 day moving average price of $127.37. The company has a current ratio of 2.53, a quick ratio of 1.08 and a debt-to-equity ratio of 0.32.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.33). Steel Dynamics had a net margin of 8.76% and a return on equity of 17.32%. During the same quarter in the previous year, the firm posted $2.61 earnings per share. Sell-side analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics declared that its Board of Directors has authorized a stock buyback program on Monday, February 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the basic materials company to reacquire up to 7.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Steel Dynamics Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.50 per share. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.00 annualized dividend and a yield of 1.48%. Steel Dynamics’s dividend payout ratio (DPR) is 20.41%.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.