Blueshift Asset Management LLC Has $791,000 Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Blueshift Asset Management LLC grew its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 259.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 6,931 shares of the basic materials company’s stock after buying an additional 5,004 shares during the period. Blueshift Asset Management LLC’s holdings in Steel Dynamics were worth $791,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in STLD. Wilmington Savings Fund Society FSB bought a new position in shares of Steel Dynamics in the 3rd quarter worth $25,000. ORG Wealth Partners LLC bought a new position in shares of Steel Dynamics in the 4th quarter worth $28,000. Private Trust Co. NA boosted its position in shares of Steel Dynamics by 532.6% in the 3rd quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 245 shares during the last quarter. IAG Wealth Partners LLC bought a new position in shares of Steel Dynamics in the 4th quarter worth $39,000. Finally, Avalon Trust Co bought a new position in shares of Steel Dynamics in the 4th quarter worth $42,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $128.52 on Thursday. The firm has a market cap of $19.30 billion, a price-to-earnings ratio of 13.11, a price-to-earnings-growth ratio of 1.05 and a beta of 1.34. The stock’s 50-day moving average is $127.89 and its 200-day moving average is $127.99. Steel Dynamics, Inc. has a one year low of $104.60 and a one year high of $155.56. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.53 and a quick ratio of 1.08.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 EPS for the quarter, missing analysts’ consensus estimates 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 period in the prior year, the business earned $2.61 earnings per share. Equities analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be given a $0.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.56%. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.46. Steel Dynamics’s payout ratio is currently 20.41%.

Steel Dynamics announced that its board has initiated a share repurchase plan on Monday, February 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to buy up to 7.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

STLD has been the topic of several recent research reports. KeyCorp upgraded Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $155.00 price target on the stock in a research report on Tuesday, February 11th. The Goldman Sachs Group initiated coverage on Steel Dynamics in a report on Monday, December 2nd. They set a “neutral” rating and a $155.00 target price on the stock. Jefferies Financial Group upgraded 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 report on Friday, January 24th. Wolfe Research upgraded Steel Dynamics from an “underperform” rating to a “peer perform” rating in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $132.00 to $140.00 and gave the stock a “neutral” rating in a report on Tuesday, March 11th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Steel Dynamics has a consensus rating of “Moderate Buy” and a consensus price target of $148.56.

Insider Activity at Steel Dynamics

In related news, SVP Glenn Pushis sold 23,649 shares of Steel Dynamics stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total value of $3,184,810.83. Following the sale, the senior vice president now owns 122,140 shares of the company’s stock, valued at approximately $16,448,593.80. The trade was a 16.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.00% of the stock is owned by company insiders.

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.