Cibc World Markets Corp Raises Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Cibc World Markets Corp boosted its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 287.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,932 shares of the basic materials company’s stock after purchasing an additional 57,079 shares during the quarter. Cibc World Markets Corp owned about 0.05% of Steel Dynamics worth $8,776,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new stake in shares of Steel Dynamics in the third quarter worth $25,000. ORG Wealth Partners LLC bought a new position in Steel Dynamics in the 4th quarter worth about $28,000. Private Trust Co. NA raised its holdings 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 valued at $37,000 after acquiring an additional 245 shares in the last quarter. IAG Wealth Partners LLC bought a new stake in shares of Steel Dynamics during the 4th quarter valued at about $39,000. Finally, Avalon Trust Co bought a new stake in shares of Steel Dynamics during the 4th quarter valued at about $42,000. 82.41% of the stock is owned by institutional investors.

Insider Transactions at Steel Dynamics

In other news, SVP Glenn Pushis sold 23,649 shares of the business’s stock in a transaction that occurred 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 transaction, the senior vice president now directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.00% of the stock is currently owned by company insiders.

Steel Dynamics Price Performance

STLD opened at $127.09 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.53 and a quick ratio of 1.08. The stock’s 50 day simple moving average is $127.65 and its 200 day simple moving average is $127.98. The firm has a market cap of $19.08 billion, a price-to-earnings ratio of 12.97, a PEG ratio of 1.05 and a beta of 1.34. Steel Dynamics, Inc. has a 1 year low of $104.60 and a 1 year high of $155.56.

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

Steel Dynamics declared that its Board of Directors has initiated a share buyback plan on Monday, February 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the basic materials company to purchase up to 7.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Steel Dynamics Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.57%. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.46. The ex-dividend date is Monday, March 31st. Steel Dynamics’s dividend payout ratio is 20.41%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on STLD shares. Morgan Stanley raised shares of Steel Dynamics from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $145.00 to $158.00 in a research note on Friday, March 7th. Wolfe Research raised shares of Steel Dynamics from an “underperform” rating to a “peer perform” rating in a report on Thursday, February 27th. Jefferies Financial Group raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $125.00 to $145.00 in a report on Friday, January 24th. Citigroup reduced their target price on Steel Dynamics from $160.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Finally, 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 target for the company. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $148.56.

About Steel Dynamics

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.