Steel Dynamics, Inc. (NASDAQ:STLD) shares hit a new 52-week low during trading on Thursday . The company traded as low as $33.08 and last traded at $33.36, with a volume of 140051 shares traded. The stock had previously closed at $34.72.
STLD has been the topic of a number of recent analyst reports. Zacks Investment Research cut Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Monday, August 13th. BidaskClub upgraded Steel Dynamics from a “sell” rating to a “hold” rating in a research report on Tuesday, August 21st. Morgan Stanley upgraded Steel Dynamics from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $50.00 to $52.00 in a research report on Monday, August 27th. Deutsche Bank cut Steel Dynamics to a “buy” rating in a research report on Tuesday, October 2nd. Finally, Seaport Global Securities initiated coverage on Steel Dynamics in a research report on Thursday, October 11th. They issued a “buy” rating and a $55.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $53.31.
The company has a debt-to-equity ratio of 0.61, a current ratio of 3.94 and a quick ratio of 2.17. The stock has a market cap of $7.61 billion, a PE ratio of 12.19, a PEG ratio of 0.50 and a beta of 1.33.
Steel Dynamics (NASDAQ:STLD) last released its earnings results on Wednesday, October 17th. The basic materials company reported $1.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.04. Steel Dynamics had a return on equity of 31.96% and a net margin of 11.49%. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter in the previous year, the business posted $0.66 earnings per share. The business’s revenue for the quarter was up 31.9% on a year-over-year basis. As a group, equities analysts expect that Steel Dynamics, Inc. will post 5.58 earnings per share for the current fiscal year.
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 $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Friday, December 28th. Steel Dynamics’s dividend payout ratio is presently 28.30%.
Steel Dynamics declared that its board has initiated a share buyback plan on Tuesday, September 4th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the basic materials company to reacquire up to 6.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, insider Christopher A. Graham sold 10,800 shares of Steel Dynamics stock in a transaction dated 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 directly owns 26,087 shares of the company’s stock, valued at $1,242,002.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard P. Teets, Jr. purchased 20,000 shares of the business’s stock in a transaction dated Wednesday, November 28th. The shares were purchased at an average cost of $33.85 per share, for a total transaction of $677,000.00. Following the completion of the purchase, the director now directly owns 5,022,779 shares of the company’s stock, valued at approximately $170,021,069.15. The disclosure for this purchase can be found here. Insiders own 4.40% of the company’s stock.
Several hedge funds have recently made changes to their positions in STLD. Canton Hathaway LLC acquired a new stake in shares of Steel Dynamics during the third quarter valued at about $106,000. Qube Research & Technologies Ltd acquired a new stake in shares of Steel Dynamics during the second quarter valued at about $119,000. Stratos Wealth Partners LTD. acquired a new stake in shares of Steel Dynamics during the third quarter valued at about $134,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Steel Dynamics during the second quarter valued at about $193,000. Finally, HL Financial Services LLC acquired a new stake in shares of Steel Dynamics during the second quarter valued at about $203,000. 84.01% of the stock is currently owned by hedge funds and other institutional investors.
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About Steel Dynamics (NASDAQ:STLD)
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.
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