ExodusPoint Capital Management LP Increases Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

ExodusPoint Capital Management LP lifted its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 93.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 474,917 shares of the basic materials company’s stock after buying an additional 229,907 shares during the quarter. Steel Dynamics makes up about 0.4% of ExodusPoint Capital Management LP’s holdings, making the stock its 24th biggest holding. ExodusPoint Capital Management LP owned 0.29% of Steel Dynamics worth $51,733,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of STLD. Hanseatic Management Services Inc. bought a new stake in Steel Dynamics in the 1st quarter worth about $27,000. Wellington Shields & Co. LLC grew its position in shares of Steel Dynamics by 50.0% during the fourth quarter. Wellington Shields & Co. LLC now owns 300 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 100 shares in the last quarter. Hexagon Capital Partners LLC increased its stake in Steel Dynamics by 91.1% in the 2nd quarter. Hexagon Capital Partners LLC now owns 302 shares of the basic materials company’s stock worth $33,000 after acquiring an additional 144 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in Steel Dynamics in the first quarter worth $34,000. Finally, Clearstead Advisors LLC purchased a new stake in shares of Steel Dynamics during the 3rd quarter valued at about $35,000. 81.32% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on STLD shares. Citigroup raised Steel Dynamics from a “neutral” rating to a “buy” rating and set a $130.00 target price on the stock in a research note on Monday, September 25th. BMO Capital Markets reduced their price objective on Steel Dynamics from $115.00 to $107.00 and set a “market perform” rating for the company in a research note on Tuesday, September 19th. Morgan Stanley upped their price objective on shares of Steel Dynamics from $99.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 31st. JPMorgan Chase & Co. increased their target price on Steel Dynamics from $94.00 to $95.00 and gave the company an “underweight” rating in a research report on Friday, September 8th. Finally, StockNews.com began coverage on Steel Dynamics in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $110.89.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, Director Bradley S. Seaman sold 4,717 shares of Steel Dynamics stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $109.72, for a total value of $517,549.24. Following the completion of the transaction, the director now owns 46,462 shares of the company’s stock, valued at $5,097,810.64. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 6.00% of the stock is currently owned by corporate insiders.

Steel Dynamics Price Performance

NASDAQ:STLD traded up $0.73 during trading hours on Monday, reaching $111.66. 281,283 shares of the company traded hands, compared to its average volume of 1,567,450. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.77 and a quick ratio of 2.23. The stock has a market cap of $18.07 billion, a P/E ratio of 7.12 and a beta of 1.47. Steel Dynamics, Inc. has a 1-year low of $90.55 and a 1-year high of $136.46. The firm’s 50-day moving average is $105.26 and its 200-day moving average is $103.47.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Thursday, October 19th. The basic materials company reported $3.47 earnings per share for the quarter, missing analysts’ consensus estimates of $3.54 by ($0.07). The company had revenue of $4.59 billion during the quarter, compared to analyst estimates of $4.49 billion. Steel Dynamics had a net margin of 13.73% and a return on equity of 34.31%. The firm’s revenue for the quarter was down 18.8% compared to the same quarter last year. During the same quarter last year, the business earned $5.46 EPS. Equities research analysts expect that Steel Dynamics, Inc. will post 14.66 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Sunday, December 31st will be paid a $0.425 dividend. This represents a $1.70 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Thursday, December 28th. Steel Dynamics’s dividend payout ratio (DPR) is 10.90%.

Steel Dynamics announced that its Board of Directors has approved a share repurchase plan on Friday, November 3rd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the basic materials company to reacquire up to 8.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. 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 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.