Corient Private Wealth LLC Has $3.99 Million Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Corient Private Wealth LLC cut its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 10.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 34,988 shares of the basic materials company’s stock after selling 4,145 shares during the quarter. Corient Private Wealth LLC’s holdings in Steel Dynamics were worth $3,991,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Commerce Bank increased its stake in shares of Steel Dynamics by 1.2% in the third quarter. Commerce Bank now owns 5,981 shares of the basic materials company’s stock valued at $754,000 after buying an additional 73 shares in the last quarter. M&T Bank Corp increased its stake in shares of Steel Dynamics by 0.9% in the third quarter. M&T Bank Corp now owns 10,055 shares of the basic materials company’s stock valued at $1,267,000 after buying an additional 88 shares in the last quarter. Atomi Financial Group Inc. increased its position in Steel Dynamics by 5.0% in the fourth quarter. Atomi Financial Group Inc. now owns 1,929 shares of the basic materials company’s stock worth $220,000 after purchasing an additional 91 shares during the period. Resonant Capital Advisors LLC increased its position in Steel Dynamics by 3.3% in the fourth quarter. Resonant Capital Advisors LLC now owns 3,200 shares of the basic materials company’s stock worth $366,000 after purchasing an additional 101 shares during the period. Finally, Center For Asset Management LLC increased its position in Steel Dynamics by 3.6% in the fourth quarter. Center For Asset Management LLC now owns 3,252 shares of the basic materials company’s stock worth $371,000 after purchasing an additional 113 shares during the period. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Steel Dynamics

In related news, SVP Glenn Pushis sold 23,649 shares of Steel Dynamics stock in a transaction that occurred on 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. This trade represents a 16.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on STLD shares. Wolfe Research upgraded Steel Dynamics from an “underperform” rating to a “peer perform” rating in a research report on Thursday, February 27th. KeyCorp upgraded Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $155.00 price objective for the company in a research report on Tuesday, February 11th. StockNews.com upgraded Steel Dynamics from a “sell” rating to a “hold” rating in a research report on Thursday, March 6th. BNP Paribas upgraded Steel Dynamics from a “neutral” rating to an “outperform” rating in a research report on Friday, January 3rd. Finally, JPMorgan Chase & Co. lifted their price objective on Steel Dynamics from $132.00 to $140.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 11th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Steel Dynamics currently has an average rating of “Moderate Buy” and an average target price of $148.56.

Steel Dynamics Trading Down 3.1 %

NASDAQ:STLD opened at $122.67 on Friday. Steel Dynamics, Inc. has a fifty-two week low of $104.60 and a fifty-two week 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. The stock has a market capitalization of $18.39 billion, a PE ratio of 12.52, a price-to-earnings-growth ratio of 1.05 and a beta of 1.34. The business’s 50-day simple moving average is $128.22 and its 200-day simple moving average is $128.10.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data 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 period in the prior year, the firm posted $2.61 EPS. Sell-side analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

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

Steel Dynamics Increases Dividend

The company 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. This represents a $2.00 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date is Monday, March 31st. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.46. Steel Dynamics’s dividend payout ratio (DPR) is currently 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.