Hudson Bay Capital Management LP Has $9.13 Million Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Hudson Bay Capital Management LP cut its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 15.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 80,008 shares of the basic materials company’s stock after selling 14,992 shares during the period. Hudson Bay Capital Management LP owned 0.05% of Steel Dynamics worth $9,127,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of STLD. Barclays PLC lifted its position in Steel Dynamics by 21.8% during the third quarter. Barclays PLC now owns 448,942 shares of the basic materials company’s stock worth $56,603,000 after acquiring an additional 80,262 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Steel Dynamics during the third quarter worth approximately $25,000. Czech National Bank lifted its position in Steel Dynamics by 5.0% during the fourth quarter. Czech National Bank now owns 30,700 shares of the basic materials company’s stock worth $3,502,000 after acquiring an additional 1,468 shares during the last quarter. Harbour Capital Advisors LLC lifted its position in Steel Dynamics by 133.7% during the fourth quarter. Harbour Capital Advisors LLC now owns 11,499 shares of the basic materials company’s stock worth $1,301,000 after acquiring an additional 6,579 shares during the last quarter. Finally, Greenfield Savings Bank increased its holdings in shares of Steel Dynamics by 4.8% during the fourth quarter. Greenfield Savings Bank now owns 12,895 shares of the basic materials company’s stock worth $1,471,000 after purchasing an additional 596 shares during the period. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on STLD shares. StockNews.com cut shares of Steel Dynamics from a “hold” rating to a “sell” rating in a report on Friday, April 25th. Jefferies Financial Group raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and raised their target price for the stock from $125.00 to $145.00 in a report on Friday, January 24th. Morgan Stanley set a $140.00 target price on shares of Steel Dynamics and gave the stock an “overweight” rating in a report on Thursday, April 24th. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and set a $149.00 target price on the stock in a report on Monday, March 24th. Finally, Wolfe Research raised shares of Steel Dynamics from an “underperform” rating to a “peer perform” rating in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $147.44.

Steel Dynamics Stock Performance

Shares of NASDAQ:STLD opened at $130.52 on Monday. The company’s 50 day simple moving average is $123.59 and its 200 day simple moving average is $128.11. The stock has a market capitalization of $19.56 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 1.05 and a beta of 1.44. 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, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.04. Steel Dynamics had a net margin of 8.76% and a return on equity of 17.32%. The business had revenue of $4.37 billion for the quarter, compared to analysts’ expectations of $4.17 billion. During the same period last year, the firm posted $3.67 earnings per share. As a group, research analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 1.53%. Steel Dynamics’s dividend payout ratio is currently 26.42%.

Steel Dynamics declared that its Board of Directors has approved a share repurchase program on Monday, February 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the basic materials company to reacquire up to 7.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, SVP Glenn Pushis sold 23,649 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were 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 in the company, valued at $16,448,593.80. This trade represents a 16.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 6.30% of the company’s stock.

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.