Steel Dynamics, Inc. $STLD Shares Purchased by Ritholtz Wealth Management

Ritholtz Wealth Management raised its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 57.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,875 shares of the basic materials company’s stock after acquiring an additional 3,246 shares during the quarter. Ritholtz Wealth Management’s holdings in Steel Dynamics were worth $1,967,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Steel Dynamics in the second quarter worth approximately $2,844,501,000. Bank of America Corp DE bought a new stake in Steel Dynamics in the second quarter worth $264,212,000. Bank of New York Mellon Corp bought a new stake in Steel Dynamics in the second quarter worth $211,159,000. Deutsche Bank AG bought a new stake in Steel Dynamics in the second quarter worth $126,579,000. Finally, Bessemer Group Inc. increased its position in Steel Dynamics by 56,088.1% during the first quarter. Bessemer Group Inc. now owns 542,215 shares of the basic materials company’s stock worth $97,598,000 after buying an additional 541,250 shares during the last quarter. 82.41% of the stock is owned by institutional investors.

Steel Dynamics Stock Performance

Shares of NASDAQ:STLD traded down $7.68 during trading on Friday, reaching $229.43. The stock had a trading volume of 699,941 shares, compared to its average volume of 1,060,069. The stock has a fifty day simple moving average of $237.86 and a two-hundred day simple moving average of $226.29. The company has a quick ratio of 1.48, a current ratio of 3.14 and a debt-to-equity ratio of 0.43. Steel Dynamics, Inc. has a 52 week low of $151.21 and a 52 week high of $288.74. The firm has a market capitalization of $32.63 billion, a price-to-earnings ratio of 16.93, a P/E/G ratio of 0.34 and a beta of 1.45.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, October 20th. The basic materials company reported $5.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.48 by ($0.22). The firm had revenue of $6.51 billion for the quarter, compared to the consensus estimate of $6.43 billion. Steel Dynamics had a return on equity of 21.57% and a net margin of 8.82%. Steel Dynamics’s quarterly revenue was up 34.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.74 earnings per share. As a group, analysts anticipate that Steel Dynamics, Inc. will post 18.12 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 8th. Stockholders of record on Thursday, December 31st will be paid a $0.53 dividend. The ex-dividend date is Thursday, December 31st. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. Steel Dynamics’s payout ratio is presently 15.65%.

Steel Dynamics announced that its board has initiated a share buyback plan on Monday, November 9th that allows the company to buy back $3 billion in outstanding shares. This repurchase authorization allows the basic materials company to repurchase up to 8.8% of its stock through open market purchases. Share repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on STLD shares. JPMorgan Chase & Co. cut their target price on Steel Dynamics from $272.00 to $260.00 and set a “neutral” rating on the stock in a report on Friday, October 9th. Wall Street Zen cut Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research report on Sunday, September 20th. Morgan Stanley decreased their price target on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 22nd. Wells Fargo & Company increased their price objective on Steel Dynamics from $257.00 to $271.00 and gave the company an “overweight” rating in a report on Wednesday, October 21st. Finally, Barclays increased their price objective on Steel Dynamics from $280.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday. Nine research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $276.83.

Insider Buying and Selling at Steel Dynamics

In related news, EVP Barry Schneider sold 50,000 shares of the business’s stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $248.91, for a total transaction of $12,445,500.00. Following the completion of the transaction, the executive vice president owned 196,399 shares of the company’s stock, valued at approximately $48,885,675.09. The trade was a 20.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 6.60% of the company’s stock.

Steel Dynamics Company Profile

Steel Dynamics, Inc. is a U.S.-based steel producer and metals recycler founded in 1993. The company operates electric-arc-furnace steel mills and produces flat-rolled, structural, engineered bar, merchant bar and rail products for customers across a range of industries. Its businesses also include metals recycling, steel fabrication and aluminum operations. Through these activities, Steel Dynamics collects and processes scrap metal, manufactures steel components and supplies products used in construction, automotive manufacturing, energy and other markets.