Texas Yale Capital Corp. purchased a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,381 shares of the basic materials company’s stock, valued at approximately $210,000.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Rational Advisors LLC acquired a new position in Steel Dynamics during the 4th quarter valued at $25,000. UMB Bank N A MO acquired a new position in shares of Steel Dynamics during the fourth quarter valued at about $27,000. Allegheny Financial Group LTD bought a new stake in shares of Steel Dynamics in the fourth quarter valued at about $27,000. Selective Wealth Management Inc. acquired a new stake in Steel Dynamics during the fourth quarter worth about $31,000. Finally, Atticus Wealth Management LLC bought a new position in Steel Dynamics during the fourth quarter valued at about $31,000. 83.19% of the stock is owned by institutional investors.
In related news, SVP Christopher A. Graham sold 4,425 shares of the business’s stock in a transaction that occurred on Thursday, March 3rd. The shares were sold at an average price of $76.51, for a total value of $338,556.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.40% of the stock is owned by corporate insiders.
Steel Dynamics (NASDAQ:STLD – Get Rating) last announced its earnings results on Wednesday, April 20th. The basic materials company reported $6.02 earnings per share for the quarter, beating analysts’ consensus estimates of $5.58 by $0.44. Steel Dynamics had a return on equity of 69.88% and a net margin of 19.02%. The company had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same period last year, the company posted $2.10 earnings per share. The firm’s quarterly revenue was up 57.1% compared to the same quarter last year. On average, equities analysts expect that Steel Dynamics, Inc. will post 20.69 earnings per share for the current fiscal year.
Steel Dynamics declared that its Board of Directors has initiated a stock repurchase plan on Monday, February 28th that allows the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization allows the basic materials company to buy up to 8.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, June 29th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.81%. Steel Dynamics’s payout ratio is 7.02%.
Several brokerages have recently weighed in on STLD. JPMorgan Chase & Co. lifted their price objective on Steel Dynamics from $95.00 to $117.00 and gave the stock an “overweight” rating in a report on Thursday, March 24th. BMO Capital Markets boosted their price target on shares of Steel Dynamics from $95.00 to $104.00 in a report on Friday, April 22nd. The Goldman Sachs Group raised their price objective on shares of Steel Dynamics from $100.00 to $114.00 and gave the stock a “buy” rating in a report on Friday, April 22nd. Zacks Investment Research raised shares of Steel Dynamics from a “hold” rating to a “strong-buy” rating and set a $98.00 target price on the stock in a research note on Monday, April 4th. Finally, StockNews.com initiated coverage on shares of Steel Dynamics in a research note on Thursday, March 31st. They set a “buy” rating for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Steel Dynamics has an average rating of “Buy” and a consensus target price of $91.00.
About Steel Dynamics (Get Rating)
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 roll, cold roll, 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; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.
- Get a free copy of the StockNews.com research report on Steel Dynamics (STLD)
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