2,949,293 Shares in Steel Dynamics, Inc. (NASDAQ:STLD) Purchased by Norges Bank

Norges Bank acquired a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 2,949,293 shares of the basic materials company’s stock, valued at approximately $336,426,000. Norges Bank owned approximately 1.94% of Steel Dynamics as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. M&T Bank Corp increased its holdings in Steel Dynamics by 0.9% in the 3rd quarter. M&T Bank Corp now owns 10,055 shares of the basic materials company’s stock worth $1,267,000 after buying an additional 88 shares in the last quarter. Atomi Financial Group Inc. boosted its holdings in shares of Steel Dynamics by 5.0% during the 4th quarter. Atomi Financial Group Inc. now owns 1,929 shares of the basic materials company’s stock valued at $220,000 after acquiring an additional 91 shares during the last quarter. Resonant Capital Advisors LLC grew its stake in shares of 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 acquiring an additional 101 shares during the period. Center For Asset Management LLC raised its holdings in shares of Steel Dynamics by 3.6% during the fourth quarter. Center For Asset Management LLC now owns 3,252 shares of the basic materials company’s stock valued at $371,000 after purchasing an additional 113 shares during the last quarter. Finally, Cidel Asset Management Inc. lifted its position in Steel Dynamics by 6.2% during the fourth quarter. Cidel Asset Management Inc. now owns 2,036 shares of the basic materials company’s stock valued at $232,000 after purchasing an additional 118 shares during the period. 82.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on STLD shares. KeyCorp raised shares of Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $155.00 target price for the company in a research report on Tuesday, February 11th. StockNews.com raised Steel Dynamics from a “sell” rating to a “hold” rating in a report on Thursday, March 6th. JPMorgan Chase & Co. increased their target price on Steel Dynamics from $132.00 to $140.00 and gave the company a “neutral” rating in a report on Tuesday, March 11th. The Goldman Sachs Group began coverage on Steel Dynamics in a research report on Monday, December 2nd. They issued a “neutral” rating and a $155.00 target price on the stock. Finally, Morgan Stanley raised shares of Steel Dynamics from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $145.00 to $158.00 in a research report on Friday, March 7th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $148.56.

Steel Dynamics Trading Down 3.1 %

Shares of NASDAQ:STLD opened at $123.97 on Friday. The stock has a 50 day moving average of $128.46 and a 200 day moving average of $128.66. The company has a market cap of $18.58 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 1.05 and a beta of 1.34. Steel Dynamics, Inc. has a 12-month low of $104.60 and a 12-month high of $155.56. The company has a current ratio of 2.53, a quick ratio of 1.08 and a debt-to-equity ratio of 0.32.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.33). Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. During the same quarter in the prior year, the business earned $2.61 earnings per share. As a group, equities research analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend 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 is presently 20.41%.

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

Insider Buying and Selling at Steel Dynamics

In related news, SVP Glenn Pushis sold 23,649 shares of the stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total transaction of $3,184,810.83. Following the completion of the sale, the senior vice president now owns 122,140 shares in the company, valued at approximately $16,448,593.80. This trade represents a 16.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 6.30% of the company’s stock.

Steel Dynamics 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.