Steel Dynamics, Inc. (NASDAQ:STLD) Stake Decreased by Korea Investment CORP

Korea Investment CORP trimmed its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 57.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,509 shares of the basic materials company’s stock after selling 142,633 shares during the quarter. Korea Investment CORP owned about 0.07% of Steel Dynamics worth $11,921,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in STLD. Wilmington Savings Fund Society FSB acquired a new position in Steel Dynamics during the 3rd quarter worth $25,000. ORG Wealth Partners LLC bought a new stake in shares of Steel Dynamics during the fourth quarter valued at about $28,000. Private Trust Co. NA lifted its holdings in Steel Dynamics by 532.6% in the third quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 245 shares during the period. IAG Wealth Partners LLC bought a new position in Steel Dynamics in the 4th quarter valued at about $39,000. Finally, Avalon Trust Co acquired a new position in Steel Dynamics during the 4th quarter valued at about $42,000. 82.41% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, SVP Glenn Pushis sold 23,649 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now owns 122,140 shares in the company, valued at $16,448,593.80. This represents a 16.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 6.30% of the company’s stock.

Steel Dynamics Price Performance

NASDAQ STLD opened at $123.97 on Monday. Steel Dynamics, Inc. has a 1 year low of $104.60 and a 1 year high of $155.56. The stock’s 50-day moving average price is $128.46 and its two-hundred day moving average price is $128.80. The company has a market cap of $18.58 billion, a PE ratio of 12.65, a PEG ratio of 1.05 and a beta of 1.34. 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 issued its quarterly earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 EPS 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 quarter in the previous year, the company posted $2.61 earnings per share. On average, analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

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

Steel Dynamics Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.61%. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Monday, March 31st. Steel Dynamics’s payout ratio is presently 20.41%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. The Goldman Sachs Group initiated coverage on shares of Steel Dynamics in a research report on Monday, December 2nd. They set a “neutral” rating and a $155.00 price target on the stock. Morgan Stanley raised Steel Dynamics from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $145.00 to $158.00 in a research note on Friday, March 7th. BNP Paribas raised Steel Dynamics from a “neutral” rating to an “outperform” rating in a research note on Friday, January 3rd. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and set a $149.00 target price for the company in a research note on Monday, March 24th. Finally, StockNews.com upgraded shares of Steel Dynamics from a “sell” rating to a “hold” rating in a research report on Thursday, March 6th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $148.56.

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.