Corient Private Wealth LLC Has $3.99 Million Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Corient Private Wealth LLC decreased its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 10.6% during the 4th quarter, Holdings Channel reports. The firm owned 34,988 shares of the basic materials company’s stock after selling 4,145 shares during the period. Corient Private Wealth LLC’s holdings in Steel Dynamics were worth $3,991,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Holocene Advisors LP increased its holdings in shares of Steel Dynamics by 85.8% during the 3rd quarter. Holocene Advisors LP now owns 2,295,365 shares of the basic materials company’s stock worth $289,400,000 after acquiring an additional 1,060,007 shares during the last quarter. Lord Abbett & CO. LLC increased its holdings in shares of Steel Dynamics by 116.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,018,668 shares of the basic materials company’s stock worth $128,434,000 after acquiring an additional 548,086 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of Steel Dynamics by 22.4% during the 4th quarter. Nordea Investment Management AB now owns 1,384,526 shares of the basic materials company’s stock worth $158,487,000 after acquiring an additional 253,802 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc increased its holdings in shares of Steel Dynamics by 192.4% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 250,621 shares of the basic materials company’s stock worth $28,577,000 after acquiring an additional 164,895 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Steel Dynamics during the 4th quarter worth approximately $16,495,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $122.67 on Friday. The stock has a fifty day moving average price of $128.22 and a 200-day moving average price of $128.10. The company has a market cap of $18.39 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 1.05 and a beta of 1.34. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.08 and a current ratio of 2.53. Steel Dynamics, Inc. has a fifty-two week low of $104.60 and a fifty-two week high of $155.56.

Steel Dynamics (NASDAQ:STLD) last released its 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 net margin of 8.76% and a return on equity of 17.32%. During the same period in the prior year, the company earned $2.61 EPS. As a group, equities analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

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

Steel Dynamics Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.63%. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.46. The ex-dividend date is Monday, March 31st. Steel Dynamics’s dividend payout ratio is presently 20.41%.

Insider Buying and Selling

In related news, SVP Glenn Pushis sold 23,649 shares of the company’s stock in a transaction on 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 directly 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 filing with the Securities & Exchange Commission, which is available through this link. 6.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

STLD has been the topic of a number of recent analyst reports. Wolfe Research raised Steel Dynamics from an “underperform” rating to a “peer perform” rating in a report on Thursday, February 27th. KeyCorp raised Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $155.00 target price on the stock in a report on Tuesday, February 11th. UBS Group reissued a “neutral” rating and set a $149.00 target price (up from $145.00) on shares of Steel Dynamics in a report on Thursday, December 12th. Citigroup reduced their price target on Steel Dynamics from $160.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Finally, Jefferies Financial Group upgraded Steel Dynamics from a “hold” rating to a “buy” rating and boosted their price target for the company from $125.00 to $145.00 in a research note on Friday, January 24th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.56.

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.