JPMorgan Chase & Co. Buys 35,223 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

JPMorgan Chase & Co. grew its stake in Steel Dynamics, Inc. (NASDAQ:STLDGet Rating) by 3.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 988,798 shares of the basic materials company’s stock after purchasing an additional 35,223 shares during the period. JPMorgan Chase & Co.’s holdings in Steel Dynamics were worth $65,408,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of STLD. First Trust Advisors LP lifted its stake in shares of Steel Dynamics by 183.6% during the 1st quarter. First Trust Advisors LP now owns 1,380,388 shares of the basic materials company’s stock worth $115,166,000 after acquiring an additional 893,705 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Steel Dynamics by 3.2% during the 1st quarter. BlackRock Inc. now owns 25,820,456 shares of the basic materials company’s stock worth $2,154,201,000 after acquiring an additional 801,335 shares during the last quarter. State Street Corp lifted its stake in shares of Steel Dynamics by 9.5% during the 1st quarter. State Street Corp now owns 9,207,455 shares of the basic materials company’s stock worth $771,198,000 after acquiring an additional 800,656 shares during the last quarter. Ninety One UK Ltd lifted its stake in shares of Steel Dynamics by 155.4% during the 1st quarter. Ninety One UK Ltd now owns 539,631 shares of the basic materials company’s stock worth $45,021,000 after acquiring an additional 328,309 shares during the last quarter. Finally, National Pension Service lifted its stake in shares of Steel Dynamics by 345.2% during the 1st quarter. National Pension Service now owns 370,213 shares of the basic materials company’s stock worth $30,887,000 after acquiring an additional 287,050 shares during the last quarter. 80.36% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Keith E. Busse sold 22,103 shares of Steel Dynamics stock in a transaction on Monday, October 24th. The stock was sold at an average price of $96.33, for a total value of $2,129,181.99. Following the transaction, the director now directly owns 701,948 shares in the company, valued at approximately $67,618,650.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 5.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on STLD shares. Citigroup raised their price objective on Steel Dynamics to $110.00 in a report on Tuesday, September 13th. Morgan Stanley raised their price objective on Steel Dynamics from $78.00 to $85.00 and gave the stock an “equal weight” rating in a report on Friday, October 21st. BMO Capital Markets raised their price objective on Steel Dynamics from $89.00 to $100.00 and gave the stock a “market perform” rating in a report on Monday, November 14th. StockNews.com downgraded Steel Dynamics from a “buy” rating to a “hold” rating in a report on Thursday. Finally, The Goldman Sachs Group raised their price objective on Steel Dynamics from $88.00 to $99.00 and gave the stock a “buy” rating in a report on Friday, October 21st. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Steel Dynamics currently has a consensus rating of “Hold” and a consensus target price of $94.14.

Steel Dynamics Trading Down 2.3 %

Shares of NASDAQ:STLD opened at $103.95 on Friday. Steel Dynamics, Inc. has a 12-month low of $50.54 and a 12-month high of $106.78. The business’s fifty day simple moving average is $87.02 and its 200-day simple moving average is $79.89. The company has a market capitalization of $18.25 billion, a PE ratio of 4.59 and a beta of 1.46. The company has a current ratio of 3.67, a quick ratio of 2.08 and a debt-to-equity ratio of 0.39.

Steel Dynamics declared that its Board of Directors has initiated a share buyback plan on Thursday, November 10th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 8.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 13th. Stockholders of record on Saturday, December 31st will be issued a $0.34 dividend. The ex-dividend date is Friday, December 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.31%. Steel Dynamics’s dividend payout ratio is presently 6.00%.

About Steel Dynamics

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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.

Further Reading

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Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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