Lazard Asset Management LLC Increases Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Lazard Asset Management LLC boosted its position in Steel Dynamics, Inc. (NASDAQ:STLDGet Rating) by 148.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,015 shares of the basic materials company’s stock after acquiring an additional 26,272 shares during the quarter. Lazard Asset Management LLC’s holdings in Steel Dynamics were worth $2,911,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. boosted its position in shares of Steel Dynamics by 70.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 464 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 191 shares in the last quarter. Parkside Financial Bank & Trust boosted its position in shares of Steel Dynamics by 425.8% during the 2nd quarter. Parkside Financial Bank & Trust now owns 468 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 379 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of Steel Dynamics during the 1st quarter worth $36,000. Quent Capital LLC raised its stake in shares of Steel Dynamics by 1,042.9% during the 1st quarter. Quent Capital LLC now owns 480 shares of the basic materials company’s stock worth $40,000 after buying an additional 438 shares during the last quarter. Finally, Rational Advisors LLC raised its stake in shares of Steel Dynamics by 55.6% during the 1st quarter. Rational Advisors LLC now owns 621 shares of the basic materials company’s stock worth $52,000 after buying an additional 222 shares during the last quarter. Institutional investors and hedge funds own 80.36% of the company’s stock.

Analysts Set New Price Targets

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

Insider Transactions at Steel Dynamics

In other news, Director Keith E. Busse sold 22,103 shares of the business’s stock in a transaction dated Monday, October 24th. The stock was sold at an average price of $96.33, for a total transaction of $2,129,181.99. Following the completion of the sale, the director now 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 can be accessed through the SEC website. Company insiders own 5.40% of the company’s stock.

Steel Dynamics Stock Down 1.2 %

Shares of NASDAQ:STLD opened at $99.30 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.08 and a current ratio of 3.67. Steel Dynamics, Inc. has a 1 year low of $50.54 and a 1 year high of $103.00. The stock has a market capitalization of $17.43 billion, a P/E ratio of 4.38 and a beta of 1.46. The stock has a 50-day simple moving average of $84.35 and a 200-day simple moving average of $79.06.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 13th. Stockholders of record on Saturday, December 31st will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date is Friday, December 30th. Steel Dynamics’s payout ratio is currently 6.00%.

Steel Dynamics declared that its board has authorized a share buyback program on Thursday, November 10th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the basic materials company to reacquire up to 8.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

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.

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

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