OneAscent Financial Services LLC Buys 101 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

OneAscent Financial Services LLC boosted its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 2.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,605 shares of the basic materials company’s stock after purchasing an additional 101 shares during the period. OneAscent Financial Services LLC’s holdings in Steel Dynamics were worth $527,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. M&T Bank Corp increased its stake in shares of Steel Dynamics by 0.9% in the third 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 during the period. Atomi Financial Group Inc. grew its holdings in Steel Dynamics by 5.0% in the 4th quarter. Atomi Financial Group Inc. now owns 1,929 shares of the basic materials company’s stock worth $220,000 after acquiring an additional 91 shares during the last quarter. Resonant Capital Advisors LLC increased its position 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 valued at $366,000 after acquiring an additional 101 shares during the period. Center For Asset Management LLC raised its stake 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 acquiring an additional 113 shares during the last quarter. Finally, Cidel Asset Management Inc. boosted its holdings in shares of 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 worth $232,000 after purchasing an additional 118 shares during the period. Institutional investors own 82.41% of the company’s stock.

Insider Activity

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

Steel Dynamics Trading Down 8.9 %

Shares of NASDAQ STLD opened at $116.06 on Friday. Steel Dynamics, Inc. has a 1 year low of $104.60 and a 1 year high of $155.56. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.53 and a quick ratio of 1.08. The firm has a 50-day moving average of $128.40 and a 200 day moving average of $128.88. The stock has a market cap of $17.40 billion, a P/E ratio of 11.84, a price-to-earnings-growth ratio of 1.05 and a beta of 1.34.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 earnings per share (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 business earned $2.61 EPS. As a group, sell-side analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics declared that its Board of Directors has initiated a stock repurchase program on Monday, February 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the basic materials company to reacquire up to 7.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is 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 paid a $0.50 dividend. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date of this dividend is Monday, March 31st. Steel Dynamics’s dividend payout ratio is currently 20.41%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. BNP Paribas upgraded Steel Dynamics from a “neutral” rating to an “outperform” rating in a report on Friday, January 3rd. BMO Capital Markets raised Steel Dynamics from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $135.00 to $145.00 in a research note on Monday. Morgan Stanley raised Steel Dynamics from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $145.00 to $158.00 in a research note on Friday, March 7th. StockNews.com upgraded shares of Steel Dynamics from a “sell” rating to a “hold” rating in a report on Thursday, March 6th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Steel Dynamics from $132.00 to $140.00 and gave the stock a “neutral” rating in a report on Tuesday, March 11th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Steel Dynamics has an average rating of “Moderate Buy” and an average target price of $149.67.

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.