IQ EQ FUND MANAGEMENT IRELAND Ltd Reduces Stake in Steel Dynamics

IQ EQ FUND MANAGEMENT IRELAND Ltd has significantly reduced its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 59.4% over the fourth quarter. According to its latest Form 13F filing with the SEC, the institutional investor now owns 6,532 shares of the company's stock after selling 9,572 shares during the specified period. The total value of IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in Steel Dynamics is approximately $745,000 as per the most recent SEC filing.

Additionally, several other large investors have also recently altered their positions in Steel Dynamics. For instance, Quest Partners LLC acquired a new stake in Steel Dynamics worth around $62,000 during the third quarter. Raymond James Trust N.A. also purchased new shares valued at $201,000 in the same period. In a significant move, Private Trust Co. NA increased its stake by an impressive 532.6%, now owning 291 shares valued at $37,000 after buying an additional 245 shares. Brooklyn Investment Group and BNP Paribas Financial Markets have also made recent investments, with the latter lifting its holdings by 4.1%, now owning 221,376 shares worth $27,911,000 after adding 8,756 shares. Currently, institutional investors hold about 82.41% of Steel Dynamics stock.

Analysis of Steel Dynamics Stock Movement

The stock of Steel Dynamics opened at $123.97 on Friday, showing a 3.1% decline. The company's financial ratios indicate a debt-to-equity ratio of 0.32, a quick ratio of 1.08, and a current ratio of 2.53. They have posted a fifty-two week low of $104.60 and a high of $155.56, while the 50-day and 200-day simple moving averages are at $128.46 and $128.52, respectively. Steel Dynamics holds a market capitalization of $18.58 billion, with a price-to-earnings (P/E) ratio of 12.65 and a price-to-earnings-growth (PEG) ratio of 1.05.

Quarterly Earnings and Share Buyback Initiatives

Steel Dynamics recently disclosed its earnings on January 22nd, reporting earnings per share (EPS) of $1.36 for the quarter, which fell short of analysts' estimates of $1.69 by $0.33. The company recorded a return on equity of 17.32% and a net margin of 8.76%. Analysts forecast that Steel Dynamics will achieve an EPS of 9.01 for the current fiscal year. Furthermore, Steel Dynamics' board has approved a substantial share repurchase program worth $1.50 billion that allows the company to repurchase up to 7.4% of its shares in open market transactions, a move suggesting management believes the stock is undervalued.

Dividend Increase Announced by Steel Dynamics

In other news, Steel Dynamics has announced an increase in its quarterly dividend, set to be paid on April 11th. Shareholders on record as of March 31st will receive a dividend of $0.50 per share, up from the previous $0.46. This increase translates to an annualized dividend of $2.00 and a dividend yield of 1.61%, with a payout ratio of 20.41%.

Insider Trading Information

In terms of insider activities, SVP Glenn Pushis sold 23,649 shares of Steel Dynamics stock on February 11th at an average price of $134.67, accumulating a total of $3,184,810.83. This sale represents a 16.22% decrease in Pushis's position, and he now holds approximately 122,140 shares worth about $16,448,593.80. Currently, 6.30% of Steel Dynamics stock is owned by company insiders.

Recent Analyst Ratings

Steel Dynamics has drawn attention from various research analysts recently. KeyCorp upgraded the rating from 'sector weight' to 'overweight' with a price target of $155.00. Similarly, Jefferies Financial Group raised their rating from 'hold' to 'buy,' increasing their target price from $125.00 to $145.00. Citigroup lowered their price target from $160.00 to $145.00 while still maintaining a 'buy' rating. StockNews.com also raised their rating from 'sell' to 'hold.' At present, five analysts rate the stock as a hold and seven as a buy, resulting in a consensus rating of 'Moderate Buy' with an average price target of $148.56.

Overview of Steel Dynamics, Inc.

Steel Dynamics, Inc., along with its subsidiaries, operates as a prominent steel producer and metal recycler in the United States. The operations include a range of steel products such as hot rolled, cold rolled, and coated steel; various structural steel products; and specialty shapes.

Steel, Investors, Market