Steel Dynamics Announces Additional $1.5B Share Repurchase Authorization And Q4 2023 Cash Dividend
Portfolio Pulse from Benzinga Newsdesk
Steel Dynamics, Inc. (NASDAQ:STLD) has announced an additional $1.5 billion share repurchase program, effective immediately. This is in addition to the previous $1.5 billion program, which had $278 million remaining as of September 30, 2023. The company has repurchased $5.2 billion of its common stock since 2017, representing 36% of its outstanding shares. The company's board also declared a quarterly cash dividend of $0.425 per common share, payable on January 16, 2024.
November 03, 2023 | 12:32 pm
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Steel Dynamics' announcement of an additional $1.5 billion share repurchase program and a quarterly cash dividend could potentially boost investor confidence and positively impact the company's stock price in the short term.
Share repurchase programs are often seen as a sign of a company's confidence in its own stock, suggesting that it believes the stock is undervalued. This can boost investor confidence and potentially drive up the stock price. Additionally, dividends are a direct way for companies to distribute profits to shareholders, which can also be attractive to investors.
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