Steel Dynamics, Inc. $STLD Holdings Trimmed by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 2.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 993,880 shares of the basic materials company’s stock after selling 29,048 shares during the quarter. Bank of New York Mellon Corp owned 0.67% of Steel Dynamics worth $127,227,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Victory Capital Management Inc. grew its holdings in shares of Steel Dynamics by 433.1% during the first quarter. Victory Capital Management Inc. now owns 1,816,525 shares of the basic materials company’s stock valued at $227,211,000 after buying an additional 1,475,767 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Steel Dynamics by 25.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,066,300 shares of the basic materials company’s stock worth $883,854,000 after acquiring an additional 1,437,897 shares during the period. Nordea Investment Management AB boosted its position in Steel Dynamics by 43.3% during the 2nd quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock worth $271,238,000 after acquiring an additional 630,935 shares during the period. Nuveen LLC purchased a new position in Steel Dynamics during the 1st quarter valued at about $62,470,000. Finally, Robeco Institutional Asset Management B.V. increased its holdings in shares of Steel Dynamics by 40.6% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,675,973 shares of the basic materials company’s stock valued at $214,541,000 after purchasing an additional 484,304 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on STLD. UBS Group set a $165.00 price target on shares of Steel Dynamics in a research report on Tuesday. Weiss Ratings reiterated a “hold (c)” rating on shares of Steel Dynamics in a research report on Wednesday, October 8th. The Goldman Sachs Group set a $172.00 target price on shares of Steel Dynamics and gave the company a “neutral” rating in a research note on Friday, October 31st. KeyCorp upped their price target on shares of Steel Dynamics from $152.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Finally, Morgan Stanley increased their price objective on Steel Dynamics from $145.00 to $173.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Steel Dynamics presently has an average rating of “Moderate Buy” and an average price target of $170.11.

Steel Dynamics Stock Performance

STLD stock opened at $152.92 on Friday. The company has a quick ratio of 1.34, a current ratio of 3.11 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $22.33 billion, a price-to-earnings ratio of 20.25, a P/E/G ratio of 1.39 and a beta of 1.45. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $164.73. The firm has a 50 day moving average of $142.81 and a two-hundred day moving average of $134.30.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share for the quarter, beating analysts’ consensus estimates of $2.63 by $0.11. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The business had revenue of $4.83 billion for the quarter, compared to the consensus estimate of $4.74 billion. During the same quarter last year, the firm earned $2.05 EPS. Steel Dynamics’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, equities analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Tuesday, September 30th. Steel Dynamics’s dividend payout ratio is 26.49%.

Insider Activity at Steel Dynamics

In other news, SVP Miguel Alvarez sold 8,251 shares of the stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the transaction, the senior vice president owned 117,068 shares of the company’s stock, valued at approximately $19,057,499.72. This represents a 6.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 6.30% of the company’s stock.

Steel Dynamics Profile

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.