Bank of New York Mellon Corp Increases Holdings in Steel Dynamics, Inc. $STLD

Bank of New York Mellon Corp boosted its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 4.3% during the fourth quarter, Holdings Channel reports. The firm owned 905,151 shares of the basic materials company’s stock after acquiring an additional 37,576 shares during the quarter. Bank of New York Mellon Corp’s holdings in Steel Dynamics were worth $153,378,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Optas LLC grew its holdings in shares of Steel Dynamics by 3.0% during the 4th quarter. Optas LLC now owns 1,979 shares of the basic materials company’s stock worth $335,000 after acquiring an additional 58 shares during the period. Wright Investors Service Inc. grew its holdings in shares of Steel Dynamics by 1.2% during the 4th quarter. Wright Investors Service Inc. now owns 5,555 shares of the basic materials company’s stock worth $941,000 after acquiring an additional 64 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Steel Dynamics by 4.1% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 1,764 shares of the basic materials company’s stock worth $246,000 after acquiring an additional 70 shares during the period. Root Financial Partners LLC grew its holdings in shares of Steel Dynamics by 22.2% during the 4th quarter. Root Financial Partners LLC now owns 424 shares of the basic materials company’s stock worth $72,000 after acquiring an additional 77 shares during the period. Finally, Choreo LLC grew its holdings in shares of Steel Dynamics by 3.3% during the 3rd quarter. Choreo LLC now owns 2,521 shares of the basic materials company’s stock worth $353,000 after acquiring an additional 80 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on STLD shares. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a report on Saturday, April 18th. Weiss Ratings upgraded Steel Dynamics from a “hold (c)” rating to a “buy (b-)” rating in a research note on Wednesday, April 29th. KeyCorp upped their price target on Steel Dynamics from $190.00 to $241.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 22nd. Wells Fargo & Company upped their price target on Steel Dynamics from $235.00 to $293.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Morgan Stanley restated an “underperform” rating and issued a $190.00 price target on shares of Steel Dynamics in a research note on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $224.64.

Insider Activity at Steel Dynamics

In related news, Director Kenneth W. Cornew sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total value of $1,124,350.00. Following the transaction, the director directly owned 31,299 shares of the company’s stock, valued at approximately $7,038,206.13. This represents a 13.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Miguel Alvarez sold 4,825 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total value of $1,088,423.50. Following the completion of the transaction, the senior vice president directly owned 122,257 shares in the company, valued at $27,578,734.06. This trade represents a 3.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 12,125 shares of company stock valued at $2,751,227. 6.60% of the stock is owned by corporate insiders.

Steel Dynamics Stock Performance

Steel Dynamics stock opened at $268.50 on Friday. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $38.86 billion, a P/E ratio of 28.72, a PEG ratio of 0.57 and a beta of 1.50. The stock’s 50 day moving average is $220.99 and its 200 day moving average is $192.55. Steel Dynamics, Inc. has a twelve month low of $119.89 and a twelve month high of $280.49.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.01). The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.39 billion. Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The business’s quarterly revenue was up 19.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.44 EPS. On average, equities research analysts predict that Steel Dynamics, Inc. will post 14.77 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be given a $0.53 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.12 annualized dividend and a yield of 0.8%. Steel Dynamics’s dividend payout ratio is 22.67%.

Steel Dynamics Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.