Bank of New York Mellon Corp Buys 33,434 Shares of Steel Dynamics, Inc. $STLD

Bank of New York Mellon Corp lifted its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 3.7% in the first quarter, HoldingsChannel.com reports. The fund owned 938,585 shares of the basic materials company’s stock after acquiring an additional 33,434 shares during the quarter. Bank of New York Mellon Corp’s holdings in Steel Dynamics were worth $168,945,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jacobi Capital Management LLC increased its stake in Steel Dynamics by 1.6% in the fourth quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock valued at $599,000 after acquiring an additional 55 shares during the last quarter. Optas LLC grew its position in Steel Dynamics by 3.0% during the fourth quarter. Optas LLC now owns 1,979 shares of the basic materials company’s stock valued at $335,000 after acquiring an additional 58 shares during the last quarter. Hohimer Wealth Management LLC grew its position in Steel Dynamics by 1.1% during the fourth quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock valued at $967,000 after acquiring an additional 61 shares during the last quarter. Wright Investors Service Inc. raised its stake in shares of Steel Dynamics by 1.2% during the fourth 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 in the last quarter. Finally, Kestra Private Wealth Services LLC raised its stake in shares of Steel Dynamics by 2.7% during the first quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company’s stock worth $431,000 after acquiring an additional 64 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP James Stanley Anderson sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the transaction, the senior vice president directly owned 102,837 shares of the company’s stock, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total value of $538,453.00. Following the transaction, the senior vice president owned 28,618 shares of the company’s stock, valued at approximately $6,699,759.98. This represents a 7.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 22,125 shares of company stock valued at $5,438,226 over the last three months. Company insiders own 6.60% of the company’s stock.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $235.51 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. Steel Dynamics, Inc. has a fifty-two week low of $119.89 and a fifty-two week high of $288.74. The firm has a market cap of $34.08 billion, a PE ratio of 25.19, a price-to-earnings-growth ratio of 0.44 and a beta of 1.53. The business has a 50 day moving average price of $245.95 and a 200-day moving average price of $208.80.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The company’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.44 earnings per share. Equities research analysts predict that Steel Dynamics, Inc. will post 16.92 earnings per share for the current year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Tuesday, June 30th were paid a $0.53 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is presently 22.67%.

Analyst Ratings Changes

STLD has been the subject of a number of recent research reports. Weiss Ratings upgraded shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. KeyCorp lifted their target price on shares of Steel Dynamics from $241.00 to $262.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 24th. JPMorgan Chase & Co. lowered their price target on shares of Steel Dynamics from $262.00 to $256.00 and set a “neutral” rating for the company in a research note on Wednesday. Morgan Stanley upped their price target on shares of Steel Dynamics from $227.00 to $270.00 and gave the company an “equal weight” rating in a research report on Monday, June 22nd. Finally, Barclays initiated coverage on Steel Dynamics in a research note on Thursday, May 21st. They set an “overweight” rating and a $270.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Steel Dynamics has an average rating of “Moderate Buy” and an average target price of $239.18.

About Steel Dynamics

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.