PNC Financial Services Group Inc. Grows Stock Holdings in Steel Dynamics, Inc. $STLD

PNC Financial Services Group Inc. grew its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 8.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,306 shares of the basic materials company’s stock after purchasing an additional 2,219 shares during the period. PNC Financial Services Group Inc.’s holdings in Steel Dynamics were worth $4,627,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Larson Financial Group LLC grew its position in shares of Steel Dynamics by 28.7% during the 4th quarter. Larson Financial Group LLC now owns 24,498 shares of the basic materials company’s stock valued at $4,151,000 after purchasing an additional 5,457 shares in the last quarter. ProShare Advisors LLC grew its position in shares of Steel Dynamics by 5.7% during the 4th quarter. ProShare Advisors LLC now owns 29,429 shares of the basic materials company’s stock valued at $4,987,000 after purchasing an additional 1,583 shares in the last quarter. Pathway Financial Advisers LLC grew its position in shares of Steel Dynamics by 4.0% during the 4th quarter. Pathway Financial Advisers LLC now owns 46,774 shares of the basic materials company’s stock valued at $7,926,000 after purchasing an additional 1,794 shares in the last quarter. TD Private Client Wealth LLC grew its position in shares of Steel Dynamics by 180.5% during the 4th quarter. TD Private Client Wealth LLC now owns 2,241 shares of the basic materials company’s stock valued at $380,000 after purchasing an additional 1,442 shares in the last quarter. Finally, North Dakota State Investment Board purchased a new position in shares of Steel Dynamics during the 4th quarter valued at $817,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $240.03 on Tuesday. Steel Dynamics, Inc. has a 52-week low of $119.89 and a 52-week high of $243.73. The firm has a fifty day moving average of $203.88 and a 200 day moving average of $185.80. The firm has a market capitalization of $34.74 billion, a PE ratio of 25.67, a price-to-earnings-growth ratio of 0.51 and a beta of 1.48. 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 (NASDAQ:STLD) last announced its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.39 billion. During the same quarter last year, the firm posted $1.44 earnings per share. The firm’s revenue was up 19.1% on a year-over-year basis. As a group, research analysts anticipate that Steel Dynamics, Inc. will post 14.77 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be paid 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 0.9%. Steel Dynamics’s payout ratio is currently 22.67%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on STLD shares. Citigroup boosted their price target on shares of Steel Dynamics from $180.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. JPMorgan Chase & Co. boosted their price target on shares of Steel Dynamics from $192.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, April 14th. Barclays started coverage on shares of Steel Dynamics in a research report on Thursday. They set an “overweight” rating and a $270.00 price target for the company. Wall Street Zen upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Finally, Wells Fargo & Company boosted their price target on shares of Steel Dynamics from $207.00 to $235.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $219.36.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Miguel Alvarez sold 4,825 shares of the business’s stock in a transaction 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 sale, the senior vice president directly owned 122,257 shares of the company’s stock, valued at $27,578,734.06. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kenneth W. Cornew sold 5,000 shares of the business’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the sale, the director directly owned 31,299 shares of the company’s stock, valued at $7,038,206.13. This represents a 13.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,125 shares of company stock valued at $2,751,227 over the last three months. Insiders own 6.60% of the company’s stock.

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.