Hsbc Holdings PLC Buys 494,828 Shares of Steel Dynamics, Inc. $STLD

Hsbc Holdings PLC increased its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 92.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,030,448 shares of the basic materials company’s stock after acquiring an additional 494,828 shares during the quarter. Hsbc Holdings PLC owned about 0.71% of Steel Dynamics worth $174,609,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. NewEdge Advisors LLC lifted its position in shares of Steel Dynamics by 307.5% in the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock worth $102,000 after purchasing an additional 618 shares during the period. Acadian Asset Management LLC increased its position in shares of Steel Dynamics by 82.7% during the first quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock worth $435,000 after buying an additional 1,578 shares during the period. Jump Financial LLC acquired a new stake in shares of Steel Dynamics during the second quarter worth $1,019,000. Qube Research & Technologies Ltd bought a new position in Steel Dynamics during the second quarter worth $48,746,000. Finally, Sei Investments Co. raised its stake in Steel Dynamics by 7.9% during the second quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company’s stock worth $13,447,000 after buying an additional 7,712 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $249.91 on Friday. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46. The firm’s fifty day moving average price is $239.04 and its two-hundred day moving average price is $200.11. The firm has a market capitalization of $36.17 billion, a price-to-earnings ratio of 26.73, a price-to-earnings-growth ratio of 0.50 and a beta of 1.50. Steel Dynamics, Inc. has a 1-year low of $119.89 and a 1-year high of $288.74.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. Steel Dynamics’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.44 EPS. On average, equities research analysts predict that Steel Dynamics, Inc. will post 15.67 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

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

Wall Street Analyst Weigh In

STLD has been the topic of several recent analyst reports. Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. JPMorgan Chase & Co. lifted their price objective on Steel Dynamics from $192.00 to $205.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 14th. Barclays assumed coverage on Steel Dynamics in a research report on Thursday, May 21st. They issued an “overweight” rating and a $270.00 price objective for the company. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Finally, Bank of America decreased their target price on Steel Dynamics from $285.00 to $280.00 and set a “neutral” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $227.18.

Insider Buying and Selling

In other news, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the completion of the sale, the senior vice president owned 102,837 shares in the company, valued at $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kenneth W. Cornew sold 5,000 shares of the firm’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the transaction, the director directly owned 31,299 shares in the company, valued at $7,038,206.13. The trade was a 13.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 22,125 shares of company stock worth $5,438,226. 6.60% of the stock is owned by corporate insiders.

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.