Steel Dynamics, Inc. (NASDAQ:STLD) Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp raised its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 13.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,956 shares of the basic materials company’s stock after purchasing an additional 809 shares during the quarter. Fifth Third Bancorp’s holdings in Steel Dynamics were worth $870,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. IAG Wealth Partners LLC acquired a new stake in shares of Steel Dynamics in the fourth quarter valued at approximately $39,000. Investment Management Corp VA ADV purchased a new stake in shares of Steel Dynamics during the 4th quarter valued at $40,000. Avalon Trust Co purchased a new position in Steel Dynamics in the fourth quarter valued at approximately $42,000. Park Square Financial Group LLC acquired a new position in Steel Dynamics during the fourth quarter valued at approximately $45,000. Finally, Sunbelt Securities Inc. grew its stake in Steel Dynamics by 100.0% during the fourth quarter. Sunbelt Securities Inc. now owns 400 shares of the basic materials company’s stock worth $46,000 after buying an additional 200 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Trading Down 1.0%

NASDAQ:STLD opened at $132.12 on Tuesday. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $155.56. The business’s 50-day simple moving average is $128.38 and its 200 day simple moving average is $126.47. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.08 and a current ratio of 2.53. The stock has a market cap of $19.61 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of 1.05 and a beta of 1.38.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.40 by $0.04. The company had revenue of $4.37 billion during the quarter, compared to analysts’ expectations of $4.17 billion. Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. During the same period in the prior year, the business posted $3.67 EPS. As a group, sell-side analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics announced that its Board of Directors has authorized a share buyback program on Monday, February 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the basic materials company to repurchase up to 7.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.51%. Steel Dynamics’s dividend payout ratio (DPR) is presently 26.42%.

Insider Transactions at Steel Dynamics

In related news, Director Gabriel Shaheen sold 1,254 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $134.11, for a total transaction of $168,173.94. Following the sale, the director now directly owns 81,812 shares of the company’s stock, valued at approximately $10,971,807.32. This represents a 1.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Miguel Alvarez sold 7,495 shares of the firm’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $135.26, for a total value of $1,013,773.70. Following the transaction, the senior vice president now owns 125,319 shares in the company, valued at $16,950,647.94. This trade represents a 5.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wolfe Research raised shares of Steel Dynamics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, February 27th. Morgan Stanley set a $140.00 price target on Steel Dynamics and gave the company an “overweight” rating in a report on Thursday, April 24th. Wall Street Zen cut Steel Dynamics from a “hold” rating to a “sell” rating in a research note on Friday, April 25th. JPMorgan Chase & Co. upped their target price on Steel Dynamics from $135.00 to $138.00 and gave the stock a “neutral” rating in a research report on Thursday, April 24th. Finally, BMO Capital Markets upgraded Steel Dynamics from a “market perform” rating to an “outperform” rating and increased their target price for the company from $135.00 to $145.00 in a research note on Monday, March 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $147.44.

About Steel Dynamics

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.