Steel Dynamics, Inc. $STLD Position Increased by Fifth Third Bancorp

Fifth Third Bancorp raised its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 2.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,145 shares of the basic materials company’s stock after purchasing an additional 189 shares during the period. Fifth Third Bancorp’s holdings in Steel Dynamics were worth $915,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in STLD. Wealth Enhancement Advisory Services LLC increased its stake in Steel Dynamics by 105.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 20,907 shares of the basic materials company’s stock valued at $2,385,000 after purchasing an additional 10,716 shares during the last quarter. Versant Capital Management Inc increased its stake in Steel Dynamics by 130.1% during the first quarter. Versant Capital Management Inc now owns 504 shares of the basic materials company’s stock valued at $63,000 after purchasing an additional 285 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Steel Dynamics by 18,398.4% during the first quarter. GAMMA Investing LLC now owns 447,661 shares of the basic materials company’s stock worth $55,993,000 after acquiring an additional 445,241 shares during the last quarter. Parallel Advisors LLC grew its position in shares of Steel Dynamics by 6.3% during the first quarter. Parallel Advisors LLC now owns 1,734 shares of the basic materials company’s stock worth $217,000 after acquiring an additional 102 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of Steel Dynamics by 14.1% during the first quarter. Rhumbline Advisers now owns 298,976 shares of the basic materials company’s stock worth $37,396,000 after acquiring an additional 36,996 shares during the last quarter. Institutional investors own 82.41% of the company’s stock.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Christopher A. Graham sold 12,000 shares of the company’s stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total value of $1,520,520.00. Following the completion of the sale, the senior vice president directly owned 66,738 shares of the company’s stock, valued at approximately $8,456,371.98. This represents a 15.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 6.30% of the company’s stock.

Steel Dynamics Stock Performance

STLD stock opened at $139.63 on Monday. The company has a market capitalization of $20.55 billion, a P/E ratio of 20.35, a PEG ratio of 1.14 and a beta of 1.40. The company has a 50-day simple moving average of $130.48 and a 200 day simple moving average of $128.82. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $155.56. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Monday, July 21st. The basic materials company reported $2.01 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.04). The company had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.82 billion. Steel Dynamics had a return on equity of 11.88% and a net margin of 6.07%.The business’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.72 EPS. Sell-side analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Steel Dynamics’s dividend payout ratio is presently 29.15%.

Analysts Set New Price Targets

STLD has been the subject of several recent research reports. Morgan Stanley upped their price target on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Friday, June 20th. JPMorgan Chase & Co. upped their price target on shares of Steel Dynamics from $138.00 to $150.00 and gave the stock a “neutral” rating in a research report on Monday, July 14th. Finally, Wells Fargo & Company upped their price target on shares of Steel Dynamics from $143.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, September 15th. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $149.40.

Steel Dynamics Profile

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.