CIBC Bancorp USA Inc. Invests $11.79 Million in Steel Dynamics, Inc. $STLD

CIBC Bancorp USA Inc. acquired a new position in Steel Dynamics, Inc. (NASDAQ:STLD) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 84,563 shares of the basic materials company’s stock, valued at approximately $11,791,000. CIBC Bancorp USA Inc. owned approximately 0.06% of Steel Dynamics at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in STLD. Lingohr Asset Management GmbH increased its holdings in shares of Steel Dynamics by 1,284.8% during the third quarter. Lingohr Asset Management GmbH now owns 40,423 shares of the basic materials company’s stock valued at $5,636,000 after purchasing an additional 37,504 shares during the period. Ninety One UK Ltd lifted its holdings in Steel Dynamics by 33.5% in the third quarter. Ninety One UK Ltd now owns 119,863 shares of the basic materials company’s stock worth $16,712,000 after purchasing an additional 30,102 shares during the period. Rakuten Investment Management Inc. acquired a new stake in Steel Dynamics in the third quarter worth about $8,592,000. Forvis Mazars Wealth Advisors LLC bought a new position in Steel Dynamics in the 3rd quarter valued at about $1,047,000. Finally, Mediolanum International Funds Ltd grew its position in Steel Dynamics by 157.2% in the 3rd quarter. Mediolanum International Funds Ltd now owns 206,140 shares of the basic materials company’s stock valued at $28,629,000 after buying an additional 125,981 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on STLD shares. Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a research report on Tuesday. KeyCorp reiterated an “overweight” rating and issued a $190.00 price objective on shares of Steel Dynamics in a report on Wednesday, January 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Steel Dynamics in a research note on Monday, December 29th. JPMorgan Chase & Co. dropped their target price on Steel Dynamics from $194.00 to $192.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Morgan Stanley restated an “underperform” rating and issued a $190.00 target price on shares of Steel Dynamics in a research report on Tuesday. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Steel Dynamics presently has a consensus rating of “Hold” and an average target price of $182.44.

Steel Dynamics Stock Performance

Shares of NASDAQ STLD opened at $167.56 on Friday. The company has a quick ratio of 1.29, a current ratio of 3.06 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $24.28 billion, a price-to-earnings ratio of 20.92, a PEG ratio of 0.46 and a beta of 1.43. The stock’s fifty day simple moving average is $184.79 and its 200 day simple moving average is $164.90. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $208.47.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.10. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.62 billion. During the same period in the previous year, the firm earned $1.36 earnings per share. Steel Dynamics’s revenue for the quarter was up 14.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.3%. The ex-dividend date is Tuesday, March 31st. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.50. Steel Dynamics’s dividend payout ratio is presently 24.97%.

Steel Dynamics Company 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.