Bank of New York Mellon Corp Boosts Stock Holdings in Steel Dynamics, Inc. $STLD

Bank of New York Mellon Corp raised its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 3.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 938,585 shares of the basic materials company’s stock after purchasing an additional 33,434 shares during the period. Bank of New York Mellon Corp owned 0.65% of Steel Dynamics worth $168,945,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of STLD. Strs Ohio lifted its holdings in Steel Dynamics by 7.3% during the fourth quarter. Strs Ohio now owns 153,878 shares of the basic materials company’s stock valued at $26,075,000 after purchasing an additional 10,519 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of Steel Dynamics by 3.7% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company’s stock worth $340,289,000 after purchasing an additional 72,122 shares in the last quarter. Econ Financial Services Corp bought a new stake in shares of Steel Dynamics in the fourth quarter valued at approximately $1,171,000. AIA Group Ltd bought a new stake in shares of Steel Dynamics in the third quarter valued at approximately $543,000. Finally, Canada Post Corp Registered Pension Plan lifted its stake in shares of Steel Dynamics by 70.5% during the 4th quarter. Canada Post Corp Registered Pension Plan now owns 11,692 shares of the basic materials company’s stock valued at $1,981,000 after buying an additional 4,835 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Weiss Ratings raised shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. JPMorgan Chase & Co. lowered their target price on shares of Steel Dynamics from $262.00 to $256.00 and set a “neutral” rating on the stock in a report on Wednesday. KeyCorp increased their target price on Steel Dynamics from $241.00 to $262.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 24th. Wells Fargo & Company cut their price target on Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating for the company in a report on Thursday, June 18th. Finally, Barclays assumed coverage on Steel Dynamics in a research report on Thursday, May 21st. They issued an “overweight” rating and a $270.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $239.18.

Steel Dynamics Price Performance

STLD stock opened at $235.51 on Friday. The firm has a 50 day moving average of $245.95 and a 200-day moving average of $208.80. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46. Steel Dynamics, Inc. has a 12 month low of $119.89 and a 12 month high of $288.74. The firm has a market capitalization of $34.08 billion, a P/E ratio of 25.19, a price-to-earnings-growth ratio of 0.44 and a beta of 1.53.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.01). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.39 billion. During the same period in the prior year, the firm posted $1.44 EPS. Steel Dynamics’s revenue was up 19.1% on a year-over-year basis. As a group, sell-side analysts predict that Steel Dynamics, Inc. will post 16.92 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Tuesday, June 30th. Steel Dynamics’s payout ratio is 22.67%.

Insider Activity

In related news, SVP Miguel Alvarez sold 4,825 shares of Steel Dynamics stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the completion of the sale, the senior vice president owned 122,257 shares of the company’s stock, valued at approximately $27,578,734.06. This trade represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP James Stanley Anderson sold 10,000 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the transaction, the senior vice president owned 102,837 shares of the company’s stock, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 22,125 shares of company stock worth $5,438,226. Company insiders own 6.60% of the company’s stock.

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.