OLD National Bancorp IN Sells 213 Shares of Steel Dynamics, Inc. $STLD

OLD National Bancorp IN decreased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 2.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,692 shares of the basic materials company’s stock after selling 213 shares during the quarter. OLD National Bancorp IN’s holdings in Steel Dynamics were worth $1,241,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in STLD. Victory Capital Management Inc. boosted its position in shares of Steel Dynamics by 433.1% during the first quarter. Victory Capital Management Inc. now owns 1,816,525 shares of the basic materials company’s stock valued at $227,211,000 after buying an additional 1,475,767 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Steel Dynamics by 25.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,066,300 shares of the basic materials company’s stock worth $883,854,000 after acquiring an additional 1,437,897 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in shares of Steel Dynamics by 531.0% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,191,669 shares of the basic materials company’s stock worth $149,054,000 after acquiring an additional 1,002,813 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Steel Dynamics in the first quarter valued at about $62,470,000. Finally, AQR Capital Management LLC lifted its position in shares of Steel Dynamics by 302.3% during the first quarter. AQR Capital Management LLC now owns 350,376 shares of the basic materials company’s stock valued at $42,988,000 after purchasing an additional 263,278 shares in the last quarter. 82.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on STLD shares. Morgan Stanley upped their price objective 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 target price on Steel Dynamics from $138.00 to $150.00 and gave the company a “neutral” rating in a report on Monday, July 14th. Wells Fargo & Company increased their price target on Steel Dynamics from $143.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, September 15th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Steel Dynamics in a research report on Saturday, September 27th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $148.78.

Steel Dynamics Trading Down 2.4%

Shares of STLD stock opened at $141.63 on Tuesday. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43. The firm has a market cap of $20.85 billion, a P/E ratio of 20.65, a PEG ratio of 1.18 and a beta of 1.40. The company has a 50 day moving average of $131.78 and a 200-day moving average of $129.47. Steel Dynamics, Inc. has a 12-month low of $103.17 and a 12-month high of $155.56.

Steel Dynamics (NASDAQ:STLD) last announced 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). Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period last year, the company posted $2.72 earnings per share. Steel Dynamics’s revenue for the quarter was down 1.5% on a year-over-year basis. Sell-side analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Dividend Announcement

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

Insider Buying and Selling

In other Steel Dynamics news, SVP Christopher A. Graham sold 12,000 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the completion of the transaction, the senior vice president owned 66,738 shares in the company, valued at $8,456,371.98. This trade represents a 15.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 6.30% of the stock is currently owned by company insiders.

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.