Steel Dynamics, Inc. $STLD Shares Sold by Bank of Montreal Can

Bank of Montreal Can lowered its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 5.2% in the second quarter, Holdings Channel reports. The institutional investor owned 285,450 shares of the basic materials company’s stock after selling 15,671 shares during the period. Bank of Montreal Can’s holdings in Steel Dynamics were worth $36,540,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Financial Gravity Asset Management Inc. purchased a new position in Steel Dynamics during the first quarter worth about $25,000. Cary Street Partners Investment Advisory LLC raised its stake in shares of Steel Dynamics by 493.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company’s stock worth $25,000 after buying an additional 163 shares in the last quarter. Trust Co. of Toledo NA OH purchased a new position in shares of Steel Dynamics during the 2nd quarter worth approximately $30,000. Zions Bancorporation National Association UT acquired a new stake in shares of Steel Dynamics in the 1st quarter valued at approximately $32,000. Finally, WPG Advisers LLC purchased a new stake in shares of Steel Dynamics in the first quarter valued at approximately $32,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. The Goldman Sachs Group set a $172.00 price objective on Steel Dynamics and gave the stock a “neutral” rating in a research report on Friday, October 31st. Weiss Ratings reiterated a “hold (c)” rating on shares of Steel Dynamics in a report on Wednesday, October 8th. BMO Capital Markets boosted their price objective on shares of Steel Dynamics from $155.00 to $167.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. JPMorgan Chase & Co. increased their target price on shares of Steel Dynamics from $150.00 to $160.00 and gave the company a “neutral” rating in a report on Monday, October 13th. Finally, Citigroup boosted their price target on Steel Dynamics from $150.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Steel Dynamics has a consensus rating of “Moderate Buy” and a consensus price target of $170.11.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Miguel Alvarez sold 8,251 shares of the business’s stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total value of $1,343,180.29. Following the completion of the transaction, the senior vice president directly owned 117,068 shares of the company’s stock, valued at $19,057,499.72. The trade was a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 6.30% of the stock is currently owned by company insiders.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $152.92 on Friday. The company has a current ratio of 3.11, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $22.33 billion, a P/E ratio of 20.25, a price-to-earnings-growth ratio of 1.39 and a beta of 1.45. The firm has a 50-day moving average price of $142.81 and a two-hundred day moving average price of $134.30. Steel Dynamics, Inc. has a twelve month low of $103.17 and a twelve month high of $164.73.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.63 by $0.11. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The company had revenue of $4.83 billion for the quarter, compared to the consensus estimate of $4.74 billion. During the same quarter in the prior year, the firm earned $2.05 earnings per share. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. As a group, research analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.00 annualized dividend and a yield of 1.3%. Steel Dynamics’s dividend payout ratio (DPR) is presently 26.49%.

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.