Truist Financial Corp Acquires 2,924 Shares of Steel Dynamics, Inc. $STLD

Truist Financial Corp raised its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 6.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 46,717 shares of the basic materials company’s stock after buying an additional 2,924 shares during the period. Truist Financial Corp’s holdings in Steel Dynamics were worth $7,916,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of STLD. Lingohr Asset Management GmbH lifted its position in shares of Steel Dynamics by 1,284.8% in the third quarter. Lingohr Asset Management GmbH now owns 40,423 shares of the basic materials company’s stock worth $5,636,000 after buying an additional 37,504 shares in the last quarter. Rakuten Investment Management Inc. bought a new stake in Steel Dynamics during the third quarter worth approximately $8,592,000. Forvis Mazars Wealth Advisors LLC bought a new stake in Steel Dynamics during the third quarter worth approximately $1,047,000. Mediolanum International Funds Ltd increased its stake in Steel Dynamics by 157.2% during the third quarter. Mediolanum International Funds Ltd now owns 206,140 shares of the basic materials company’s stock worth $28,629,000 after acquiring an additional 125,981 shares during the last quarter. Finally, Knights of Columbus Asset Advisors LLC increased its stake in Steel Dynamics by 156.3% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 15,935 shares of the basic materials company’s stock worth $2,222,000 after acquiring an additional 9,717 shares during the last quarter. 82.41% of the stock is owned by institutional investors.

Steel Dynamics Stock Up 0.9%

Shares of NASDAQ STLD opened at $235.10 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. The firm has a market capitalization of $33.90 billion, a price-to-earnings ratio of 25.14, a PEG ratio of 0.50 and a beta of 1.48. The stock has a 50 day moving average price of $193.25 and a 200 day moving average price of $179.18. Steel Dynamics, Inc. has a 52-week low of $119.89 and a 52-week high of $243.73.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The firm’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.44 EPS. Sell-side analysts expect that Steel Dynamics, Inc. will post 14.77 earnings per share for the current year.

Steel Dynamics Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on STLD shares. Citigroup boosted their price objective on Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Wall Street Zen raised Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Jefferies Financial Group reissued a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. Bank of America cut Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 price objective on the stock. in a research note on Thursday, April 30th. Finally, JPMorgan Chase & Co. boosted their price objective on Steel Dynamics from $192.00 to $205.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 14th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $214.30.

Insider Buying and Selling

In other Steel Dynamics news, SVP Miguel Alvarez sold 4,825 shares of the company’s 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 in the company, valued at $27,578,734.06. This 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 available at the SEC website. Also, Director Kenneth W. Cornew sold 5,000 shares of the company’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total value of $1,124,350.00. Following the sale, the director owned 31,299 shares of the company’s stock, valued at approximately $7,038,206.13. This represents a 13.77% decrease in their position. The disclosure for this sale is available in the SEC filing. 6.60% of the stock is currently owned by insiders.

About Steel Dynamics

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.