Sumitomo Mitsui Trust Group Inc. Has $56.58 Million Position in Steel Dynamics, Inc. $STLD

Sumitomo Mitsui Trust Group Inc. lessened its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 5.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 314,331 shares of the basic materials company’s stock after selling 17,173 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of Steel Dynamics worth $56,580,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Capital Research Global Investors lifted its stake in Steel Dynamics by 0.3% in the 4th quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company’s stock valued at $613,926,000 after purchasing an additional 9,959 shares during the last quarter. Life Cycle Investment Partners Ltd acquired a new position in Steel Dynamics during the fourth quarter worth approximately $586,702,000. Norges Bank acquired a new position in Steel Dynamics during the fourth quarter worth approximately $564,590,000. Robeco Institutional Asset Management B.V. raised its stake in 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 valued at $340,289,000 after buying an additional 72,122 shares during the period. Finally, Invesco Ltd. raised its stake in Steel Dynamics by 6.3% in the fourth quarter. Invesco Ltd. now owns 1,965,092 shares of the basic materials company’s stock valued at $332,985,000 after buying an additional 116,379 shares during the period. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Steel Dynamics

In other news, SVP Miguel Alvarez sold 4,825 shares of the business’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total value 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. The trade was a 3.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kenneth W. Cornew sold 5,000 shares of the company’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the transaction, the director owned 31,299 shares in the company, valued at $7,038,206.13. This trade represents a 13.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 22,125 shares of company stock worth $5,438,226 over the last quarter. 6.60% of the stock is currently owned by corporate insiders.

Steel Dynamics Stock Performance

Shares of NASDAQ:STLD traded up $6.36 during trading on Friday, reaching $228.42. 1,143,815 shares of the stock were exchanged, compared to its average volume of 1,304,821. Steel Dynamics, Inc. has a 12 month low of $119.89 and a 12 month high of $288.74. The stock has a 50-day moving average price of $246.00 and a 200-day moving average price of $206.74. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46. The firm has a market cap of $33.06 billion, a PE ratio of 24.43, a PEG ratio of 0.44 and a beta of 1.53.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.39 billion. Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.Steel Dynamics’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter last year, the business posted $1.44 EPS. Research analysts expect that Steel Dynamics, Inc. will post 16.73 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Citigroup lifted their target price on Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Morgan Stanley raised their price target on Steel Dynamics from $227.00 to $270.00 and gave the company an “equal weight” rating in a report on Monday, June 22nd. JPMorgan Chase & Co. lifted their price objective on shares of Steel Dynamics from $192.00 to $205.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 14th. Jefferies Financial Group reiterated a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. Finally, KeyCorp increased their price objective on shares of Steel Dynamics from $241.00 to $262.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $234.55.

Steel Dynamics 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.