Fifth Third Bancorp Buys 21,634 Shares of Steel Dynamics, Inc. $STLD

Fifth Third Bancorp lifted its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 302.1% during the 1st quarter, HoldingsChannel reports. The firm owned 28,795 shares of the basic materials company’s stock after acquiring an additional 21,634 shares during the quarter. Fifth Third Bancorp’s holdings in Steel Dynamics were worth $5,183,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in STLD. Strs Ohio grew its position in Steel Dynamics by 7.3% in the fourth quarter. Strs Ohio now owns 153,878 shares of the basic materials company’s stock worth $26,075,000 after acquiring an additional 10,519 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Steel Dynamics by 3.7% during the 4th 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 purchasing an additional 72,122 shares during the last quarter. Econ Financial Services Corp bought a new stake in Steel Dynamics in the fourth quarter worth $1,171,000. AIA Group Ltd purchased a new position in Steel Dynamics during the third quarter worth $543,000. Finally, Canada Post Corp Registered Pension Plan increased its position in Steel Dynamics by 70.5% during the fourth 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 acquiring an additional 4,835 shares during the last quarter. 82.41% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,300 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total transaction of $538,453.00. Following the completion of the transaction, the senior vice president owned 28,618 shares of the company’s stock, valued at $6,699,759.98. This represents a 7.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP James Stanley Anderson sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the transaction, the senior vice president directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 22,125 shares of company stock valued at $5,438,226. Insiders own 6.60% of the company’s stock.

Steel Dynamics Price Performance

NASDAQ STLD opened at $235.51 on Friday. The firm’s fifty day simple moving average is $245.95 and its two-hundred day simple moving average is $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 P/E/G ratio of 0.44 and a beta of 1.53.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The firm’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter last year, the business earned $1.44 earnings per share. Analysts forecast that Steel Dynamics, Inc. will post 17.27 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Wells Fargo & Company dropped their target price on Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating for the company in a research report on Thursday, June 18th. Wall Street Zen raised Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. BMO Capital Markets increased their target price on Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 22nd. Finally, Barclays initiated coverage on Steel Dynamics in a research report on Thursday, May 21st. They set an “overweight” rating and a $270.00 target price for the company. One equities research 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’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $239.18.

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.