CIBC Asset Management Inc Acquires 1,109 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

CIBC Asset Management Inc grew its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 5.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,239 shares of the basic materials company’s stock after purchasing an additional 1,109 shares during the quarter. CIBC Asset Management Inc’s holdings in Steel Dynamics were worth $2,930,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in STLD. Orion Portfolio Solutions LLC raised its position in shares of Steel Dynamics by 7.4% in the 1st quarter. Orion Portfolio Solutions LLC now owns 9,039 shares of the basic materials company’s stock valued at $1,340,000 after buying an additional 623 shares in the last quarter. UniSuper Management Pty Ltd boosted its holdings in shares of Steel Dynamics by 372.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 8,906 shares of the basic materials company’s stock worth $1,320,000 after buying an additional 7,019 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of Steel Dynamics by 2,679.3% in the 1st quarter. Bessemer Group Inc. now owns 10,867 shares of the basic materials company’s stock valued at $1,611,000 after buying an additional 10,476 shares during the period. Lake Street Advisors Group LLC acquired a new stake in Steel Dynamics in the 1st quarter valued at $230,000. Finally, CANADA LIFE ASSURANCE Co raised its holdings in shares of Steel Dynamics by 50.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 179,410 shares of the basic materials company’s stock worth $26,613,000 after acquiring an additional 60,080 shares during the last quarter. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Price Performance

STLD stock opened at $140.69 on Tuesday. Steel Dynamics, Inc. has a 52 week low of $104.60 and a 52 week high of $155.56. The firm has a market capitalization of $21.42 billion, a P/E ratio of 12.73 and a beta of 1.31. The company has a fifty day simple moving average of $129.58 and a two-hundred day simple moving average of $127.14. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The firm had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.18 billion. During the same period in the previous year, the firm earned $3.47 earnings per share. The business’s revenue was down 5.4% on a year-over-year basis. Analysts anticipate that Steel Dynamics, Inc. will post 10.1 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.84 annualized dividend and a dividend yield of 1.31%. Steel Dynamics’s dividend payout ratio (DPR) is presently 16.65%.

Insider Activity

In other news, SVP Glenn Pushis sold 17,941 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $133.09, for a total value of $2,387,767.69. Following the sale, the senior vice president now owns 146,693 shares in the company, valued at $19,523,371.37. This represents a 10.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Chad Bickford sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $134.86, for a total transaction of $269,720.00. Following the sale, the vice president now directly owns 17,100 shares in the company, valued at $2,306,106. The trade was a 10.47 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,591 shares of company stock worth $3,608,438. Insiders own 6.00% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on STLD shares. Bank of America raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $140.00 to $155.00 in a research report on Tuesday, October 1st. Morgan Stanley lowered their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price target for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. JPMorgan Chase & Co. lifted their price target on Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, BMO Capital Markets upped their price target on shares of Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research report on Friday, October 18th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Steel Dynamics has a consensus rating of “Hold” and a consensus price target of $144.29.

About Steel Dynamics

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.