Raymond James Trust N.A. Buys Shares of 1,598 Steel Dynamics, Inc. (NASDAQ:STLD)

Raymond James Trust N.A. purchased a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,598 shares of the basic materials company’s stock, valued at approximately $201,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Eagle Asset Management Inc. grew its position in Steel Dynamics by 3.4% in the third quarter. Eagle Asset Management Inc. now owns 39,065 shares of the basic materials company’s stock valued at $4,925,000 after purchasing an additional 1,270 shares in the last quarter. Banco Santander S.A. acquired a new position in shares of Steel Dynamics during the 3rd quarter worth about $242,000. Citizens Financial Group Inc. RI bought a new position in shares of Steel Dynamics in the 3rd quarter valued at about $200,000. Darwin Wealth Management LLC acquired a new stake in shares of Steel Dynamics in the third quarter valued at about $126,000. Finally, Advisors Asset Management Inc. raised its holdings in Steel Dynamics by 4.8% during the third quarter. Advisors Asset Management Inc. now owns 14,549 shares of the basic materials company’s stock worth $1,834,000 after acquiring an additional 661 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

STLD has been the topic of several recent analyst reports. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $140.00 to $155.00 in a research report on Tuesday, October 1st. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price target for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Morgan Stanley cut their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. boosted their price objective on shares of 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 raised their target price on shares of Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research note on Friday, October 18th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $144.29.

Steel Dynamics Stock Up 0.1 %

Shares of STLD opened at $143.83 on Friday. The firm has a market cap of $21.90 billion, a P/E ratio of 13.02 and a beta of 1.31. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39. Steel Dynamics, Inc. has a 52 week low of $104.60 and a 52 week high of $155.56. The firm’s 50-day simple moving average is $134.08 and its 200 day simple moving average is $127.68.

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

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio is currently 16.65%.

Insider Activity

In other Steel Dynamics news, SVP Glenn Pushis sold 17,941 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the sale, the senior vice president now owns 146,693 shares of the company’s stock, valued at $19,523,371.37. The trade was a 10.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Richard A. Poinsatte sold 2,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $138.75, for a total transaction of $277,500.00. Following the transaction, the senior vice president now owns 21,101 shares in the company, valued at approximately $2,927,763.75. The trade was a 8.66 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,591 shares of company stock valued at $3,885,938. 6.10% of the stock is owned by company insiders.

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.