CIBC Asset Management Inc Purchases 12,848 Shares of Steel Dynamics, Inc. $STLD

CIBC Asset Management Inc boosted its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 59.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,489 shares of the basic materials company’s stock after purchasing an additional 12,848 shares during the quarter. CIBC Asset Management Inc’s holdings in Steel Dynamics were worth $5,844,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Sound Income Strategies LLC boosted its stake in Steel Dynamics by 1,500.0% in the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 150 shares during the period. Torren Management LLC bought a new stake in Steel Dynamics in the 4th quarter valued at $34,000. Nvest Wealth Strategies Inc. bought a new stake in Steel Dynamics in the 4th quarter valued at $42,000. Eagle Bay Advisors LLC acquired a new stake in shares of Steel Dynamics in the fourth quarter valued at approximately $45,000. Finally, Measured Wealth Private Client Group LLC acquired a new stake in shares of Steel Dynamics in the third quarter valued at approximately $46,000. 82.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, Director Kenneth W. Cornew sold 5,000 shares of the business’s stock in a transaction that occurred on 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 directly owned 31,299 shares in the company, valued at $7,038,206.13. The trade was a 13.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Miguel Alvarez sold 4,825 shares of the business’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the transaction, the senior vice president owned 122,257 shares of the company’s stock, valued at approximately $27,578,734.06. This represents a 3.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 12,125 shares of company stock worth $2,751,227 over the last three months. Corporate insiders own 6.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on STLD. Morgan Stanley reiterated an “underperform” rating and issued a $190.00 price target on shares of Steel Dynamics in a research report on Tuesday, March 17th. Jefferies Financial Group reiterated a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. Citigroup lifted their price target on shares of Steel Dynamics from $180.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. KeyCorp lifted their price target on shares of Steel Dynamics from $190.00 to $241.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. Finally, Bank of America downgraded shares of Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 price target for the company. in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $224.64.

Steel Dynamics Stock Down 3.0%

NASDAQ STLD opened at $268.50 on Friday. Steel Dynamics, Inc. has a 1-year low of $119.89 and a 1-year high of $280.49. The company has a market cap of $38.86 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 0.57 and a beta of 1.50. 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 company has a 50 day moving average of $220.99 and a 200-day moving average of $192.55.

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

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.8%. The ex-dividend date is Tuesday, June 30th. Steel Dynamics’s payout ratio is currently 22.67%.

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.