Spinnaker Trust Has $5.75 Million Stock Position in Steel Dynamics, Inc. $STLD

Spinnaker Trust lessened its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 35.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,949 shares of the basic materials company’s stock after selling 17,600 shares during the period. Spinnaker Trust’s holdings in Steel Dynamics were worth $5,751,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Inspire Investing LLC increased its position in Steel Dynamics by 4.1% during the first quarter. Inspire Investing LLC now owns 16,626 shares of the basic materials company’s stock worth $2,993,000 after buying an additional 659 shares during the last quarter. Apollon Wealth Management LLC boosted its stake in shares of Steel Dynamics by 74.3% during the 1st quarter. Apollon Wealth Management LLC now owns 7,353 shares of the basic materials company’s stock worth $1,324,000 after acquiring an additional 3,135 shares in the last quarter. Patton Fund Management Inc. boosted its stake in shares of Steel Dynamics by 1,714.8% during the 1st quarter. Patton Fund Management Inc. now owns 23,484 shares of the basic materials company’s stock worth $4,227,000 after acquiring an additional 22,190 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Steel Dynamics by 9.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 24,676 shares of the basic materials company’s stock valued at $4,442,000 after acquiring an additional 2,036 shares during the last quarter. Finally, Louisiana State Employees Retirement System bought a new position in shares of Steel Dynamics in the 1st quarter valued at approximately $1,260,000. 82.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Miguel Alvarez sold 4,825 shares of Steel Dynamics stock in a transaction dated 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 sale, the senior vice president directly owned 122,257 shares in the company, valued at approximately $27,578,734.06. The trade was a 3.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Richard A. Poinsatte sold 2,300 shares of the stock in a transaction dated 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 directly owned 28,618 shares of the company’s stock, valued at $6,699,759.98. This trade represents a 7.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 22,125 shares of company stock worth $5,438,226. Corporate insiders own 6.60% of the company’s stock.

Steel Dynamics Trading Down 4.6%

Shares of STLD opened at $234.22 on Tuesday. Steel Dynamics, Inc. has a 12-month low of $119.89 and a 12-month high of $288.74. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $33.90 billion, a price-to-earnings ratio of 25.05, a P/E/G ratio of 0.48 and a beta of 1.50. The stock’s 50-day moving average price is $245.15 and its 200 day moving average price is $203.60.

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 analysts’ consensus estimates of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter in the prior year, the business posted $1.44 EPS. Steel Dynamics’s revenue was up 19.1% compared to the same quarter last year. As a group, research analysts predict that Steel Dynamics, Inc. will post 16.78 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.53 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. Steel Dynamics’s payout ratio is currently 22.67%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on STLD. Citigroup upped their target price on Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Wall Street Zen upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Morgan Stanley upped their price objective on shares of Steel Dynamics from $227.00 to $270.00 and gave the stock an “equal weight” rating in a report on Monday, June 22nd. Bank of America dropped their target price on shares of Steel Dynamics from $285.00 to $280.00 and set a “neutral” rating on the stock in a report on Thursday, June 18th. Finally, Wells Fargo & Company decreased their price target on shares of Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating for the company in a report on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $236.36.

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.