Bank of New York Mellon Corp Sells 126,305 Shares of Steel Dynamics, Inc. $STLD

Bank of New York Mellon Corp decreased its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 12.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 867,575 shares of the basic materials company’s stock after selling 126,305 shares during the period. Bank of New York Mellon Corp’s holdings in Steel Dynamics were worth $120,966,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of STLD. Norges Bank acquired a new stake in shares of Steel Dynamics in the 2nd quarter valued at $339,769,000. Nordea Investment Management AB lifted its holdings in Steel Dynamics by 43.3% during the 2nd quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock valued at $271,238,000 after purchasing an additional 630,935 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in Steel Dynamics during the 2nd quarter valued at about $48,746,000. AQR Capital Management LLC boosted its position in Steel Dynamics by 79.1% in the second quarter. AQR Capital Management LLC now owns 627,542 shares of the basic materials company’s stock valued at $80,332,000 after buying an additional 277,166 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in Steel Dynamics by 34.7% in the second quarter. Bank of America Corp DE now owns 1,028,947 shares of the basic materials company’s stock valued at $131,715,000 after buying an additional 264,827 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Stock Down 1.3%

Steel Dynamics stock opened at $179.57 on Monday. The firm has a market capitalization of $26.22 billion, a price-to-earnings ratio of 22.42, a PEG ratio of 0.75 and a beta of 1.46. The company’s 50 day simple moving average is $171.89 and its 200 day simple moving average is $150.70. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.06 and a quick ratio of 1.29. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $185.56.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Monday, January 26th. The basic materials company reported $1.82 EPS for the quarter, topping the consensus estimate of $1.72 by $0.10. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.62 billion. During the same quarter last year, the business posted $1.36 EPS. The firm’s revenue was up 14.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Wednesday, December 31st. Steel Dynamics’s payout ratio is 24.97%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on STLD shares. BMO Capital Markets boosted their target price on Steel Dynamics from $155.00 to $167.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Wells Fargo & Company boosted their price objective on Steel Dynamics from $172.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, December 15th. KeyCorp restated an “overweight” rating and issued a $190.00 target price on shares of Steel Dynamics in a research note on Wednesday, January 7th. UBS Group set a $165.00 price target on Steel Dynamics in a report on Tuesday, November 4th. Finally, Citigroup increased their price objective on shares of Steel Dynamics from $150.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Steel Dynamics presently has an average rating of “Hold” and a consensus target price of $182.00.

Steel Dynamics Profile

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.