Glenview Trust Co Acquires New Shares in Steel Dynamics, Inc. $STLD

Glenview Trust Co bought a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) during the second quarter, Holdings Channel reports. The institutional investor bought 2,627 shares of the basic materials company’s stock, valued at approximately $603,000.

Several other hedge funds also recently bought and sold shares of the company. Empowered Funds LLC purchased a new stake in shares of Steel Dynamics during the 2nd quarter worth about $6,552,000. United Capital Financial Advisors LLC acquired a new stake in Steel Dynamics in the second quarter valued at approximately $1,120,000. Caitlin John LLC bought a new stake in Steel Dynamics in the second quarter worth approximately $35,000. Equitable Holdings Inc. bought a new stake in Steel Dynamics in the second quarter worth approximately $475,000. Finally, Coastal Bridge Advisors LLC acquired a new position in shares of Steel Dynamics during the 2nd quarter worth $262,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Trading Down 0.5%

Steel Dynamics stock opened at $234.66 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. The business’s 50-day simple moving average is $242.07 and its 200-day simple moving average is $223.62. The firm has a market capitalization of $33.63 billion, a PE ratio of 21.27, a PEG ratio of 0.45 and a beta of 1.52. Steel Dynamics, Inc. has a 52 week low of $126.88 and a 52 week high of $288.74.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, beating the consensus estimate of $3.63 by $0.06. The firm had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The firm’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.01 EPS. Equities research analysts forecast that Steel Dynamics, Inc. will post 17.16 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio is currently 19.22%.

Insider Buying and Selling at Steel Dynamics

In other news, SVP James Stanley Anderson sold 10,000 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the sale, the senior vice president owned 102,837 shares in the company, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on STLD shares. Barclays lifted their price objective on shares of Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research note on Wednesday, July 22nd. Morgan Stanley lowered their target price on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 22nd. The Goldman Sachs Group initiated coverage on Steel Dynamics in a report on Wednesday, July 29th. They set a “buy” rating and a $300.00 target price on the stock. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. Finally, UBS Group upped their price target on Steel Dynamics from $165.00 to $276.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $257.27.

Steel Dynamics Company 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.