Steel Dynamics, Inc. $STLD Shares Bought by Royal Bank of Canada

Royal Bank of Canada raised its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 26.4% in the first quarter, Holdings Channel.com reports. The institutional investor owned 189,399 shares of the basic materials company’s stock after purchasing an additional 39,580 shares during the quarter. Royal Bank of Canada’s holdings in Steel Dynamics were worth $34,091,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of STLD. NewEdge Advisors LLC boosted its position in Steel Dynamics by 307.5% during the first quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock worth $102,000 after acquiring an additional 618 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Steel Dynamics by 82.7% in the 1st quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock worth $435,000 after purchasing an additional 1,578 shares in the last quarter. Jump Financial LLC purchased a new position in Steel Dynamics in the 2nd quarter worth approximately $1,019,000. Qube Research & Technologies Ltd acquired a new position in shares of Steel Dynamics during the 2nd quarter worth approximately $48,746,000. Finally, Sei Investments Co. grew its position in shares of Steel Dynamics by 7.9% in the second quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company’s stock valued at $13,447,000 after purchasing an additional 7,712 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $258.38 on Tuesday. The business has a 50-day simple moving average of $249.01 and a 200-day simple moving average of $214.94. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. Steel Dynamics, Inc. has a one year low of $119.89 and a one year high of $288.74. The company has a market cap of $37.03 billion, a PE ratio of 23.43, a P/E/G ratio of 0.47 and a beta of 1.52.

Steel Dynamics (NASDAQ:STLD) last issued 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. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The firm had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.56 billion. During the same quarter last year, the company earned $2.01 earnings per share. The firm’s revenue was up 33.4% compared to the same quarter last year. On average, equities research analysts forecast that Steel Dynamics, Inc. will post 17.16 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Steel Dynamics’s payout ratio is 19.22%.

Insider Buying and Selling at Steel Dynamics

In related news, SVP Richard A. Poinsatte sold 2,300 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total value of $538,453.00. Following the transaction, the senior vice president owned 28,618 shares of the company’s stock, valued at $6,699,759.98. This represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 completion of the sale, the senior vice president owned 102,837 shares in the company, valued at approximately $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 6.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Bank of America reduced their price objective on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. KeyCorp reaffirmed an “overweight” rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Barclays lifted their price target on Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a report on Wednesday, July 22nd. Citigroup boosted 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. Finally, BMO Capital Markets raised their price objective on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 22nd. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $249.00.

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.