Truist Financial Corp Raises Holdings in Steel Dynamics, Inc. $STLD

Truist Financial Corp boosted its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 6.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,717 shares of the basic materials company’s stock after acquiring an additional 2,924 shares during the quarter. Truist Financial Corp’s holdings in Steel Dynamics were worth $7,916,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of STLD. NewEdge Advisors LLC boosted its holdings in Steel Dynamics by 307.5% during the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock valued at $102,000 after acquiring an additional 618 shares during the period. Acadian Asset Management LLC boosted its holdings in Steel Dynamics by 82.7% during the 1st quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock valued at $435,000 after acquiring an additional 1,578 shares during the period. Jump Financial LLC purchased a new stake in Steel Dynamics during the 2nd quarter valued at about $1,019,000. Qube Research & Technologies Ltd bought a new position in Steel Dynamics during the 2nd quarter valued at approximately $48,746,000. Finally, Sei Investments Co. raised its position in Steel Dynamics by 7.9% during the 2nd 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 during the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Steel Dynamics

In related news, SVP Miguel Alvarez sold 4,825 shares of Steel Dynamics stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth W. Cornew sold 5,000 shares of Steel Dynamics stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total value of $1,124,350.00. Following the transaction, the director owned 31,299 shares in the company, valued at $7,038,206.13. This trade represents a 13.77% 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 Ratings Changes

STLD has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price target on Steel Dynamics from $207.00 to $235.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. Weiss Ratings raised Steel Dynamics from a “hold (c)” rating to a “buy (b-)” rating in a research report on Wednesday, April 29th. Bank of America lowered 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. KeyCorp raised their price objective on Steel Dynamics from $190.00 to $241.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. Finally, Morgan Stanley reaffirmed an “underperform” rating and set a $190.00 price objective on shares of Steel Dynamics in a research report on Tuesday, March 17th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $214.30.

Steel Dynamics Stock Performance

Shares of STLD opened at $235.10 on Friday. The company has a market cap of $33.90 billion, a price-to-earnings ratio of 25.14, a P/E/G ratio of 0.50 and a beta of 1.48. Steel Dynamics, Inc. has a 12 month low of $119.89 and a 12 month high of $243.73. 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 business’s fifty day simple moving average is $193.25 and its two-hundred day simple moving average is $179.18.

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

Steel Dynamics Dividend Announcement

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