Fulton Bank N.A. Makes New Investment in Steel Dynamics, Inc. $STLD

Fulton Bank N.A. acquired a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 8,334 shares of the basic materials company’s stock, valued at approximately $1,162,000.

A number of other hedge funds also recently modified their holdings of the stock. Trust Co. of Toledo NA OH bought a new stake in shares of Steel Dynamics during the 2nd quarter worth about $30,000. Rosenberg Matthew Hamilton lifted its position in Steel Dynamics by 306.2% during the second quarter. Rosenberg Matthew Hamilton now owns 264 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 199 shares during the last quarter. True Wealth Design LLC boosted its holdings in shares of Steel Dynamics by 120.4% during the second quarter. True Wealth Design LLC now owns 324 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 177 shares during the period. Toth Financial Advisory Corp boosted its holdings in shares of Steel Dynamics by 50.0% during the third quarter. Toth Financial Advisory Corp now owns 300 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 100 shares during the period. Finally, CYBER HORNET ETFs LLC acquired a new position in shares of Steel Dynamics in the second quarter valued at approximately $50,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $176.06 on Friday. The company has a market cap of $25.71 billion, a price-to-earnings ratio of 23.32, a PEG ratio of 0.73 and a beta of 1.48. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $178.36. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.47 and a current ratio of 3.11. The stock has a fifty day moving average price of $164.49 and a 200-day moving average price of $144.57.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 EPS for the quarter, topping analysts’ consensus estimates of $2.63 by $0.11. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.The company had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter last year, the business earned $2.05 earnings per share. Steel Dynamics’s revenue was up 11.2% on a year-over-year basis. As a group, equities analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st will be given a $0.50 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $2.00 annualized dividend and a dividend yield of 1.1%. Steel Dynamics’s payout ratio is presently 26.49%.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Miguel Alvarez sold 8,251 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the completion of the sale, the senior vice president owned 117,068 shares of the company’s stock, valued at approximately $19,057,499.72. This represents a 6.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 6.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Morgan Stanley lifted their price target on Steel Dynamics from $145.00 to $173.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $165.00 to $190.00 and gave the stock a “neutral” rating in a report on Friday, December 5th. Wells Fargo & Company boosted their target price on shares of Steel Dynamics from $172.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, December 15th. Citigroup upped their price target on shares of Steel Dynamics from $150.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Finally, KeyCorp lifted their price objective on shares of Steel Dynamics from $152.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $176.89.

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.