Fifth Third Bancorp Acquires 21,634 Shares of Steel Dynamics, Inc. $STLD

Fifth Third Bancorp increased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 302.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,795 shares of the basic materials company’s stock after buying an additional 21,634 shares during the period. Fifth Third Bancorp’s holdings in Steel Dynamics were worth $5,183,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Prosperity Bancshares Inc purchased a new stake in shares of Steel Dynamics in the fourth quarter worth about $25,000. MV Capital Management Inc. purchased a new stake in Steel Dynamics in the 4th quarter worth approximately $27,000. Sound Income Strategies LLC boosted its holdings in Steel Dynamics by 1,500.0% in the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 150 shares during the period. Cedar Mountain Advisors LLC purchased a new position in shares of Steel Dynamics during the 1st quarter valued at $31,000. Finally, DV Equities LLC purchased a new position in shares of Steel Dynamics during the 4th quarter valued at $33,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Stock Up 0.2%

NASDAQ STLD opened at $235.51 on Friday. Steel Dynamics, Inc. has a 1 year low of $119.89 and a 1 year high of $288.74. The stock has a market capitalization of $34.08 billion, a PE ratio of 25.19, a PEG ratio of 0.44 and a beta of 1.53. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33. The business’s 50-day moving average is $245.95 and its 200 day moving average is $208.80.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.39 billion. During the same quarter last year, the business earned $1.44 earnings per share. The business’s quarterly revenue was up 19.1% on a year-over-year basis. Sell-side analysts forecast that Steel Dynamics, Inc. will post 17.27 earnings per share for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th were issued a $0.53 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.12 annualized dividend and a yield of 0.9%. Steel Dynamics’s payout ratio is 22.67%.

Wall Street Analyst Weigh In

Several research firms have weighed in on STLD. BMO Capital Markets raised their price target on Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a report on Wednesday, April 22nd. JPMorgan Chase & Co. lowered their target price on shares of Steel Dynamics from $262.00 to $256.00 and set a “neutral” rating on the stock in a research note on Wednesday. Barclays assumed coverage on shares of Steel Dynamics in a research report on Thursday, May 21st. They set an “overweight” rating and a $270.00 target price for the company. Morgan Stanley boosted their price target on shares of Steel Dynamics from $227.00 to $270.00 and gave the stock an “equal weight” rating in a research note on Monday, June 22nd. Finally, Bank of America lowered their price objective on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $239.18.

Insiders Place Their Bets

In other Steel Dynamics news, Director Kenneth W. Cornew sold 5,000 shares of the firm’s stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total value of $1,124,350.00. Following the transaction, the director directly owned 31,299 shares of the company’s stock, valued at approximately $7,038,206.13. This trade represents a 13.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP James Stanley Anderson sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the sale, the senior vice president owned 102,837 shares of the company’s stock, valued at $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 22,125 shares of company stock valued at $5,438,226. Insiders own 6.60% of the company’s stock.

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.