Steel Dynamics, Inc. (NASDAQ:STLD) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 12.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,027,341 shares of the basic materials company’s stock after acquiring an additional 114,485 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.67% of Steel Dynamics worth $117,189,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Harbour Capital Advisors LLC lifted its position in shares of Steel Dynamics by 133.7% in the 4th quarter. Harbour Capital Advisors LLC now owns 11,499 shares of the basic materials company’s stock worth $1,301,000 after buying an additional 6,579 shares during the last quarter. Oak Thistle LLC bought a new position in shares of Steel Dynamics in the 4th quarter worth about $1,725,000. Foster & Motley Inc. lifted its position in shares of Steel Dynamics by 8.0% in the 4th quarter. Foster & Motley Inc. now owns 35,299 shares of the basic materials company’s stock worth $4,027,000 after buying an additional 2,602 shares during the last quarter. Larson Financial Group LLC lifted its position in shares of Steel Dynamics by 9,465.5% in the 3rd quarter. Larson Financial Group LLC now owns 18,844 shares of the basic materials company’s stock worth $2,376,000 after buying an additional 18,647 shares during the last quarter. Finally, Nordea Investment Management AB increased its holdings in shares of Steel Dynamics by 22.4% in the 4th quarter. Nordea Investment Management AB now owns 1,384,526 shares of the basic materials company’s stock worth $158,487,000 after acquiring an additional 253,802 shares during the period. 82.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. StockNews.com cut shares of Steel Dynamics from a “hold” rating to a “sell” rating in a report on Wednesday. Jefferies Financial Group raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and increased their price objective for the stock from $125.00 to $145.00 in a report on Friday, January 24th. BNP Paribas raised shares of Steel Dynamics from a “neutral” rating to an “outperform” rating in a report on Friday, January 3rd. JPMorgan Chase & Co. dropped their price objective on shares of Steel Dynamics from $134.00 to $132.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Finally, Morgan Stanley raised their target price on shares of Steel Dynamics from $131.00 to $145.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Steel Dynamics presently has a consensus rating of “Hold” and an average price target of $146.22.

Insider Activity

In other news, SVP Glenn Pushis sold 23,649 shares of the company’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total value of $3,184,810.83. Following the completion of the sale, the senior vice president now directly owns 122,140 shares of the company’s stock, valued at $16,448,593.80. This represents a 16.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 6.00% of the stock is currently owned by company insiders.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $135.07 on Friday. The company has a 50-day moving average of $125.39 and a 200-day moving average of $127.37. The company has a market capitalization of $20.56 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.05 and a beta of 1.35. Steel Dynamics, Inc. has a 52 week low of $104.60 and a 52 week high of $155.56. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.08 and a current ratio of 2.53.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.33). Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. During the same quarter last year, the company posted $2.61 EPS. As a group, equities research analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be paid a $0.50 dividend. The ex-dividend date is Monday, March 31st. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.48%. Steel Dynamics’s dividend payout ratio is 20.41%.

Steel Dynamics announced that its board has initiated a share repurchase program on Monday, February 24th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the basic materials company to repurchase up to 7.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Steel Dynamics Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.