PNC Financial Services Group Inc. Purchases 604 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

PNC Financial Services Group Inc. lifted its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 3.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,177 shares of the basic materials company’s stock after purchasing an additional 604 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Steel Dynamics were worth $2,544,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in Steel Dynamics during the second quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Steel Dynamics in the second quarter worth $41,000. Cullen Frost Bankers Inc. increased its stake in Steel Dynamics by 33.3% in the second quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 100 shares during the last quarter. HHM Wealth Advisors LLC purchased a new stake in Steel Dynamics during the second quarter valued at about $52,000. Finally, Quest Partners LLC bought a new stake in Steel Dynamics during the third quarter worth about $62,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. BMO Capital Markets raised their price objective on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a report on Friday, October 18th. Morgan Stanley lowered their price objective on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and increased their target price for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their price target on shares of Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $140.00 to $155.00 in a research note on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Steel Dynamics presently has a consensus rating of “Hold” and a consensus target price of $144.29.

Steel Dynamics Price Performance

STLD stock opened at $144.98 on Tuesday. The company has a current ratio of 2.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $22.07 billion, a price-to-earnings ratio of 13.12 and a beta of 1.31. Steel Dynamics, Inc. has a 12-month low of $104.60 and a 12-month high of $155.56. The firm’s 50-day moving average price is $132.92 and its two-hundred day moving average price is $127.51.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.07. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The business had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.18 billion. During the same quarter in the prior year, the company posted $3.47 EPS. Steel Dynamics’s quarterly revenue was down 5.4% compared to the same quarter last year. As a group, equities analysts predict that Steel Dynamics, Inc. will post 10.1 earnings per share for the current year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a $0.46 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.84 annualized dividend and a dividend yield of 1.27%. Steel Dynamics’s dividend payout ratio is 16.65%.

Insider Activity

In related news, SVP Miguel Alvarez sold 6,650 shares of Steel Dynamics stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $143.00, for a total transaction of $950,950.00. Following the sale, the senior vice president now directly owns 116,949 shares in the company, valued at $16,723,707. The trade was a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Glenn Pushis sold 17,941 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the sale, the senior vice president now directly owns 146,693 shares in the company, valued at approximately $19,523,371.37. The trade was a 10.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,591 shares of company stock valued at $3,885,938. Corporate insiders own 6.00% of the company’s stock.

Steel Dynamics Company 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.