OLD National Bancorp IN Decreases Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

OLD National Bancorp IN lowered its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 1.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,905 shares of the basic materials company’s stock after selling 178 shares during the quarter. OLD National Bancorp IN’s holdings in Steel Dynamics were worth $1,239,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Forum Financial Management LP raised its holdings in Steel Dynamics by 2.5% during the fourth quarter. Forum Financial Management LP now owns 3,113 shares of the basic materials company’s stock valued at $355,000 after acquiring an additional 75 shares during the period. OneAscent Financial Services LLC raised its position in Steel Dynamics by 2.2% during the fourth quarter. OneAscent Financial Services LLC now owns 4,605 shares of the basic materials company’s stock valued at $527,000 after purchasing an additional 101 shares during the period. Parallel Advisors LLC lifted its position in Steel Dynamics by 6.3% in the first quarter. Parallel Advisors LLC now owns 1,734 shares of the basic materials company’s stock worth $217,000 after buying an additional 102 shares during the last quarter. Cidel Asset Management Inc. lifted its holdings in shares of Steel Dynamics by 6.2% in the 4th quarter. Cidel Asset Management Inc. now owns 2,036 shares of the basic materials company’s stock worth $232,000 after acquiring an additional 118 shares during the last quarter. Finally, Axxcess Wealth Management LLC lifted its stake in Steel Dynamics by 7.0% in the fourth quarter. Axxcess Wealth Management LLC now owns 1,967 shares of the basic materials company’s stock worth $224,000 after purchasing an additional 128 shares during the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on STLD. Morgan Stanley set a $140.00 target price on Steel Dynamics and gave the stock an “overweight” rating in a research report on Thursday, April 24th. KeyCorp upgraded Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $155.00 price objective for the company in a research note on Tuesday, February 11th. Wolfe Research upgraded shares of Steel Dynamics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, February 27th. JPMorgan Chase & Co. boosted their price target on Steel Dynamics from $135.00 to $138.00 and gave the stock a “neutral” rating in a research note on Thursday, April 24th. Finally, UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and set a $149.00 price objective on the stock in a report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Steel Dynamics currently has an average rating of “Moderate Buy” and a consensus target price of $147.44.

Insider Buying and Selling

In other Steel Dynamics news, Director Gabriel Shaheen sold 1,254 shares of the firm’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $134.11, for a total value of $168,173.94. Following the completion of the sale, the director now directly owns 81,812 shares of the company’s stock, valued at $10,971,807.32. This trade represents a 1.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Miguel Alvarez sold 7,495 shares of the business’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $135.26, for a total transaction of $1,013,773.70. Following the completion of the transaction, the senior vice president now owns 125,319 shares in the company, valued at $16,950,647.94. The trade was a 5.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.30% of the stock is owned by company insiders.

Steel Dynamics Trading Up 0.1%

Shares of NASDAQ:STLD opened at $133.63 on Tuesday. The company has a market capitalization of $19.84 billion, a PE ratio of 13.64, a PEG ratio of 1.05 and a beta of 1.38. Steel Dynamics, Inc. has a 12-month low of $103.17 and a 12-month high of $155.56. The business has a 50 day moving average of $126.29 and a two-hundred day moving average of $126.89. The company has a current ratio of 2.53, a quick ratio of 1.08 and a debt-to-equity ratio of 0.32.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.04. The firm had revenue of $4.37 billion for the quarter, compared to analysts’ expectations of $4.17 billion. Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. During the same period last year, the firm earned $3.67 EPS. As a group, analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.50 per share. The ex-dividend date is Monday, June 30th. This represents a $2.00 annualized dividend and a yield of 1.50%. Steel Dynamics’s dividend payout ratio (DPR) is currently 26.42%.

Steel Dynamics announced that its board has initiated a share repurchase plan on Monday, February 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 7.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

About Steel Dynamics

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.