Steel Dynamics, Inc. (NASDAQ:STLD) Shares Bought by Grove Bank & Trust

Grove Bank & Trust grew its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 194.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 277 shares of the basic materials company’s stock after acquiring an additional 183 shares during the quarter. Grove Bank & Trust’s holdings in Steel Dynamics were worth $35,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in STLD. Principal Securities Inc. increased its stake in Steel Dynamics by 38.7% during the fourth quarter. Principal Securities Inc. now owns 2,238 shares of the basic materials company’s stock valued at $255,000 after purchasing an additional 625 shares during the last quarter. Sanctuary Advisors LLC grew its position in shares of Steel Dynamics by 4.0% during the 4th quarter. Sanctuary Advisors LLC now owns 17,556 shares of the basic materials company’s stock valued at $2,003,000 after buying an additional 675 shares during the last quarter. CIBC Asset Management Inc raised its stake in Steel Dynamics by 1.7% during the fourth quarter. CIBC Asset Management Inc now owns 23,625 shares of the basic materials company’s stock worth $2,695,000 after acquiring an additional 386 shares during the period. Truist Financial Corp lifted its holdings in Steel Dynamics by 6.5% in the fourth quarter. Truist Financial Corp now owns 66,097 shares of the basic materials company’s stock worth $7,540,000 after acquiring an additional 4,014 shares during the last quarter. Finally, Peregrine Capital Management LLC boosted its stake in Steel Dynamics by 1.7% in the fourth quarter. Peregrine Capital Management LLC now owns 69,389 shares of the basic materials company’s stock valued at $7,915,000 after acquiring an additional 1,191 shares during the period. 82.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and set a $149.00 price target on the stock in a report on Monday, March 24th. BMO Capital Markets upgraded Steel Dynamics from a “market perform” rating to an “outperform” rating and raised their target price for the company from $135.00 to $145.00 in a research note on Monday, March 31st. Wolfe Research raised shares of Steel Dynamics from an “underperform” rating to a “peer perform” rating in a report on Thursday, February 27th. Morgan Stanley set a $140.00 price target on shares of Steel Dynamics and gave the stock an “overweight” rating in a research report on Thursday, April 24th. Finally, Wall Street Zen cut shares of Steel Dynamics from a “hold” rating to a “sell” rating in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $147.44.

Steel Dynamics Stock Performance

Shares of STLD opened at $130.11 on Thursday. The firm has a market capitalization of $19.31 billion, a PE ratio of 17.19, a P/E/G ratio of 0.94 and a beta of 1.38. The company has a quick ratio of 1.38, a current ratio of 2.74 and a debt-to-equity ratio of 0.44. The firm has a 50-day moving average price of $128.74 and a 200 day moving average price of $126.54. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $155.56.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.04. Steel Dynamics had a net margin of 6.80% and a return on equity of 13.26%. The business had revenue of $4.37 billion during the quarter, compared to analysts’ expectations of $4.17 billion. During the same period last year, the firm posted $3.67 earnings per share. On average, sell-side analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date is Monday, June 30th. Steel Dynamics’s dividend payout ratio is presently 26.42%.

Steel Dynamics declared that its Board of Directors has initiated a share buyback program 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 stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, Director Gabriel Shaheen sold 1,254 shares of the business’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $134.11, for a total value of $168,173.94. Following the sale, the director now directly owns 81,812 shares in the company, valued at $10,971,807.32. The trade was a 1.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Miguel Alvarez sold 7,495 shares of the stock in a transaction that occurred on 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 sale, the senior vice president now directly owns 125,319 shares of the company’s stock, valued at approximately $16,950,647.94. This represents a 5.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.30% of the company’s stock.

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.