Bank of Nova Scotia Sells 3,900 Shares of Steel Dynamics, Inc. $STLD

Bank of Nova Scotia lessened its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 23.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,502 shares of the basic materials company’s stock after selling 3,900 shares during the quarter. Bank of Nova Scotia’s holdings in Steel Dynamics were worth $2,869,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of STLD. Meeder Asset Management Inc. acquired a new position in shares of Steel Dynamics in the 2nd quarter valued at $26,000. Prosperity Bancshares Inc acquired a new position in Steel Dynamics in the fourth quarter worth $25,000. MV Capital Management Inc. acquired a new position in Steel Dynamics during the 4th quarter worth about $27,000. Cedar Mountain Advisors LLC bought a new stake in shares of Steel Dynamics during the first quarter valued at approximately $31,000. Finally, Toews Corp ADV bought a new position in Steel Dynamics in the 2nd quarter valued at $43,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on STLD. KeyCorp reaffirmed an “overweight” rating on shares of Steel Dynamics in a report on Wednesday, July 22nd. The Goldman Sachs Group initiated coverage on Steel Dynamics in a report on Wednesday, July 29th. They set a “buy” rating and a $300.00 price objective on the stock. UBS Group boosted their price objective on Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Bank of America lowered their target price on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Finally, Wells Fargo & Company dropped their price objective on shares of Steel Dynamics from $275.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $257.27.

Steel Dynamics Price Performance

Shares of STLD opened at $235.90 on Thursday. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. The company’s fifty day simple moving average is $242.65 and its 200 day simple moving average is $223.31. Steel Dynamics, Inc. has a 1-year low of $126.88 and a 1-year high of $288.74. The company has a market cap of $33.81 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 0.44 and a beta of 1.52.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The firm had revenue of $6.09 billion during the quarter, compared to analysts’ expectations of $5.56 billion. During the same quarter last year, the company posted $2.01 earnings per share. The company’s revenue for the quarter was up 33.4% compared to the same quarter last year. On average, research analysts forecast that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is 19.22%.

Insider Buying and Selling

In related news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the transaction, the senior vice president owned 102,837 shares in the company, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 6.60% of the company’s stock.

About Steel Dynamics

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.