Parkside Financial Bank & Trust Grows Stake in Steel Dynamics, Inc. $STLD

Parkside Financial Bank & Trust increased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 66.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,034 shares of the basic materials company’s stock after buying an additional 809 shares during the period. Parkside Financial Bank & Trust’s holdings in Steel Dynamics were worth $260,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in STLD. Nordea Investment Management AB lifted its position in Steel Dynamics by 43.3% in the second quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock valued at $271,238,000 after purchasing an additional 630,935 shares during the last quarter. OFI Invest Asset Management purchased a new position in shares of Steel Dynamics in the second quarter worth $4,221,000. Regal Partners Ltd purchased a new position in shares of Steel Dynamics in the second quarter worth $3,164,000. Geneos Wealth Management Inc. raised its holdings in Steel Dynamics by 72.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,143 shares of the basic materials company’s stock valued at $143,000 after buying an additional 480 shares during the last quarter. Finally, South Dakota Investment Council boosted its position in Steel Dynamics by 119.2% during the 2nd quarter. South Dakota Investment Council now owns 61,550 shares of the basic materials company’s stock valued at $7,879,000 after buying an additional 33,472 shares during the period. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Steel Dynamics

In related news, SVP Miguel Alvarez sold 8,251 shares of the business’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the sale, the senior vice president owned 117,068 shares of the company’s stock, valued at $19,057,499.72. The trade was a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 6.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently commented on STLD. Morgan Stanley upped their price objective on shares of Steel Dynamics from $145.00 to $173.00 and gave the company an “overweight” rating in a research note on Friday, October 24th. UBS Group set a $165.00 price target on Steel Dynamics in a report on Tuesday, November 4th. KeyCorp increased their price objective on Steel Dynamics from $152.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Jefferies Financial Group lifted their price objective on Steel Dynamics from $165.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Finally, Wells Fargo & Company upped their target price on Steel Dynamics from $150.00 to $169.00 and gave the company an “overweight” rating in a report on Wednesday, October 22nd. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $170.11.

Steel Dynamics Stock Performance

Steel Dynamics stock opened at $151.94 on Monday. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $164.73. The stock’s 50 day simple moving average is $143.23 and its two-hundred day simple moving average is $134.77. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 3.11. The stock has a market cap of $22.19 billion, a price-to-earnings ratio of 20.12, a PEG ratio of 1.39 and a beta of 1.45.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.11. The company had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.05 earnings per share. As a group, analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Wednesday, December 31st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Wednesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is presently 26.49%.

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.