Glenview Trust Co Acquires New Holdings in Steel Dynamics, Inc. $STLD

Glenview Trust Co acquired a new position in Steel Dynamics, Inc. (NASDAQ:STLD) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,627 shares of the basic materials company’s stock, valued at approximately $603,000.

A number of other institutional investors and hedge funds have also bought and sold shares of STLD. Strs Ohio raised its position in shares of Steel Dynamics by 7.3% during the 4th quarter. Strs Ohio now owns 153,878 shares of the basic materials company’s stock worth $26,075,000 after buying an additional 10,519 shares in the last quarter. Canada Post Corp Registered Pension Plan boosted its holdings in shares of Steel Dynamics by 70.5% in the fourth quarter. Canada Post Corp Registered Pension Plan now owns 11,692 shares of the basic materials company’s stock valued at $1,981,000 after acquiring an additional 4,835 shares in the last quarter. Ethic Inc. increased its stake in shares of Steel Dynamics by 56.5% during the fourth quarter. Ethic Inc. now owns 18,548 shares of the basic materials company’s stock valued at $3,143,000 after acquiring an additional 6,695 shares during the period. Sapient Capital LLC raised its holdings in Steel Dynamics by 34.6% during the second quarter. Sapient Capital LLC now owns 447,664 shares of the basic materials company’s stock worth $102,958,000 after purchasing an additional 115,080 shares in the last quarter. Finally, Donoghue Forlines LLC bought a new stake in Steel Dynamics during the fourth quarter worth approximately $2,268,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the firm’s 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 sale, the senior vice president directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 6.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on STLD shares. Morgan Stanley decreased their price target on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 22nd. Barclays upped their price objective on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. UBS Group raised their target price on Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. Finally, Wells Fargo & Company dropped their price target on shares of Steel Dynamics from $275.00 to $255.00 and set an “overweight” rating on the stock in a research report on Monday, August 24th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $257.27.

Steel Dynamics Trading Down 0.5%

NASDAQ STLD opened at $234.66 on Friday. Steel Dynamics, Inc. has a twelve month low of $126.88 and a twelve month high of $288.74. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. The stock has a market cap of $33.63 billion, a price-to-earnings ratio of 21.27, a PEG ratio of 0.45 and a beta of 1.52. The firm’s 50 day moving average price is $242.07 and its two-hundred day moving average price is $223.62.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. The company had revenue of $6.09 billion during the quarter, compared to analyst estimates of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company’s revenue for the quarter was up 33.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.01 earnings per share. Equities analysts anticipate that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed 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 of this dividend is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio is currently 19.22%.

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.