PNC Financial Services Group Inc. Purchases 604 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

PNC Financial Services Group Inc. boosted its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 3.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,177 shares of the basic materials company’s stock after purchasing an additional 604 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Steel Dynamics were worth $2,544,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of STLD. Pacer Advisors Inc. raised its stake in shares of Steel Dynamics by 7.0% in the second quarter. Pacer Advisors Inc. now owns 2,138,157 shares of the basic materials company’s stock worth $276,891,000 after purchasing an additional 140,042 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Steel Dynamics by 1.3% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,768,333 shares of the basic materials company’s stock valued at $228,999,000 after buying an additional 22,390 shares during the last quarter. LSV Asset Management lifted its stake in Steel Dynamics by 3.9% during the 2nd quarter. LSV Asset Management now owns 1,410,070 shares of the basic materials company’s stock valued at $182,604,000 after acquiring an additional 53,532 shares in the last quarter. AustralianSuper Pty Ltd boosted its holdings in Steel Dynamics by 1.8% during the 2nd quarter. AustralianSuper Pty Ltd now owns 592,255 shares of the basic materials company’s stock worth $76,697,000 after acquiring an additional 10,701 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ grew its stake in shares of Steel Dynamics by 65.3% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 571,787 shares of the basic materials company’s stock worth $74,064,000 after acquiring an additional 225,832 shares in the last quarter. Institutional investors own 82.41% of the company’s stock.

Insider Activity at Steel Dynamics

In related news, SVP Miguel Alvarez sold 6,650 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $143.00, for a total transaction of $950,950.00. Following the sale, the senior vice president now directly owns 116,949 shares in the company, valued at approximately $16,723,707. The trade was a 5.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Chad Bickford sold 2,000 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $134.86, for a total value of $269,720.00. Following the sale, the vice president now directly owns 17,100 shares in the company, valued at $2,306,106. This trade represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,591 shares of company stock worth $3,885,938. 6.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Morgan Stanley cut their target price on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. BMO Capital Markets increased their price target on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research report on Friday, October 18th. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. Finally, Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price objective for the company from $140.00 to $155.00 in a research note on Tuesday, October 1st. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $144.29.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $144.98 on Tuesday. The company has a market capitalization of $22.07 billion, a P/E ratio of 13.12 and a beta of 1.31. The business has a fifty day simple moving average of $132.92 and a two-hundred day simple moving average of $127.51. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.39 and a quick ratio of 1.26. Steel Dynamics, Inc. has a 1 year low of $104.60 and a 1 year high of $155.56.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.07. The company had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.18 billion. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the firm posted $3.47 EPS. On average, analysts expect that Steel Dynamics, Inc. will post 10.1 earnings per share for the current year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is currently 16.65%.

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.