Steel Dynamics, Inc. (NASDAQ:STLD) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 5.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,239 shares of the basic materials company’s stock after buying an additional 1,109 shares during the quarter. CIBC Asset Management Inc’s holdings in Steel Dynamics were worth $2,930,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Innealta Capital LLC purchased a new position in Steel Dynamics in the 2nd quarter valued at $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Steel Dynamics in the 2nd quarter valued at about $41,000. Cullen Frost Bankers Inc. grew its stake in Steel Dynamics by 33.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 100 shares during the period. HHM Wealth Advisors LLC purchased a new position in Steel Dynamics during the second quarter worth about $52,000. Finally, Eagle Bay Advisors LLC purchased a new stake in Steel Dynamics in the third quarter valued at approximately $64,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Trading Up 0.9 %

NASDAQ STLD opened at $140.69 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.39 and a quick ratio of 1.26. The firm has a market cap of $21.42 billion, a P/E ratio of 12.73 and a beta of 1.31. The stock’s 50-day moving average is $129.58 and its 200-day moving average is $127.14. Steel Dynamics, Inc. has a one year low of $104.60 and a one year high of $155.56.

Steel Dynamics (NASDAQ:STLD) last posted 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 analysts’ expectations of $4.18 billion. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. Steel Dynamics’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.47 earnings per share. Sell-side analysts anticipate that Steel Dynamics, Inc. will post 10.1 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 1.31%. The ex-dividend date is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is 16.65%.

Insider Transactions at Steel Dynamics

In other news, SVP Miguel Alvarez sold 6,650 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $143.00, for a total value of $950,950.00. Following the sale, the senior vice president now directly owns 116,949 shares of the company’s stock, valued at approximately $16,723,707. This represents a 5.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Chad Bickford sold 2,000 shares of Steel Dynamics 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 transaction, the vice president now owns 17,100 shares of the company’s stock, valued at $2,306,106. The trade was a 10.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,591 shares of company stock worth $3,608,438 in the last 90 days. Corporate insiders own 6.00% of the company’s stock.

Analyst Upgrades and Downgrades

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

Steel Dynamics Profile

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.