Sumitomo Mitsui Trust Group Inc. Sells 4,924 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Sumitomo Mitsui Trust Group Inc. lessened its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 1.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 406,438 shares of the basic materials company’s stock after selling 4,924 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.26% of Steel Dynamics worth $51,244,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Innealta Capital LLC bought a new position in shares of Steel Dynamics during the 2nd quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Steel Dynamics during the 2nd quarter valued at about $41,000. Cullen Frost Bankers Inc. boosted its position in shares of Steel Dynamics by 33.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 100 shares in the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of Steel Dynamics during the 2nd quarter valued at about $52,000. Finally, Eagle Bay Advisors LLC acquired a new stake in shares of Steel Dynamics during the 3rd quarter valued at about $64,000. Institutional investors own 82.41% of the company’s stock.

Insider Buying and Selling

In other Steel Dynamics news, SVP Glenn Pushis sold 17,941 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the sale, the senior vice president now owns 146,693 shares of the company’s stock, valued at approximately $19,523,371.37. This represents a 10.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Miguel Alvarez sold 6,650 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $143.00, for a total transaction of $950,950.00. Following the completion of the sale, the senior vice president now directly owns 116,949 shares of the company’s stock, valued at $16,723,707. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,591 shares of company stock valued at $3,608,438 over the last ninety days. Insiders own 6.00% of the company’s stock.

Steel Dynamics Trading Up 1.2 %

Shares of NASDAQ STLD opened at $139.41 on Friday. Steel Dynamics, Inc. has a 1-year low of $104.60 and a 1-year high of $155.56. The company has a market cap of $21.22 billion, a PE ratio of 12.62 and a beta of 1.31. The company has a current ratio of 2.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average of $128.98 and a two-hundred day moving average of $127.11.

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

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is 16.65%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on STLD. Morgan Stanley decreased their target price on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. BMO Capital Markets boosted their price target on shares of Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. boosted 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. Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $140.00 to $155.00 in a research report on Tuesday, October 1st. Finally, UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Steel Dynamics has an average rating of “Hold” and an average target price 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.