Trustmark National Bank Trust Department Reduces Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Trustmark National Bank Trust Department lowered its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 63.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,611 shares of the basic materials company’s stock after selling 4,520 shares during the period. Trustmark National Bank Trust Department’s holdings in Steel Dynamics were worth $329,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in shares of Steel Dynamics in the 2nd quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Steel Dynamics in the 2nd quarter worth about $41,000. Cullen Frost Bankers Inc. increased its stake in shares of 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 in the last quarter. HHM Wealth Advisors LLC bought a new stake in Steel Dynamics during the 2nd quarter valued at about $52,000. Finally, Quest Partners LLC purchased a new position in Steel Dynamics in the third quarter worth about $62,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $138.75, for a total value of $277,500.00. Following the completion of the transaction, the senior vice president now directly owns 21,101 shares in the company, valued at $2,927,763.75. This represents a 8.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Glenn Pushis sold 17,941 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 28,591 shares of company stock worth $3,885,938 over the last three months. 6.00% of the stock is currently owned by company insiders.

Steel Dynamics Stock Up 1.0 %

STLD opened at $145.54 on Friday. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average price of $131.63 and a 200-day moving average price of $127.42. Steel Dynamics, Inc. has a twelve month low of $104.60 and a twelve month high of $155.56. The stock has a market capitalization of $22.16 billion, a price-to-earnings ratio of 13.17 and a beta of 1.31.

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

Steel Dynamics Dividend Announcement

The company 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 $0.46 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.26%. Steel Dynamics’s payout ratio is currently 16.65%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on STLD shares. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. BMO Capital Markets boosted their price target on Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research note on Friday, October 18th. Morgan Stanley dropped their price objective on 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. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $140.00 to $155.00 in a research report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $144.29.

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.