Healthcare of Ontario Pension Plan Trust Fund Takes Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 94,800 shares of the basic materials company’s stock, valued at approximately $11,952,000.

Several other hedge funds have also modified their holdings of the stock. Commerce Bank grew its stake in shares of Steel Dynamics by 1.2% during the third quarter. Commerce Bank now owns 5,981 shares of the basic materials company’s stock valued at $754,000 after purchasing an additional 73 shares during the last quarter. Csenge Advisory Group grew its stake in shares of Steel Dynamics by 2.8% during the second quarter. Csenge Advisory Group now owns 2,939 shares of the basic materials company’s stock valued at $381,000 after purchasing an additional 81 shares during the last quarter. Covestor Ltd grew its stake in shares of Steel Dynamics by 10.8% during the third quarter. Covestor Ltd now owns 951 shares of the basic materials company’s stock valued at $120,000 after purchasing an additional 93 shares during the last quarter. Dorsey Wright & Associates boosted its stake in Steel Dynamics by 0.4% in the second quarter. Dorsey Wright & Associates now owns 23,551 shares of the basic materials company’s stock valued at $3,050,000 after acquiring an additional 96 shares during the last quarter. Finally, Greenleaf Trust boosted its stake in Steel Dynamics by 2.1% in the third quarter. Greenleaf Trust now owns 4,621 shares of the basic materials company’s stock valued at $583,000 after acquiring an additional 96 shares during the last quarter. 82.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Insider Buying and Selling

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

Steel Dynamics Trading Up 0.1 %

STLD opened at $143.83 on Friday. The firm’s fifty day moving average is $134.08 and its two-hundred day moving average is $127.68. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39. The firm has a market cap of $21.90 billion, a PE ratio of 13.02 and a beta of 1.31. Steel Dynamics, Inc. has a twelve month low of $104.60 and a twelve month high of $155.56.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $4.18 billion. During the same period last year, the business posted $3.47 earnings per share. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. Equities research analysts anticipate that Steel Dynamics, Inc. will post 10.1 EPS for the current year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.46 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.28%. Steel Dynamics’s payout ratio is 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.