Bank of America Corp DE Has $241.24 Million Stock Position in Steel Dynamics, Inc. $STLD

Key Points

• Bank of America increased its Steel Dynamics stake by 19.1% in the first quarter, holding 1.34 million shares worth approximately $241.2 million. Institutional investors collectively own 82.41% of STLD.
• Analysts maintain a generally positive outlook, with eight Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $249.
• Steel Dynamics exceeded quarterly expectations, reporting $3.69 in earnings per share and $6.09 billion in revenue, up 33.4% year over year. The company also pays a quarterly dividend of $0.53 per share, representing a 0.8% yield.

Bank of America Corp DE increased its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 19.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,340,234 shares of the basic materials company's stock after acquiring an additional 215,029 shares during the period. Bank of America Corp DE owned about 0.93% of Steel Dynamics worth $241,242,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Capital Research Global Investors boosted its holdings in shares of Steel Dynamics by 0.3% in the 4th quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company's stock valued at $613,926,000 after buying an additional 9,959 shares during the last quarter. Life Cycle Investment Partners Ltd acquired a new stake in Steel Dynamics during the 4th quarter valued at $586,702,000. Norges Bank bought a new position in Steel Dynamics during the fourth quarter worth $564,590,000. Robeco Institutional Asset Management B.V. boosted its position in Steel Dynamics by 3.7% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company's stock worth $340,289,000 after purchasing an additional 72,122 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Steel Dynamics by 6.3% in the fourth quarter. Invesco Ltd. now owns 1,965,092 shares of the basic materials company's stock valued at $332,985,000 after purchasing an additional 116,379 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on STLD shares. KeyCorp reissued an "overweight" rating on shares of Steel Dynamics in a research report on Wednesday, July 22nd. Wells Fargo & Company reduced their target price on shares of Steel Dynamics from $291.00 to $275.00 and set an "overweight" rating for the company in a report on Wednesday, July 22nd. Barclays increased their price target on shares of Steel Dynamics from $270.00 to $272.00 and gave the company an "overweight" rating in a report on Wednesday, July 22nd. JPMorgan Chase & Co. raised their price objective on shares of Steel Dynamics from $256.00 to $260.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. Finally, Citigroup boosted their price objective on Steel Dynamics from $180.00 to $255.00 and gave the stock a "buy" rating in a report on Wednesday, April 22nd. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $249.00.

Steel Dynamics Stock Performance

NASDAQ STLD opened at $258.38 on Tuesday. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $37.03 billion, a P/E ratio of 23.43, a P/E/G ratio of 0.47 and a beta of 1.52. Steel Dynamics, Inc. has a 12-month low of $119.89 and a 12-month high of $288.74. The firm has a 50-day moving average price of $249.01 and a two-hundred day moving average price of $214.94.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.63 by $0.06. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The business had revenue of $6.09 billion for the quarter, compared to the consensus estimate of $5.56 billion. During the same quarter in the prior year, the business posted $2.01 earnings per share. The firm's quarterly revenue was up 33.4% compared to the same quarter last year. Analysts anticipate that Steel Dynamics, Inc. will post 17.16 earnings per share for the current year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.53 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.12 annualized dividend and a dividend yield of 0.8%. Steel Dynamics's dividend payout ratio is 19.22%.

Insiders Place Their Bets

In other news, SVP Richard A. Poinsatte sold 2,300 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total value of $538,453.00. Following the completion of the transaction, the senior vice president owned 28,618 shares of the company's stock, valued at $6,699,759.98. This represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP James Stanley Anderson sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the transaction, the senior vice president owned 102,837 shares of the company's stock, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their position. The SEC filing for this sale provides additional information. 6.60% of the stock is currently owned by corporate insiders.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company's product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.

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