Bank of New York Mellon Corp Acquires Shares of 920,241 Steel Dynamics, Inc. $STLD

Bank of New York Mellon Corp bought a new position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 920,241 shares of the basic materials company's stock, valued at approximately $211,159,000. Bank of New York Mellon Corp owned about 0.64% of Steel Dynamics at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. NewEdge Advisors LLC grew its position in shares of Steel Dynamics by 307.5% during the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company's stock worth $102,000 after buying an additional 618 shares during the period. Acadian Asset Management LLC lifted its holdings in Steel Dynamics by 82.7% in the first quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company's stock valued at $435,000 after buying an additional 1,578 shares during the period. Jump Financial LLC bought a new position in Steel Dynamics in the second quarter valued at approximately $1,019,000. Qube Research & Technologies Ltd bought a new position in Steel Dynamics in the second quarter valued at approximately $48,746,000. Finally, Sei Investments Co. grew its holdings in Steel Dynamics by 7.9% during the 2nd quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company's stock worth $13,447,000 after acquiring an additional 7,712 shares during the period. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the transaction, the senior vice president owned 102,837 shares of the company's stock, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 6.60% of the company's stock.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $228.68 on Friday. The stock's fifty day simple moving average is $245.06 and its 200 day simple moving average is $222.27. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $32.78 billion, a PE ratio of 20.73, a PEG ratio of 0.43 and a beta of 1.52. Steel Dynamics, Inc. has a 12 month low of $126.23 and a 12 month high of $288.74.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $6.09 billion during the quarter, compared to analysts' expectations of $5.56 billion. The company's revenue was up 33.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.01 earnings per share. On average, research analysts predict that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics's dividend payout ratio (DPR) is 19.22%.

Analyst Upgrades and Downgrades

STLD has been the subject of a number of analyst reports. KeyCorp reaffirmed an "overweight" rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Weiss Ratings raised Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, June 18th. Morgan Stanley reduced their target price on Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 22nd. Wells Fargo & Company decreased their target price on Steel Dynamics from $291.00 to $275.00 and set an "overweight" rating for the company in a research report on Wednesday, July 22nd. Finally, UBS Group upped their price target on Steel Dynamics from $165.00 to $276.00 and gave the company a "neutral" rating in a research note on Monday, August 10th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Steel Dynamics currently has an average rating of "Moderate Buy" and an average price target of $259.09.

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.

Want to see what other hedge funds are holding STLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Steel Dynamics, Inc. (NASDAQ:STLD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source