Bank of Nova Scotia Sells 51,479 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Key Points

• Bank of Nova Scotia has reduced its stake in Steel Dynamics, Inc. by 42.4%, selling 51,479 shares and ending up with 69,898 shares, valued at approximately $8.74 million.
• Insider trading reported that SVP Miguel Alvarez sold 7,495 shares for about $1.01 million, while other insiders have collectively sold 20,749 shares worth $2.70 million in the past quarter.
• The company’s quarterly earnings revealed an EPS of $2.01, which missed estimates by $0.04, with a revenue drop of 1.5% year-over-year.

Bank of Nova Scotia lessened its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 42.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,898 shares of the basic materials company's stock after selling 51,479 shares during the quarter. Bank of Nova Scotia's holdings in Steel Dynamics were worth $8,743,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Financial Gravity Asset Management Inc. purchased a new position in Steel Dynamics in the 1st quarter worth about $25,000. Grove Bank & Trust increased its stake in Steel Dynamics by 194.7% in the 1st quarter. Grove Bank & Trust now owns 277 shares of the basic materials company's stock worth $35,000 after buying an additional 183 shares during the period. Wayfinding Financial LLC purchased a new position in Steel Dynamics in the 1st quarter worth about $36,000. Bartlett & CO. Wealth Management LLC purchased a new position in Steel Dynamics in the 1st quarter worth about $38,000. Finally, Investment Management Corp VA ADV purchased a new position in Steel Dynamics in the 4th quarter worth about $40,000. Institutional investors own 82.41% of the company's stock.

Insider Activity at Steel Dynamics

In other news, SVP Miguel Alvarez sold 7,495 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $135.26, for a total value of $1,013,773.70. Following the completion of the sale, the senior vice president directly owned 125,319 shares of the company's stock, valued at approximately $16,950,647.94. This represents a 5.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gabriel Shaheen sold 1,254 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $134.11, for a total transaction of $168,173.94. Following the completion of the sale, the director directly owned 81,812 shares of the company's stock, valued at $10,971,807.32. The trade was a 1.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,749 shares of company stock valued at $2,702,468 over the last quarter. 6.30% of the stock is owned by insiders.

Steel Dynamics Price Performance

STLD stock opened at $121.36 on Tuesday. The business has a fifty day moving average of $130.71 and a two-hundred day moving average of $128.25. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43. The stock has a market cap of $18.02 billion, a price-to-earnings ratio of 17.69, a price-to-earnings-growth ratio of 0.99 and a beta of 1.38. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $155.56.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.04). The company had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.82 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The firm's revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.72 earnings per share. As a group, research analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on STLD shares. Wall Street Zen downgraded shares of Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Morgan Stanley increased their target price on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Finally, JPMorgan Chase & Co. increased their target price on shares of Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $149.33.

Steel Dynamics Company 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.

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