CIBC Asset Management Inc Purchases 12,848 Shares of Steel Dynamics, Inc. $STLD

Key Points

• CIBC Asset Management increased its Steel Dynamics stake by 59.4% in the fourth quarter, buying 12,848 additional shares and bringing its total holdings to 34,489 shares worth about $5.84 million.
• Institutional ownership remains high at 82.41%, while several large investors also recently added positions in the steelmaker.
• Steel Dynamics reported mixed quarterly results, missing EPS and revenue estimates slightly, even as revenue rose 19.1% year over year; the company also declared a $0.53 quarterly dividend.

CIBC Asset Management Inc boosted its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 59.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,489 shares of the basic materials company's stock after purchasing an additional 12,848 shares during the period. CIBC Asset Management Inc's holdings in Steel Dynamics were worth $5,844,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Life Cycle Investment Partners Ltd bought a new position in Steel Dynamics during the 4th quarter worth about $586,702,000. Norges Bank bought a new position in shares of Steel Dynamics in the 4th quarter valued at about $564,590,000. Robeco Institutional Asset Management B.V. grew its holdings in shares of Steel Dynamics by 3.7% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company's stock valued at $340,289,000 after acquiring an additional 72,122 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Steel Dynamics by 1.0% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,046,791 shares of the basic materials company's stock valued at $145,953,000 after acquiring an additional 10,537 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Steel Dynamics by 34.7% in the 2nd quarter. Bank of America Corp DE now owns 1,028,947 shares of the basic materials company's stock valued at $131,715,000 after acquiring an additional 264,827 shares in the last quarter. Institutional investors own 82.41% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on STLD shares. Bank of America cut Steel Dynamics from a "buy" rating to a "neutral" rating and set a $250.00 price objective for the company. in a report on Thursday, April 30th. Morgan Stanley restated an "underperform" rating and issued a $190.00 price objective on shares of Steel Dynamics in a report on Tuesday, March 17th. JPMorgan Chase & Co. raised their price objective on Steel Dynamics from $192.00 to $205.00 and gave the company a "neutral" rating in a report on Tuesday, April 14th. Wells Fargo & Company raised their price objective on Steel Dynamics from $235.00 to $293.00 and gave the company an "overweight" rating in a report on Thursday. Finally, Jefferies Financial Group restated a "buy" rating on shares of Steel Dynamics in a report on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $224.64.

Insider Buying and Selling

In other Steel Dynamics news, SVP Miguel Alvarez sold 4,825 shares of the firm's stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the completion of the sale, the senior vice president directly owned 122,257 shares in the company, valued at $27,578,734.06. This trade represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kenneth W. Cornew sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the sale, the director owned 31,299 shares of the company's stock, valued at $7,038,206.13. This trade represents a 13.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 12,125 shares of company stock worth $2,751,227. Company insiders own 6.60% of the company's stock.

Steel Dynamics Trading Down 3.0%

Steel Dynamics stock opened at $268.50 on Friday. Steel Dynamics, Inc. has a 52 week low of $119.89 and a 52 week high of $280.49. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. The stock has a market capitalization of $38.86 billion, a P/E ratio of 28.72, a PEG ratio of 0.57 and a beta of 1.50. The stock has a 50-day simple moving average of $220.99 and a 200 day simple moving average of $192.55.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing analysts' consensus estimates of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter in the previous year, the business posted $1.44 EPS. The company's revenue for the quarter was up 19.1% on a year-over-year basis. Analysts expect that Steel Dynamics, Inc. will post 14.77 earnings per share for the current year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.53 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a yield of 0.8%. Steel Dynamics's dividend payout ratio (DPR) is presently 22.67%.

Steel Dynamics 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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