National Bank of Canada FI Sells 31,533 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Key Points

• National Bank of Canada FI sold 31,533 shares of Steel Dynamics, reducing its stake by 22.6%, leaving it with 107,808 shares valued at approximately $13.5 million.
• Other institutional investors, such as Ritholtz Wealth Management and Wealth Enhancement Advisory Services, have increased their positions in Steel Dynamics, indicating strong interest in the stock.
• Recent analyst ratings show a consensus of "Moderate Buy" with price targets ranging from $145 to $150, despite a slight earnings miss reported by the company.

National Bank of Canada FI lowered its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 22.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 107,808 shares of the basic materials company's stock after selling 31,533 shares during the quarter. National Bank of Canada FI owned 0.07% of Steel Dynamics worth $13,485,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Cary Street Partners Investment Advisory LLC grew its stake in Steel Dynamics by 493.9% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company's stock worth $25,000 after buying an additional 163 shares during the last quarter. Financial Gravity Asset Management Inc. acquired a new position in Steel Dynamics in the first quarter valued at approximately $25,000. Grove Bank & Trust lifted its holdings in Steel Dynamics by 194.7% in the first quarter. Grove Bank & Trust now owns 277 shares of the basic materials company's stock valued at $35,000 after buying an additional 183 shares during the period. Wayfinding Financial LLC acquired a new position in Steel Dynamics in the first quarter valued at approximately $36,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new stake in Steel Dynamics in the first quarter worth $38,000. Institutional investors own 82.41% of the company's stock.

Insider Transactions at Steel Dynamics

In related news, SVP Miguel Alvarez sold 7,495 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $135.26, for a total transaction of $1,013,773.70. Following the transaction, the senior vice president owned 125,319 shares in the company, valued at $16,950,647.94. The trade was a 5.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Christopher A. Graham sold 12,000 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the transaction, the senior vice president owned 66,738 shares in the company, valued at $8,456,371.98. The trade was a 15.24% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,749 shares of company stock worth $2,702,468. Company insiders own 6.30% of the company's stock.

Steel Dynamics Trading Down 1.4%

STLD traded down $1.76 during trading on Thursday, reaching $127.48. 1,048,093 shares of the company's stock were exchanged, compared to its average volume of 1,630,904. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $155.56. The company has a current ratio of 3.13, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $18.77 billion, a PE ratio of 18.58, a price-to-earnings-growth ratio of 1.02 and a beta of 1.38. The firm has a fifty day moving average price of $129.86 and a two-hundred day moving average price of $128.21.

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on STLD shares. Wells Fargo & Company initiated coverage on shares of Steel Dynamics in a report on Wednesday. They issued an "overweight" rating and a $143.00 target price on the stock. JPMorgan Chase & Co. increased their price objective on shares of Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. Wall Street Zen downgraded shares of Steel Dynamics from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. Finally, Morgan Stanley increased their price objective on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $148.70.

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.