Royal Bank of Canada Has $35.62 Million Stock Holdings in Steel Dynamics, Inc. $STLD

Key Points

• Royal Bank of Canada reduced its stake in Steel Dynamics, Inc. by 19.0% in the first quarter, owning approximately $35.62 million worth of shares after selling 66,799 during the period.
• Steel Dynamics recently reported earnings of $2.01 EPS for the quarter, missing estimates, with revenue decreasing 1.5% year-over-year to $4.57 billion.
• The company declared a quarterly dividend of $0.50 per share, yielding 1.5%, set to be paid on October 10th to shareholders on record as of September 30th.

Royal Bank of Canada decreased its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 19.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 284,772 shares of the basic materials company's stock after selling 66,799 shares during the period. Royal Bank of Canada owned about 0.19% of Steel Dynamics worth $35,619,000 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 company. Price T Rowe Associates Inc. MD boosted its stake in shares of Steel Dynamics by 25.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,066,300 shares of the basic materials company's stock valued at $883,854,000 after purchasing an additional 1,437,897 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Steel Dynamics by 433.1% in the first quarter. Victory Capital Management Inc. now owns 1,816,525 shares of the basic materials company's stock valued at $227,211,000 after buying an additional 1,475,767 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Steel Dynamics by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,405,666 shares of the basic materials company's stock valued at $175,821,000 after acquiring an additional 30,759 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in Steel Dynamics by 531.0% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,191,669 shares of the basic materials company's stock worth $149,054,000 after acquiring an additional 1,002,813 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Steel Dynamics by 7.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,152,812 shares of the basic materials company's stock worth $131,501,000 after acquiring an additional 84,716 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company's stock.

Insiders Place Their Bets

In related news, SVP Christopher A. Graham sold 12,000 shares of the business's stock in a transaction dated 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 directly owned 66,738 shares in the company, valued at approximately $8,456,371.98. The trade was a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.30% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on STLD. Wells Fargo & Company upgraded shares of Steel Dynamics to a "strong-buy" rating in a report on Thursday, August 14th. JPMorgan Chase & Co. upped their price target on Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a research note on Monday, July 14th. Finally, Morgan Stanley increased their price target on Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Steel Dynamics currently has an average rating of "Moderate Buy" and a consensus price target of $148.70.

Steel Dynamics Stock Performance

Shares of STLD opened at $134.63 on Friday. The firm has a market capitalization of $19.82 billion, a P/E ratio of 19.63, a P/E/G ratio of 1.09 and a beta of 1.40. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $155.56. The stock has a 50 day moving average price of $129.47 and a two-hundred day moving average price of $128.06. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 3.13.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its earnings results 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). Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The company had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.82 billion. During the same period in the previous year, the firm earned $2.72 EPS. The firm's quarterly revenue was down 1.5% on a year-over-year basis. Equities analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 30th. Steel Dynamics's dividend payout ratio (DPR) is presently 29.15%.

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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