PNC Financial Services Group Inc. lifted its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 10.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,676 shares of the basic materials company's stock after acquiring an additional 2,329 shares during the period. PNC Financial Services Group Inc.'s holdings in Steel Dynamics were worth $2,961,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the business. Jefferies Financial Group Inc. boosted its position in shares of Steel Dynamics by 427.4% during the first quarter. Jefferies Financial Group Inc. now owns 43,857 shares of the basic materials company's stock valued at $5,486,000 after buying an additional 35,542 shares during the period. Foster & Motley Inc. boosted its position in shares of Steel Dynamics by 1.7% during the first quarter. Foster & Motley Inc. now owns 35,897 shares of the basic materials company's stock valued at $4,490,000 after buying an additional 598 shares during the period. Natixis Advisors LLC boosted its position in shares of Steel Dynamics by 33.1% during the first quarter. Natixis Advisors LLC now owns 51,250 shares of the basic materials company's stock valued at $6,410,000 after buying an additional 12,745 shares during the period. Vestcor Inc boosted its holdings in shares of Steel Dynamics by 6.4% in the first quarter. Vestcor Inc now owns 7,519 shares of the basic materials company's stock valued at $940,000 after purchasing an additional 454 shares during the period. Finally, Banque Cantonale Vaudoise purchased a new stake in shares of Steel Dynamics in the first quarter valued at approximately $2,414,000. Institutional investors own 82.41% of the company's stock.
Steel Dynamics Stock Up 0.8%
Shares of STLD stock traded up $0.95 during trading hours on Friday, reaching $123.02. 891,408 shares of the company's stock were exchanged, compared to its average volume of 1,249,252. The stock's 50 day moving average is $130.46 and its 200-day moving average is $128.18. The company has a market cap of $18.26 billion, a price-to-earnings ratio of 17.93, a P/E/G ratio of 0.99 and a beta of 1.38. The company has a current ratio of 3.13, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $155.56.
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). Steel Dynamics had a return on equity of 11.88% and a net margin of 6.07%. The business had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same period in the previous year, the company posted $2.72 earnings per share. The business's revenue for the quarter was down 1.5% on a year-over-year basis. Analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.
Insider Activity at Steel Dynamics
In related news, Director Gabriel Shaheen sold 1,254 shares of the company's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $134.11, for a total value of $168,173.94. Following the transaction, the director directly owned 81,812 shares of the company's stock, valued at $10,971,807.32. This represents a 1.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Miguel Alvarez sold 7,495 shares of the company's stock in a transaction on 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 transaction, the senior vice president directly owned 125,319 shares in the company, valued at approximately $16,950,647.94. The trade was a 5.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,749 shares of company stock valued at $2,702,468 in the last ninety days. Company insiders own 6.30% of the company's stock.
Wall Street Analyst Weigh In
STLD has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their target price on Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Morgan Stanley upped their target price on Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Finally, Wall Street Zen lowered Steel Dynamics from a "hold" rating to a "sell" rating in a report on Friday, April 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $149.33.
Check Out Our Latest Analysis on STLD
Steel Dynamics Profile
(
Free Report)
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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