Bank of New York Mellon Corp Reduces Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Bank of New York Mellon Corp decreased its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 0.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,022,928 shares of the basic materials company's stock after selling 4,413 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.68% of Steel Dynamics worth $127,948,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Grove Bank & Trust lifted its holdings in Steel Dynamics by 194.7% during the 1st 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 in the last quarter. Wayfinding Financial LLC bought a new stake in Steel Dynamics during the 1st quarter valued at about $36,000. Bartlett & CO. Wealth Management LLC bought a new stake in Steel Dynamics during the 1st quarter valued at about $38,000. IAG Wealth Partners LLC bought a new stake in Steel Dynamics during the 4th quarter valued at about $39,000. Finally, Investment Management Corp VA ADV bought a new stake in Steel Dynamics during the 4th quarter valued at about $40,000. Institutional investors own 82.41% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Wall Street Zen lowered shares of Steel Dynamics from a "hold" rating to a "sell" rating in a report on Friday, April 25th. JPMorgan Chase & Co. boosted their price target on shares of Steel Dynamics from $135.00 to $138.00 and gave the company a "neutral" rating in a report on Thursday, April 24th. UBS Group upgraded shares of Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price target for the company in a report on Monday, March 24th. Morgan Stanley boosted their price target on shares of Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Finally, BMO Capital Markets upgraded shares of Steel Dynamics from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $135.00 to $145.00 in a report on Monday, March 31st. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Steel Dynamics presently has an average rating of "Moderate Buy" and a consensus target price of $148.00.

Insider Buying and Selling

In other Steel Dynamics news, SVP Miguel Alvarez sold 7,495 shares of the business's stock in a transaction that occurred 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 sale, the senior vice president owned 125,319 shares of the company's stock, valued at approximately $16,950,647.94. The trade was a 5.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gabriel Shaheen sold 1,254 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $134.11, for a total transaction of $168,173.94. Following the sale, the director directly owned 81,812 shares in the company, valued at approximately $10,971,807.32. This represents a 1.51% decrease in their position. The disclosure for this sale can be found here. 6.30% of the stock is owned by insiders.

Steel Dynamics Stock Down 1.7%

Shares of Steel Dynamics stock traded down $2.30 on Friday, reaching $135.07. The stock had a trading volume of 822,398 shares, compared to its average volume of 1,535,037. The company has a 50 day moving average price of $131.70 and a 200 day moving average price of $126.99. The company has a quick ratio of 1.38, a current ratio of 2.74 and a debt-to-equity ratio of 0.44. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56. The stock has a market capitalization of $20.05 billion, a P/E ratio of 17.84, a P/E/G ratio of 1.05 and a beta of 1.37.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $0.04. Steel Dynamics had a net margin of 6.80% and a return on equity of 13.26%. The firm had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.17 billion. During the same quarter in the previous year, the firm earned $3.67 EPS. As a group, equities research analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Monday, June 30th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date of this dividend was Monday, June 30th. Steel Dynamics's payout ratio is currently 26.42%.

Steel Dynamics 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.