Truist Financial Corp Sells 22,727 Shares of Steel Dynamics, Inc. $STLD

Key Points

• Truist Financial Corp reduced its stake in Steel Dynamics, Inc. by 33.9%, selling 22,727 shares, and now holds 44,394 shares worth approximately $5.68 million.
• Multiple hedge funds and institutional investors, such as Ritholtz Wealth Management and Wealth Enhancement Advisory Services LLC, have recently increased their holdings in Steel Dynamics, with institutional investors owning 82.41% of the stock.
• Steel Dynamics announced a quarterly dividend of $0.50 per share, translating to a 1.4% yield, with the payout scheduled for October 10th.

Truist Financial Corp cut its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 33.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,394 shares of the basic materials company's stock after selling 22,727 shares during the quarter. Truist Financial Corp's holdings in Steel Dynamics were worth $5,683,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ritholtz Wealth Management raised its stake in Steel Dynamics by 24.4% during the 1st quarter. Ritholtz Wealth Management now owns 6,687 shares of the basic materials company's stock valued at $836,000 after purchasing an additional 1,310 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Steel Dynamics by 10.4% during the 1st quarter. Farther Finance Advisors LLC now owns 1,535 shares of the basic materials company's stock worth $190,000 after purchasing an additional 145 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Steel Dynamics by 31.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,511 shares of the basic materials company's stock valued at $3,441,000 after buying an additional 6,604 shares during the last quarter. Golden State Wealth Management LLC lifted its stake in shares of Steel Dynamics by 124.1% in the first quarter. Golden State Wealth Management LLC now owns 948 shares of the basic materials company's stock valued at $119,000 after buying an additional 525 shares during the period. Finally, State of Alaska Department of Revenue grew its position in Steel Dynamics by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 16,583 shares of the basic materials company's stock worth $2,074,000 after buying an additional 435 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on STLD shares. Wells Fargo & Company upped their price target on Steel Dynamics from $143.00 to $150.00 and gave the company an "overweight" rating in a report on Monday, September 15th. Weiss Ratings restated a "hold (c)" rating on shares of Steel Dynamics in a research note on Saturday, September 27th. Morgan Stanley raised their target price on Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Finally, JPMorgan Chase & Co. raised their price target on shares of Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a research note on Monday, July 14th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $148.78.

Insider Activity

In other news, SVP Christopher A. Graham sold 12,000 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was 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 of the company's stock, valued at $8,456,371.98. This represents a 15.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 6.30% of the stock is owned by company insiders.

Steel Dynamics Trading Down 2.4%

STLD opened at $141.63 on Tuesday. 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 $20.85 billion, a PE ratio of 20.65, a PEG ratio of 1.18 and a beta of 1.40. 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 firm has a 50-day moving average price of $131.78 and a two-hundred day moving average price of $129.47.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The basic materials company reported $2.01 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 the consensus estimate of $4.82 billion. During the same period last year, the company earned $2.72 earnings per share. Steel Dynamics's revenue for the quarter was down 1.5% compared to the same quarter last year. As a group, equities analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.4%. Steel Dynamics's payout ratio 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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