M&T Bank Corp Boosts Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

M&T Bank Corp boosted its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 0.9% during the third quarter, Holdings Channel.com reports. The firm owned 10,055 shares of the basic materials company’s stock after acquiring an additional 88 shares during the period. M&T Bank Corp’s holdings in Steel Dynamics were worth $1,267,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Innealta Capital LLC purchased a new position in shares of Steel Dynamics in the 2nd quarter worth approximately $33,000. Private Trust Co. NA lifted its position in Steel Dynamics by 532.6% in the third quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock worth $37,000 after buying an additional 245 shares during the last quarter. Cullen Frost Bankers Inc. boosted its stake in Steel Dynamics by 33.3% during the second quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock worth $52,000 after buying an additional 100 shares during the period. HHM Wealth Advisors LLC bought a new position in Steel Dynamics during the second quarter valued at $52,000. Finally, Brooklyn Investment Group purchased a new stake in shares of Steel Dynamics in the third quarter valued at $61,000. Institutional investors own 82.41% of the company’s stock.

Insider Activity

In related news, VP Chad Bickford sold 2,000 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $134.86, for a total transaction of $269,720.00. Following the completion of the sale, the vice president now directly owns 17,100 shares in the company, valued at $2,306,106. This represents a 10.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Miguel Alvarez sold 6,650 shares of Steel Dynamics stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $143.00, for a total value of $950,950.00. Following the completion of the transaction, the senior vice president now owns 116,949 shares in the company, valued at $16,723,707. This trade represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,591 shares of company stock worth $3,885,938. Corporate insiders own 6.00% of the company’s stock.

Steel Dynamics Trading Down 3.6 %

STLD opened at $122.37 on Monday. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. The stock’s fifty day moving average is $137.11 and its two-hundred day moving average is $127.94. The company has a market capitalization of $18.63 billion, a P/E ratio of 11.07 and a beta of 1.31. Steel Dynamics, Inc. has a 52 week low of $104.60 and a 52 week high of $155.56.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, beating the consensus estimate of $1.98 by $0.07. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The firm had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.18 billion. During the same quarter last year, the firm posted $3.47 earnings per share. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. Analysts forecast that Steel Dynamics, Inc. will post 10.09 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a $0.46 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.84 annualized dividend and a dividend yield of 1.50%. Steel Dynamics’s payout ratio is presently 16.65%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. BMO Capital Markets lifted their price target on shares of Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. upped their target price on Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. The Goldman Sachs Group began coverage on Steel Dynamics in a research note on Monday, December 2nd. They set a “neutral” rating and a $155.00 price target for the company. UBS Group reaffirmed a “neutral” rating and issued a $149.00 price objective (up previously from $145.00) on shares of Steel Dynamics in a research report on Thursday. Finally, Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $140.00 to $155.00 in a research report on Tuesday, October 1st. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $146.13.

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.