Steel Dynamics, Inc. (STLD) Stake Decreased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 1.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,801 shares of the basic materials company’s stock after selling 392 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Steel Dynamics were worth $851,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of Steel Dynamics by 9.2% during the second quarter. BlackRock Inc. now owns 21,932,609 shares of the basic materials company’s stock worth $785,405,000 after buying an additional 1,840,803 shares in the last quarter. Boston Partners grew its position in shares of Steel Dynamics by 11.9% during the second quarter. Boston Partners now owns 16,383,812 shares of the basic materials company’s stock worth $586,703,000 after buying an additional 1,742,242 shares in the last quarter. State Street Corp grew its position in shares of Steel Dynamics by 2.9% during the first quarter. State Street Corp now owns 7,510,647 shares of the basic materials company’s stock worth $261,070,000 after buying an additional 209,388 shares in the last quarter. Prudential Financial Inc. grew its position in shares of Steel Dynamics by 21.7% during the second quarter. Prudential Financial Inc. now owns 4,079,525 shares of the basic materials company’s stock worth $146,088,000 after buying an additional 727,722 shares in the last quarter. Finally, Steadfast Capital Management LP acquired a new stake in shares of Steel Dynamics during the first quarter worth approximately $81,408,000. 82.64% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics, Inc. (STLD) opened at 35.63 on Wednesday. Steel Dynamics, Inc. has a 52 week low of $23.34 and a 52 week high of $40.17. The company’s 50-day moving average price is $34.29 and its 200 day moving average price is $34.88. The company has a market capitalization of $8.55 billion, a PE ratio of 16.37 and a beta of 1.29.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.63. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. Steel Dynamics’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.58 earnings per share. On average, equities research analysts anticipate that Steel Dynamics, Inc. will post $2.71 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Saturday, September 30th will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Thursday, September 28th. Steel Dynamics’s dividend payout ratio is presently 28.57%.

STLD has been the subject of a number of recent analyst reports. Jefferies Group LLC reissued a “buy” rating and set a $45.00 price target on shares of Steel Dynamics in a research report on Monday, June 26th. Deutsche Bank AG reissued a “buy” rating on shares of Steel Dynamics in a research report on Saturday, June 24th. Berenberg Bank reissued a “buy” rating and set a $46.00 price target on shares of Steel Dynamics in a research report on Monday, June 19th. Longbow Research raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating in a research report on Monday, June 19th. Finally, Bank of America Corporation raised their price target on shares of Steel Dynamics from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, July 21st. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $40.63.

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In other Steel Dynamics news, Director Keith E. Busse sold 4,965 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total value of $190,755.30. Following the sale, the director now directly owns 1,005,666 shares in the company, valued at $38,637,687.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher A. Graham sold 5,021 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total value of $191,049.05. Following the completion of the sale, the insider now owns 26,778 shares in the company, valued at $1,018,902.90. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Steel Dynamics Profile

Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.

Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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