Steel Dynamics, Inc. (NASDAQ:STLD) Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA cut its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 96.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,222 shares of the basic materials company's stock after selling 62,381 shares during the period. Glenmede Trust Co. NA's holdings in Steel Dynamics were worth $280,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in STLD. Larson Financial Group LLC increased its holdings in Steel Dynamics by 9,465.5% during the 3rd quarter. Larson Financial Group LLC now owns 18,844 shares of the basic materials company's stock worth $2,376,000 after purchasing an additional 18,647 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Steel Dynamics by 9.4% during the second quarter. Envestnet Asset Management Inc. now owns 230,922 shares of the basic materials company's stock worth $29,904,000 after buying an additional 19,853 shares during the period. IFM Investors Pty Ltd raised its holdings in Steel Dynamics by 21.5% in the third quarter. IFM Investors Pty Ltd now owns 38,355 shares of the basic materials company's stock valued at $4,836,000 after acquiring an additional 6,779 shares in the last quarter. National Bank of Canada FI lifted its stake in Steel Dynamics by 481.2% in the second quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company's stock worth $42,461,000 after acquiring an additional 272,226 shares during the last quarter. Finally, Harbour Capital Advisors LLC acquired a new position in Steel Dynamics during the 3rd quarter worth approximately $640,000. Institutional investors and hedge funds own 82.41% of the company's stock.

Steel Dynamics Stock Performance

Shares of STLD traded down $1.80 during mid-day trading on Friday, reaching $136.90. 1,273,870 shares of the company's stock were exchanged, compared to its average volume of 1,275,524. The business's fifty day simple moving average is $136.54 and its 200-day simple moving average is $128.06. The stock has a market capitalization of $20.84 billion, a PE ratio of 12.48 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. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.39 and a quick ratio of 1.26.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The company had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.18 billion. During the same period last year, the firm posted $3.47 EPS. Steel Dynamics's revenue for the quarter was down 5.4% on a year-over-year basis. On average, equities research analysts expect that Steel Dynamics, Inc. will post 10.1 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.34%. The ex-dividend date is Tuesday, December 31st. Steel Dynamics's dividend payout ratio is presently 16.65%.

Insiders Place Their Bets

In other Steel Dynamics news, VP Chad Bickford sold 2,000 shares of Steel Dynamics stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $134.86, for a total value of $269,720.00. Following the sale, the vice president now owns 17,100 shares of the company's stock, valued at approximately $2,306,106. The trade was a 10.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Glenn Pushis sold 17,941 shares of the business's stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $133.09, for a total value of $2,387,767.69. Following the transaction, the senior vice president now owns 146,693 shares in the company, valued at $19,523,371.37. The trade was a 10.90 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,591 shares of company stock valued at $3,885,938. 6.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

STLD has been the topic of a number of analyst reports. Bank of America upgraded shares of Steel Dynamics from a "neutral" rating to a "buy" rating and raised their price objective for the company from $140.00 to $155.00 in a report on Tuesday, October 1st. UBS Group upgraded Steel Dynamics from a "neutral" rating to a "buy" rating and raised their price target for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Morgan Stanley lowered their price objective on Steel Dynamics from $138.00 to $131.00 and set an "equal weight" rating for the company in a research report on Wednesday, September 18th. JPMorgan Chase & Co. raised their target price on Steel Dynamics from $129.00 to $134.00 and gave the stock a "neutral" rating in a research report on Friday, October 18th. Finally, The Goldman Sachs Group initiated coverage on Steel Dynamics in a research note on Monday. They set a "neutral" rating and a $155.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Steel Dynamics currently has a consensus rating of "Hold" and a consensus target price of $145.63.

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.