National Bank of Canada FI Decreases Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

National Bank of Canada FI reduced its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 30.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 229,980 shares of the basic materials company's stock after selling 98,815 shares during the quarter. National Bank of Canada FI owned about 0.15% of Steel Dynamics worth $28,996,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Larson Financial Group LLC increased its position in shares of Steel Dynamics by 9,465.5% during the third quarter. Larson Financial Group LLC now owns 18,844 shares of the basic materials company's stock worth $2,376,000 after acquiring an additional 18,647 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in Steel Dynamics by 9.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 230,922 shares of the basic materials company's stock worth $29,904,000 after purchasing an additional 19,853 shares in the last quarter. IFM Investors Pty Ltd increased its holdings in Steel Dynamics by 21.5% during the 3rd quarter. IFM Investors Pty Ltd now owns 38,355 shares of the basic materials company's stock worth $4,836,000 after purchasing an additional 6,779 shares in the last quarter. Harbour Capital Advisors LLC bought a new position in shares of Steel Dynamics in the third quarter valued at approximately $640,000. Finally, FORA Capital LLC bought a new position in shares of Steel Dynamics in the third quarter valued at approximately $563,000. Institutional investors own 82.41% of the company's stock.

Insider Activity

In other news, VP Chad Bickford sold 2,000 shares of the business's stock in a transaction dated 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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Miguel Alvarez sold 6,650 shares of the firm's stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $143.00, for a total transaction of $950,950.00. Following the completion of the sale, the senior vice president now directly owns 116,949 shares in the company, valued at $16,723,707. This represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,591 shares of company stock worth $3,885,938. 6.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on STLD. UBS Group upgraded Steel Dynamics from a "neutral" rating to a "buy" rating and raised their price objective for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Morgan Stanley decreased their price objective on shares of Steel Dynamics from $138.00 to $131.00 and set an "equal weight" rating for the company in a research note on Wednesday, September 18th. BMO Capital Markets boosted their target price on 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 report on Friday, October 18th. Finally, The Goldman Sachs Group began coverage on Steel Dynamics in a report on Monday, December 2nd. They set a "neutral" rating and a $155.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $145.63.

Steel Dynamics Stock Performance

NASDAQ STLD traded up $1.35 during trading on Monday, hitting $138.25. 1,300,778 shares of the company's stock traded hands, compared to its average volume of 1,275,630. The business has a 50 day moving average of $136.76 and a 200-day moving average of $128.01. Steel Dynamics, Inc. has a 12-month low of $104.60 and a 12-month high of $155.56. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39. The stock has a market capitalization of $21.05 billion, a price-to-earnings ratio of 12.39 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The business had revenue of $4.34 billion for the quarter, compared to analysts' expectations of $4.18 billion. During the same quarter in the previous year, the firm posted $3.47 EPS. The business's revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Steel Dynamics, Inc. will post 10.1 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics's payout ratio is 16.65%.

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.