Sumitomo Mitsui Trust Group Inc. Has $51.24 Million Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Sumitomo Mitsui Trust Group Inc. lessened its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 1.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 406,438 shares of the basic materials company’s stock after selling 4,924 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Steel Dynamics were worth $51,244,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Innealta Capital LLC acquired a new position in shares of Steel Dynamics in the second quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Steel Dynamics in the second quarter valued at approximately $41,000. Cullen Frost Bankers Inc. boosted its holdings in shares of Steel Dynamics by 33.3% in the second quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock valued at $52,000 after buying an additional 100 shares during the period. HHM Wealth Advisors LLC acquired a new position in Steel Dynamics during the second quarter worth $52,000. Finally, Eagle Bay Advisors LLC acquired a new position in Steel Dynamics during the third quarter worth $64,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $139.41 on Friday. Steel Dynamics, Inc. has a 52 week low of $104.60 and a 52 week high of $155.56. The firm has a market cap of $21.22 billion, a price-to-earnings ratio of 12.62 and a beta of 1.31. The firm’s 50-day simple moving average is $128.98 and its 200 day simple moving average is $127.11. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39.

Steel Dynamics (NASDAQ:STLD) last released its 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 net margin of 9.80% and a return on equity of 19.82%. The firm had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.18 billion. During the same period last year, the firm earned $3.47 EPS. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. As a group, sell-side analysts predict that Steel Dynamics, Inc. will post 10.1 earnings per share for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 1.32%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio is currently 16.65%.

Insider Buying and Selling at Steel Dynamics

In related news, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the sale, the senior vice president now directly owns 146,693 shares in the company, valued at $19,523,371.37. This trade represents a 10.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Miguel Alvarez sold 6,650 shares of Steel Dynamics stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $143.00, for a total transaction of $950,950.00. Following the sale, the senior vice president now owns 116,949 shares in the company, valued at approximately $16,723,707. This represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,591 shares of company stock valued at $3,608,438 in the last ninety days. 6.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on STLD. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and increased their target price for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and increased their target price for the stock from $140.00 to $155.00 in a report on Tuesday, October 1st. Morgan Stanley reduced their target price on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. JPMorgan Chase & Co. increased their price target on shares of Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, BMO Capital Markets increased their price objective on shares of Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research report on Friday, October 18th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $144.29.

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.