Trustmark National Bank Trust Department Cuts Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Trustmark National Bank Trust Department lessened its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 63.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 2,611 shares of the basic materials company’s stock after selling 4,520 shares during the quarter. Trustmark National Bank Trust Department’s holdings in Steel Dynamics were worth $329,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Innealta Capital LLC acquired a new stake in Steel Dynamics during the 2nd quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Steel Dynamics during the 2nd quarter worth $41,000. Cullen Frost Bankers Inc. boosted its stake in Steel Dynamics by 33.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 100 shares during the last quarter. HHM Wealth Advisors LLC acquired a new stake in Steel Dynamics during the 2nd quarter worth $52,000. Finally, Quest Partners LLC acquired a new stake in Steel Dynamics during the 3rd quarter worth $62,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Trading Up 1.0 %

NASDAQ STLD opened at $145.54 on Friday. The firm’s 50-day moving average is $131.63 and its two-hundred day moving average is $127.42. 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 current ratio of 2.39 and a quick ratio of 1.26. The stock has a market capitalization of $22.16 billion, a P/E ratio of 13.17 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $0.07. The company had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.18 billion. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.47 earnings per share. On average, sell-side analysts anticipate that Steel Dynamics, Inc. will post 10.1 earnings per share for the current year.

Steel Dynamics Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.84 dividend on an annualized basis and a yield of 1.26%. Steel Dynamics’s dividend payout ratio (DPR) is presently 16.65%.

Insiders Place Their Bets

In related news, SVP Miguel Alvarez sold 6,650 shares of the company’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 sale, the senior vice president now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Chad Bickford sold 2,000 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now owns 17,100 shares in the company, valued at $2,306,106. The trade was a 10.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,591 shares of company stock worth $3,885,938 over the last three months. Company insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on STLD. BMO Capital Markets boosted their price target 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. Morgan Stanley lowered their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their price target on shares of Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Bank of America raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their target price for the company from $140.00 to $155.00 in a research report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $144.29.

About Steel Dynamics

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.