PNC Financial Services Group Inc. Acquires 2,219 Shares of Steel Dynamics, Inc. $STLD

PNC Financial Services Group Inc. boosted its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 8.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,306 shares of the basic materials company’s stock after purchasing an additional 2,219 shares during the period. PNC Financial Services Group Inc.’s holdings in Steel Dynamics were worth $4,627,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Lingohr Asset Management GmbH raised its stake in shares of Steel Dynamics by 1,284.8% during the third quarter. Lingohr Asset Management GmbH now owns 40,423 shares of the basic materials company’s stock valued at $5,636,000 after acquiring an additional 37,504 shares during the last quarter. Mediolanum International Funds Ltd raised its stake in shares of Steel Dynamics by 157.2% during the third quarter. Mediolanum International Funds Ltd now owns 206,140 shares of the basic materials company’s stock valued at $28,629,000 after acquiring an additional 125,981 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of Steel Dynamics by 47.2% during the third quarter. Fisher Asset Management LLC now owns 34,878 shares of the basic materials company’s stock valued at $4,863,000 after acquiring an additional 11,183 shares during the last quarter. Knights of Columbus Asset Advisors LLC raised its stake in shares of Steel Dynamics by 156.3% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 15,935 shares of the basic materials company’s stock valued at $2,222,000 after acquiring an additional 9,717 shares during the last quarter. Finally, Strs Ohio raised its stake in shares of Steel Dynamics by 7.3% during the fourth quarter. Strs Ohio now owns 153,878 shares of the basic materials company’s stock valued at $26,075,000 after acquiring an additional 10,519 shares during the last quarter. 82.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Morgan Stanley reaffirmed an “underperform” rating and set a $190.00 price objective on shares of Steel Dynamics in a research note on Tuesday, March 17th. Weiss Ratings raised shares of Steel Dynamics from a “hold (c)” rating to a “buy (b-)” rating in a research note on Wednesday, April 29th. JPMorgan Chase & Co. upped their price objective on shares of Steel Dynamics from $192.00 to $205.00 and gave the company a “neutral” rating in a research note on Tuesday, April 14th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. Finally, Barclays assumed coverage on shares of Steel Dynamics in a research note on Thursday. They set an “overweight” rating and a $270.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $219.36.

Steel Dynamics Price Performance

STLD stock opened at $240.03 on Tuesday. Steel Dynamics, Inc. has a 1 year low of $119.89 and a 1 year high of $243.73. The company has a market cap of $34.74 billion, a P/E ratio of 25.67, a PEG ratio of 0.51 and a beta of 1.48. The firm has a 50-day moving average of $203.88 and a 200 day moving average of $185.80. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.39 billion. Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.Steel Dynamics’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.44 EPS. On average, sell-side analysts forecast that Steel Dynamics, Inc. will post 14.77 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Tuesday, June 30th. Steel Dynamics’s dividend payout ratio is 22.67%.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total value of $538,453.00. Following the sale, the senior vice president owned 28,618 shares in the company, valued at approximately $6,699,759.98. This represents a 7.44% 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 this link. Also, Director Kenneth W. Cornew sold 5,000 shares of the company’s stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the sale, the director owned 31,299 shares in the company, valued at approximately $7,038,206.13. This trade represents a 13.77% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 12,125 shares of company stock worth $2,751,227. 6.60% of the stock is currently owned by company insiders.

Steel Dynamics Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.