Spinnaker Trust Sells 2,386 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Spinnaker Trust decreased its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 4.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 49,717 shares of the basic materials company’s stock after selling 2,386 shares during the quarter. Spinnaker Trust’s holdings in Steel Dynamics were worth $6,268,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Larson Financial Group LLC bought a new position in shares of Steel Dynamics in the 1st quarter worth approximately $25,000. Innealta Capital LLC bought a new position in Steel Dynamics in the second quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Steel Dynamics during the 2nd quarter worth $41,000. Cullen Frost Bankers Inc. grew its position in shares of Steel Dynamics by 33.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 100 shares during the period. Finally, HHM Wealth Advisors LLC purchased a new stake in shares of Steel Dynamics in the 2nd quarter worth $52,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Trading Up 11.4 %

STLD stock traded up $15.45 during mid-day trading on Wednesday, reaching $151.10. 1,156,441 shares of the stock traded hands, compared to its average volume of 1,255,857. The business has a 50-day moving average price of $124.24 and a two-hundred day moving average price of $126.38. The stock has a market capitalization of $23.31 billion, a PE ratio of 13.87 and a beta of 1.31. 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, Inc. has a one year low of $104.60 and a one year high of $153.00.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.07. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The business had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.18 billion. During the same quarter last year, the firm posted $3.47 earnings per share. The business’s revenue was down 5.4% compared to the same quarter last year. Equities research analysts expect that Steel Dynamics, Inc. will post 10.22 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 1.22%. The ex-dividend date was Monday, September 30th. Steel Dynamics’s dividend payout ratio is 16.65%.

Wall Street Analyst Weigh In

Several analysts have issued reports on STLD shares. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price target 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 boosted their price objective for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Morgan Stanley decreased their target price on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. BMO Capital Markets upped their price target on shares of Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research report on Friday, October 18th. Finally, JPMorgan Chase & Co. lifted their target price 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. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $144.29.

Insider Transactions at Steel Dynamics

In related news, VP Chad Bickford sold 2,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $134.86, for a total value of $269,720.00. Following the completion of the sale, the vice president now directly owns 17,100 shares of the company’s stock, valued at $2,306,106. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Chad Bickford sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $134.86, for a total value 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 $2,306,106. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Glenn Pushis sold 17,941 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $133.09, for a total value 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 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.10% of the company’s stock.

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.