OLD National Bancorp IN Cuts Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

OLD National Bancorp IN reduced its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 1.8% during the 1st quarter, Holdings Channel reports. The fund owned 9,905 shares of the basic materials company’s stock after selling 178 shares during the quarter. OLD National Bancorp IN’s holdings in Steel Dynamics were worth $1,239,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new stake in Steel Dynamics in the fourth quarter valued at $336,426,000. Capital Research Global Investors raised its stake in Steel Dynamics by 29.4% during the 4th quarter. Capital Research Global Investors now owns 3,592,670 shares of the basic materials company’s stock valued at $409,816,000 after acquiring an additional 815,629 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Steel Dynamics by 8.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,628,403 shares of the basic materials company’s stock worth $642,033,000 after purchasing an additional 451,630 shares during the period. GAMMA Investing LLC lifted its stake in shares of Steel Dynamics by 18,398.4% in the 1st quarter. GAMMA Investing LLC now owns 447,661 shares of the basic materials company’s stock worth $55,993,000 after acquiring an additional 445,241 shares during the period. Finally, First Trust Advisors LP lifted its position in Steel Dynamics by 14.1% in the fourth quarter. First Trust Advisors LP now owns 3,179,062 shares of the basic materials company’s stock valued at $362,636,000 after purchasing an additional 393,516 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.

Insider Transactions at Steel Dynamics

In other news, SVP Miguel Alvarez sold 7,495 shares of Steel Dynamics stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $135.26, for a total value of $1,013,773.70. Following the completion of the transaction, the senior vice president now owns 125,319 shares in the company, valued at approximately $16,950,647.94. This trade represents a 5.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gabriel Shaheen sold 1,254 shares of the business’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $134.11, for a total transaction of $168,173.94. Following the sale, the director now owns 81,812 shares of the company’s stock, valued at approximately $10,971,807.32. The trade was a 1.51% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.30% of the company’s stock.

Steel Dynamics Trading Up 0.1%

NASDAQ:STLD opened at $133.63 on Tuesday. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $155.56. The business’s 50-day moving average is $126.29 and its two-hundred day moving average is $126.89. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.53 and a quick ratio of 1.08. The firm has a market capitalization of $19.84 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 1.05 and a beta of 1.38.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.04. Steel Dynamics had a net margin of 8.76% and a return on equity of 17.32%. The business had revenue of $4.37 billion during the quarter, compared to the consensus estimate of $4.17 billion. During the same period in the prior year, the firm earned $3.67 earnings per share. Research analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics declared that its board has initiated a share repurchase plan on Monday, February 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the basic materials company to purchase up to 7.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.50 per share. The ex-dividend date is Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 1.50%. Steel Dynamics’s dividend payout ratio (DPR) is presently 26.42%.

Analyst Upgrades and Downgrades

STLD has been the subject of several research analyst reports. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and set a $149.00 price objective for the company in a research report on Monday, March 24th. KeyCorp upgraded Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $155.00 price objective for the company in a research report on Tuesday, February 11th. BMO Capital Markets upgraded shares of Steel Dynamics from a “market perform” rating to an “outperform” rating and upped their target price for the company from $135.00 to $145.00 in a report on Monday, March 31st. Morgan Stanley set a $140.00 price target on Steel Dynamics and gave the stock an “overweight” rating in a research note on Thursday, April 24th. Finally, JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $135.00 to $138.00 and gave the stock a “neutral” rating in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $147.44.

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.