M&T Bank Corp Has $1.65 Million Stake in Steel Dynamics, Inc. $STLD

M&T Bank Corp boosted its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 31.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,712 shares of the basic materials company’s stock after buying an additional 2,322 shares during the quarter. M&T Bank Corp’s holdings in Steel Dynamics were worth $1,645,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Optas LLC lifted its position in Steel Dynamics by 3.0% in the 4th quarter. Optas LLC now owns 1,979 shares of the basic materials company’s stock worth $335,000 after buying an additional 58 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Steel Dynamics by 13.2% during the 3rd quarter. Versant Capital Management Inc now owns 548 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 64 shares in the last quarter. Wright Investors Service Inc. raised its holdings in shares of Steel Dynamics by 1.2% during the 4th quarter. Wright Investors Service Inc. now owns 5,555 shares of the basic materials company’s stock valued at $941,000 after purchasing an additional 64 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Steel Dynamics by 4.1% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 1,764 shares of the basic materials company’s stock valued at $246,000 after purchasing an additional 70 shares in the last quarter. Finally, Choreo LLC raised its holdings in shares of Steel Dynamics by 3.3% during the 3rd quarter. Choreo LLC now owns 2,521 shares of the basic materials company’s stock valued at $353,000 after purchasing an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $235.10 on Friday. Steel Dynamics, Inc. has a 1 year low of $119.89 and a 1 year high of $243.73. The firm’s fifty day simple moving average is $193.25 and its 200 day simple moving average is $179.18. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $33.90 billion, a PE ratio of 25.14, a PEG ratio of 0.50 and a beta of 1.48.

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

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, June 30th. Steel Dynamics’s dividend payout ratio (DPR) is currently 22.67%.

Analysts Set New Price Targets

STLD has been the topic of a number of recent research reports. Citigroup raised their price target on shares of Steel Dynamics from $180.00 to $255.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. KeyCorp raised their price target on shares of Steel Dynamics from $190.00 to $241.00 and gave the company an “overweight” rating in a report on Wednesday, April 22nd. JPMorgan Chase & Co. raised their price target on shares of Steel Dynamics from $192.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, April 14th. Bank of America downgraded shares of Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 price target on the stock. in a report on Thursday, April 30th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $214.30.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, Director Kenneth W. Cornew sold 5,000 shares of the firm’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total value of $1,124,350.00. Following the sale, the director directly owned 31,299 shares in the company, valued at $7,038,206.13. This trade represents a 13.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Miguel Alvarez sold 4,825 shares of the firm’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the completion of the sale, the senior vice president owned 122,257 shares in the company, valued at $27,578,734.06. This represents a 3.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 6.60% of the company’s stock.

About Steel Dynamics

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.