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

M&T Bank Corp grew its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 31.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,712 shares of the basic materials company’s stock after purchasing an additional 2,322 shares during the period. M&T Bank Corp’s holdings in Steel Dynamics were worth $1,645,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of STLD. Cornerstone Planning Group LLC grew its position in Steel Dynamics by 1,636.4% in the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 180 shares during the last quarter. Sound Income Strategies LLC boosted its position in shares of Steel Dynamics by 1,500.0% during the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after acquiring an additional 150 shares in the last quarter. Covestor Ltd boosted its position in shares of Steel Dynamics by 44.3% during the 3rd quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 93 shares in the last quarter. Nvest Wealth Strategies Inc. acquired a new stake in shares of Steel Dynamics during the 4th quarter valued at about $42,000. Finally, CNB Bank acquired a new stake in shares of Steel Dynamics during the 3rd quarter valued at about $43,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Steel Dynamics

In related news, SVP Miguel Alvarez sold 4,825 shares of the stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the completion of the transaction, the senior vice president owned 122,257 shares in the company, valued at approximately $27,578,734.06. This represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth W. Cornew sold 5,000 shares of the stock in a transaction on 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 transaction, the director owned 31,299 shares of the company’s stock, valued at $7,038,206.13. The trade was a 13.77% decrease in their position. The SEC filing for this sale provides additional information. 6.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

STLD has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their target price on shares of Steel Dynamics from $192.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, April 14th. Wells Fargo & Company lifted their target price on shares of Steel Dynamics from $207.00 to $235.00 and gave the company an “overweight” rating in a research note on Wednesday, April 22nd. Wall Street Zen raised shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Bank of America downgraded shares of Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 price target for the company. in a research note on Thursday, April 30th. Finally, 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. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $214.30.

Steel Dynamics Stock Up 0.9%

Steel Dynamics stock opened at $235.10 on Friday. The stock has a market capitalization of $33.90 billion, a PE ratio of 25.14, a price-to-earnings-growth ratio of 0.50 and a beta of 1.48. Steel Dynamics, Inc. has a twelve month low of $119.89 and a twelve month high of $243.73. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average of $193.25 and a 200-day moving average of $179.18.

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

Steel Dynamics Announces Dividend

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

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.