Atlantic Union Bankshares Corp Sells 3,000 Shares of Steel Dynamics, Inc. $STLD

Atlantic Union Bankshares Corp cut its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 10.7% in the 4th quarter, Holdings Channel reports. The firm owned 25,000 shares of the basic materials company’s stock after selling 3,000 shares during the period. Atlantic Union Bankshares Corp’s holdings in Steel Dynamics were worth $4,236,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Lingohr Asset Management GmbH boosted its holdings in shares of Steel Dynamics by 1,284.8% during the 3rd 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. Rakuten Investment Management Inc. bought a new position in shares of Steel Dynamics in the 3rd quarter worth approximately $8,592,000. Forvis Mazars Wealth Advisors LLC bought a new position in shares of Steel Dynamics in the 3rd quarter worth approximately $1,047,000. Mediolanum International Funds Ltd lifted its stake in shares of Steel Dynamics by 157.2% in the 3rd quarter. Mediolanum International Funds Ltd now owns 206,140 shares of the basic materials company’s stock worth $28,629,000 after purchasing an additional 125,981 shares during the period. Finally, Knights of Columbus Asset Advisors LLC lifted its stake in shares of Steel Dynamics by 156.3% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 15,935 shares of the basic materials company’s stock worth $2,222,000 after purchasing an additional 9,717 shares during the period. 82.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Steel Dynamics from $207.00 to $235.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 22nd. KeyCorp increased their price objective on shares of Steel Dynamics from $190.00 to $241.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 22nd. Citigroup increased their price objective on shares of Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Bank of America cut shares of Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 price objective on the stock. in a research note on Thursday, April 30th. Finally, BMO Capital Markets increased their price objective on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 22nd. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $214.30.

Steel Dynamics Price Performance

NASDAQ STLD opened at $237.08 on Thursday. Steel Dynamics, Inc. has a 12 month low of $119.89 and a 12 month high of $243.73. The stock has a market cap of $34.31 billion, a price-to-earnings ratio of 25.36, a PEG ratio of 0.50 and a beta of 1.48. The company’s 50 day moving average is $196.49 and its two-hundred day moving average is $181.59. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46.

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

Steel Dynamics Dividend Announcement

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

Insider Buying and Selling

In other Steel Dynamics news, Director Kenneth W. Cornew sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Miguel Alvarez sold 4,825 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president owned 122,257 shares in the company, valued at approximately $27,578,734.06. The trade was a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. 6.60% of the stock is currently owned by company insiders.

Steel Dynamics Company 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.