PNC Financial Services Group Inc. Decreases Stake in Steel Dynamics Inc. (STLD)
PNC Financial Services Group Inc. decreased its stake in Steel Dynamics Inc. (NASDAQ:STLD) by 13.4% during the second quarter, Holdings Channel reports. The fund owned 26,207 shares of the company’s stock after selling 4,059 shares during the period. PNC Financial Services Group Inc.’s holdings in Steel Dynamics were worth $642,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the company. North Point Portfolio Managers Corp OH purchased a new position in shares of Steel Dynamics during the second quarter valued at about $203,000. TradeLink Capital LLC purchased a new position in shares of Steel Dynamics during the second quarter valued at about $205,000. Fox Run Management L.L.C. purchased a new position in shares of Steel Dynamics during the second quarter valued at about $228,000. Hartford Investment Management Co. purchased a new position in shares of Steel Dynamics during the second quarter valued at about $252,000. Finally, Ngam Advisors L.P. purchased a new position in shares of Steel Dynamics during the second quarter valued at about $278,000. 82.42% of the stock is currently owned by institutional investors and hedge funds.
Shares of Steel Dynamics Inc. (NASDAQ:STLD) traded up 2.64% during trading on Wednesday, hitting $24.85. 2,980,485 shares of the company were exchanged. Steel Dynamics Inc. has a 12 month low of $15.32 and a 12 month high of $28.01. The firm has a market capitalization of $6.06 billion, a PE ratio of 507.14 and a beta of 1.70. The firm’s 50-day moving average price is $25.00 and its 200 day moving average price is $24.55.
Steel Dynamics (NASDAQ:STLD) last released its earnings results on Monday, July 18th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The company earned $2.02 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Steel Dynamics had a net margin of 0.17% and a return on equity of 10.79%. During the same period last year, the business earned $0.22 EPS. On average, equities research analysts expect that Steel Dynamics Inc. will post $2.09 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Wednesday, September 28th. Steel Dynamics’s dividend payout ratio (DPR) is presently 1,120.00%.
STLD has been the topic of several analyst reports. Jefferies Group reiterated a “buy” rating on shares of Steel Dynamics in a research note on Wednesday, August 3rd. Credit Suisse Group AG boosted their price objective on shares of Steel Dynamics from $27.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday, June 8th. Citigroup Inc. initiated coverage on shares of Steel Dynamics in a report on Monday, August 22nd. They set a “buy” rating and a $33.00 price objective for the company. Bank of America Corp. cut shares of Steel Dynamics from a “buy” rating to a “neutral” rating and set a $28.00 price objective for the company. in a report on Wednesday, July 20th. Finally, Zacks Investment Research raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Tuesday, June 28th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the stock. Steel Dynamics currently has a consensus rating of “Buy” and a consensus price target of $27.77.
In other Steel Dynamics news, Director Jurgen Dr Kolb sold 17,900 shares of Steel Dynamics stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $27.20, for a total transaction of $486,880.00. Following the completion of the sale, the director now directly owns 65,014 shares in the company, valued at approximately $1,768,380.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Keith E. Busse sold 13,155 shares of Steel Dynamics stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $27.00, for a total transaction of $355,185.00. Following the sale, the director now owns 1,006,894 shares of the company’s stock, valued at $27,186,138. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by corporate insiders.
Steel Dynamics Company Profile
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