Chevy Chase Trust Holdings LLC Reduces Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Chevy Chase Trust Holdings LLC decreased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 4.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 76,939 shares of the basic materials company’s stock after selling 3,833 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Steel Dynamics were worth $9,700,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Commerce Bank increased its stake in Steel Dynamics by 1.2% in the 3rd quarter. Commerce Bank now owns 5,981 shares of the basic materials company’s stock worth $754,000 after buying an additional 73 shares during the period. Csenge Advisory Group increased its position in shares of Steel Dynamics by 2.8% during the second quarter. Csenge Advisory Group now owns 2,939 shares of the basic materials company’s stock worth $381,000 after acquiring an additional 81 shares during the period. Covestor Ltd raised its stake in shares of Steel Dynamics by 10.8% during the third quarter. Covestor Ltd now owns 951 shares of the basic materials company’s stock valued at $120,000 after acquiring an additional 93 shares in the last quarter. Dorsey Wright & Associates boosted its holdings in shares of Steel Dynamics by 0.4% in the second quarter. Dorsey Wright & Associates now owns 23,551 shares of the basic materials company’s stock valued at $3,050,000 after purchasing an additional 96 shares during the period. Finally, Greenleaf Trust grew its stake in Steel Dynamics by 2.1% in the third quarter. Greenleaf Trust now owns 4,621 shares of the basic materials company’s stock worth $583,000 after purchasing an additional 96 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on STLD shares. Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and upped their target price for the stock from $140.00 to $155.00 in a report on Tuesday, October 1st. BMO Capital Markets increased their target price on shares of Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a report on Friday, October 18th. The Goldman Sachs Group assumed coverage on shares of Steel Dynamics in a research report on Monday. They set a “neutral” rating and a $155.00 target price on the stock. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price target for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Steel Dynamics has a consensus rating of “Hold” and a consensus target price of $145.63.

Insiders Place Their Bets

In other news, VP Chad Bickford sold 2,000 shares of Steel Dynamics stock in a transaction on Monday, October 28th. The shares were sold at an average price of $134.86, for a total transaction of $269,720.00. Following the completion of the sale, the vice president now directly owns 17,100 shares in the company, valued at approximately $2,306,106. The trade was a 10.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Miguel Alvarez sold 6,650 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $143.00, for a total value of $950,950.00. Following the completion of the transaction, the senior vice president now directly owns 116,949 shares in the company, valued at approximately $16,723,707. The trade was a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,591 shares of company stock valued at $3,885,938. 6.00% of the stock is currently owned by corporate insiders.

Steel Dynamics Stock Down 1.9 %

Shares of Steel Dynamics stock opened at $138.70 on Friday. Steel Dynamics, Inc. has a 52-week low of $104.60 and a 52-week high of $155.56. The firm’s 50 day moving average price is $136.27 and its 200-day moving average price is $127.98. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. The company has a market cap of $21.12 billion, a P/E ratio of 12.55 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $0.07. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The business had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.18 billion. During the same period in the prior year, the firm posted $3.47 earnings per share. The business’s quarterly revenue was down 5.4% on a year-over-year basis. On average, sell-side analysts predict that Steel Dynamics, Inc. will post 10.1 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is presently 16.65%.

About Steel Dynamics

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.