TCV Trust & Wealth Management Inc. Has $221,000 Position in Steel Dynamics, Inc. (NASDAQ:STLD)

28 Oct 2024, 06:02 by Jessica Moore · The Cerbat Gem

TCV Trust & Wealth Management Inc. trimmed its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 5.4% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 1,750 shares of the basic materials company’s stock after selling 100 shares during the quarter. TCV Trust & Wealth Management Inc.’s holdings in Steel Dynamics were worth $221,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. National Bank of Canada FI boosted its holdings in shares of Steel Dynamics by 481.2% in the 2nd quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock valued at $42,461,000 after purchasing an additional 272,226 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in shares of Steel Dynamics by 65.3% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 571,787 shares of the basic materials company’s stock valued at $74,064,000 after buying an additional 225,832 shares during the last quarter. Swedbank AB bought a new position in shares of Steel Dynamics during the first quarter worth about $32,178,000. Acadian Asset Management LLC lifted its stake in shares of Steel Dynamics by 21.6% in the first quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock worth $168,550,000 after acquiring an additional 202,312 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in Steel Dynamics in the second quarter valued at approximately $24,670,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

STLD has been the subject of several recent analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. BMO Capital Markets increased their price target on Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a report on Friday, October 18th. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $140.00 to $155.00 in a research note on Tuesday, October 1st. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and raised their target price for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Finally, Morgan Stanley dropped their price target on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $144.29.

Get Our Latest Stock Report on Steel Dynamics

Steel Dynamics Stock Down 0.6 %

STLD stock opened at $129.58 on Monday. The stock’s 50 day simple moving average is $122.20 and its 200 day simple moving average is $126.66. The company has a market cap of $19.99 billion, a P/E ratio of 11.73 and a beta of 1.31. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39. Steel Dynamics, Inc. has a fifty-two week low of $100.20 and a fifty-two week high of $151.34.

Steel Dynamics (NASDAQ:STLD – Get Free Report) last issued its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The firm had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.18 billion. During the same period last year, the company earned $3.47 earnings per share. The business’s revenue was down 5.4% on a year-over-year basis. On average, research analysts expect that Steel Dynamics, Inc. will post 10.22 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a $0.46 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.84 annualized dividend and a dividend yield of 1.42%. Steel Dynamics’s payout ratio is 16.65%.

Insider Activity

In related news, SVP Glenn Pushis sold 17,941 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the transaction, the senior vice president now directly owns 146,693 shares in the company, valued at approximately $19,523,371.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.10% of the stock is currently owned by corporate insiders.

Steel Dynamics Company Profile

(Free Report)

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.