Glenmede Trust Co. NA Trims Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Glenmede Trust Co. NA decreased its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 96.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,222 shares of the basic materials company’s stock after selling 62,381 shares during the period. Glenmede Trust Co. NA’s holdings in Steel Dynamics were worth $280,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. National Bank of Canada FI grew its stake 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 during the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in Steel Dynamics by 65.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 571,787 shares of the basic materials company’s stock worth $74,064,000 after buying an additional 225,832 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Steel Dynamics in the 2nd quarter worth $24,670,000. Ninety One UK Ltd increased its stake in shares of Steel Dynamics by 148.2% during the second quarter. Ninety One UK Ltd now owns 253,828 shares of the basic materials company’s stock worth $32,871,000 after acquiring an additional 151,546 shares during the period. Finally, Pacer Advisors Inc. increased its stake in shares of Steel Dynamics by 7.0% during the second quarter. Pacer Advisors Inc. now owns 2,138,157 shares of the basic materials company’s stock worth $276,891,000 after acquiring an additional 140,042 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insider Activity

In other Steel Dynamics news, VP Chad Bickford sold 2,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $134.86, for a total transaction of $269,720.00. Following the sale, the vice president now directly owns 17,100 shares of the company’s stock, valued at $2,306,106. This trade represents a 10.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Glenn Pushis sold 17,941 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the senior vice president now directly owns 146,693 shares of the company’s stock, valued at approximately $19,523,371.37. This represents a 10.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,591 shares of company stock worth $3,885,938 over the last three months. 6.00% of the stock is currently owned by corporate insiders.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $138.70 on Friday. The company has a current ratio of 2.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $21.12 billion, a P/E ratio of 12.79 and a beta of 1.31. The firm has a 50-day moving average price of $136.27 and a two-hundred day moving average price of $127.98. Steel Dynamics, Inc. has a twelve month low of $104.60 and a twelve month high of $155.56.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, topping 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 business 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 posted $3.47 EPS. The company’s revenue was down 5.4% on a year-over-year basis. As a group, research analysts expect that Steel Dynamics, Inc. will post 10.1 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have issued reports on STLD shares. JPMorgan Chase & Co. boosted their target price on Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. The Goldman Sachs Group began coverage on Steel Dynamics in a report on Monday. They set a “neutral” rating and a $155.00 price objective on the stock. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and raised their target price for the company from $140.00 to $155.00 in a report on Tuesday, October 1st. Morgan Stanley lowered their price target on shares of 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. Finally, BMO Capital Markets raised their price objective on shares of Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research note on Friday, October 18th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $145.63.

Steel Dynamics Company Profile

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.