MetLife Investment Management LLC Sells 2,010 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

MetLife Investment Management LLC lowered its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 5.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 37,400 shares of the basic materials company’s stock after selling 2,010 shares during the quarter. MetLife Investment Management LLC’s holdings in Steel Dynamics were worth $4,715,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of STLD. Innealta Capital LLC acquired a new position in shares of Steel Dynamics in the 2nd quarter valued at $33,000. Private Trust Co. NA lifted its holdings in shares of Steel Dynamics by 532.6% during the 3rd quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 245 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Steel Dynamics in the 2nd quarter valued at approximately $41,000. Cullen Frost Bankers Inc. increased its stake in Steel Dynamics by 33.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 100 shares in the last quarter. Finally, HHM Wealth Advisors LLC acquired a new stake in Steel Dynamics during the 2nd quarter worth approximately $52,000. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Performance

NASDAQ STLD opened at $145.27 on Monday. The firm has a 50-day moving average price of $135.06 and a two-hundred day moving average price of $127.82. Steel Dynamics, Inc. has a 12-month low of $104.60 and a 12-month high of $155.56. The company has a market capitalization of $22.12 billion, a P/E ratio of 13.15 and a beta of 1.31. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31.

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, beating the consensus estimate of $1.98 by $0.07. The business had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.18 billion. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.47 earnings per share. Analysts anticipate that Steel Dynamics, Inc. will post 10.1 earnings per share for the current year.

Steel Dynamics Announces Dividend

The company 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 dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is presently 16.65%.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, SVP Glenn Pushis sold 17,941 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the transaction, the senior vice president now directly owns 146,693 shares in the company, valued at approximately $19,523,371.37. This trade represents a 10.90 % 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. Also, SVP Miguel Alvarez sold 6,650 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $143.00, for a total value of $950,950.00. Following the sale, the senior vice president now owns 116,949 shares in the company, valued at approximately $16,723,707. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,591 shares of company stock valued at $3,885,938. 6.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

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.