Atlantic Union Bankshares Corp Sells 3,000 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Atlantic Union Bankshares Corp decreased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 8.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 31,000 shares of the basic materials company’s stock after selling 3,000 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Steel Dynamics were worth $3,536,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of STLD. Wilmington Savings Fund Society FSB bought a new position in Steel Dynamics in the 3rd quarter valued at $25,000. ORG Wealth Partners LLC bought a new stake in shares of Steel Dynamics during the fourth quarter worth $28,000. Private Trust Co. NA raised its position in shares of Steel Dynamics by 532.6% during the third quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 245 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in shares of Steel Dynamics during the fourth quarter worth $48,000. Finally, Brooklyn Investment Group bought a new stake in shares of Steel Dynamics during the third quarter worth $61,000. Institutional investors own 82.41% of the company’s stock.

Insider Transactions at Steel Dynamics

In related news, SVP Glenn Pushis sold 23,649 shares of the company’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total transaction of $3,184,810.83. Following the sale, the senior vice president now owns 122,140 shares in the company, valued at approximately $16,448,593.80. This represents a 16.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 6.00% of the stock is owned by insiders.

Analyst Ratings Changes

STLD has been the subject of a number of recent research reports. BNP Paribas upgraded Steel Dynamics from a “neutral” rating to an “outperform” rating in a research report on Friday, January 3rd. Morgan Stanley upgraded Steel Dynamics from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $145.00 to $158.00 in a research report on Friday. KeyCorp upgraded Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $155.00 target price for the company in a research report on Tuesday, February 11th. Jefferies Financial Group upgraded Steel Dynamics from a “hold” rating to a “buy” rating and boosted their target price for the stock from $125.00 to $145.00 in a research report on Friday, January 24th. Finally, StockNews.com upgraded Steel Dynamics from a “sell” rating to a “hold” rating in a report on Thursday. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Steel Dynamics has an average rating of “Moderate Buy” and a consensus target price of $147.67.

Steel Dynamics Stock Down 0.2 %

NASDAQ:STLD opened at $125.03 on Friday. The company has a current ratio of 2.53, a quick ratio of 1.08 and a debt-to-equity ratio of 0.32. The stock has a market cap of $18.78 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.05 and a beta of 1.34. The stock has a 50-day moving average price of $126.25 and a two-hundred day moving average price of $127.60. Steel Dynamics, Inc. has a 1 year low of $104.60 and a 1 year high of $155.56.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, January 22nd. The basic materials company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.33). Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. During the same period last year, the firm earned $2.61 EPS. As a group, equities analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics announced that its board has initiated a stock repurchase program on Monday, February 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the basic materials company to buy up to 7.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Steel Dynamics Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be given a dividend of $0.50 per share. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a dividend yield of 1.60%. The ex-dividend date is Monday, March 31st. Steel Dynamics’s dividend payout ratio is currently 20.41%.

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.