AEGON ASSET MANAGEMENT UK Plc Sells 22,019 Shares of Steel Dynamics, Inc. $STLD

Key Points

• AEGON ASSET MANAGEMENT UK Plc trimmed its Steel Dynamics stake by 7.9% in the first quarter, selling 22,019 shares and ending with 257,874 shares valued at about $46.2 million.
• Wall Street remains cautiously bullish on Steel Dynamics, with a consensus “Moderate Buy” rating and an average price target of $227.18, though some analysts have higher targets as high as $270.
• The company reported mixed quarterly results: EPS of $2.78 narrowly missed estimates and revenue of $5.20 billion fell short of expectations, even as sales rose 19.1% from a year earlier; Steel Dynamics also announced a quarterly dividend of $0.53 per share.

AEGON ASSET MANAGEMENT UK Plc decreased its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 7.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 257,874 shares of the basic materials company's stock after selling 22,019 shares during the quarter. AEGON ASSET MANAGEMENT UK Plc owned 0.18% of Steel Dynamics worth $46,222,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. NewEdge Advisors LLC grew its holdings in shares of Steel Dynamics by 307.5% during the first quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company's stock worth $102,000 after buying an additional 618 shares in the last quarter. Acadian Asset Management LLC raised its position in Steel Dynamics by 82.7% in the 1st quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company's stock valued at $435,000 after buying an additional 1,578 shares during the last quarter. Jump Financial LLC acquired a new stake in Steel Dynamics in the 2nd quarter valued at approximately $1,019,000. Qube Research & Technologies Ltd bought a new stake in Steel Dynamics in the 2nd quarter valued at approximately $48,746,000. Finally, Sei Investments Co. lifted its stake in Steel Dynamics by 7.9% in the 2nd quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company's stock valued at $13,447,000 after acquiring an additional 7,712 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

STLD has been the subject of several research reports. Jefferies Financial Group reaffirmed a "buy" rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. KeyCorp lifted their price objective on shares of Steel Dynamics from $190.00 to $241.00 and gave the company an "overweight" rating in a report on Wednesday, April 22nd. Citigroup boosted their price objective on shares of Steel Dynamics from $180.00 to $255.00 and gave the stock a "buy" rating in a research report on Wednesday, April 22nd. Morgan Stanley restated an "underperform" rating and set a $190.00 target price on shares of Steel Dynamics in a report on Tuesday, March 17th. Finally, Barclays assumed coverage on shares of Steel Dynamics in a research report on Thursday, May 21st. They issued an "overweight" rating and a $270.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Steel Dynamics has a consensus rating of "Moderate Buy" and a consensus target price of $227.18.

Insider Activity

In related news, SVP James Stanley Anderson sold 10,000 shares of the firm's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the completion of the transaction, the senior vice president directly owned 102,837 shares of the company's stock, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kenneth W. Cornew sold 5,000 shares of the business's stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the transaction, the director owned 31,299 shares in the company, valued at approximately $7,038,206.13. The trade was a 13.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 22,125 shares of company stock valued at $5,438,226 over the last three months. Corporate insiders own 6.60% of the company's stock.

Steel Dynamics Stock Performance

Shares of NASDAQ STLD opened at $249.91 on Friday. The stock has a 50 day moving average price of $239.04 and a 200 day moving average price of $200.11. Steel Dynamics, Inc. has a 52 week low of $119.89 and a 52 week high of $288.74. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. The stock has a market capitalization of $36.17 billion, a PE ratio of 26.73, a price-to-earnings-growth ratio of 0.50 and a beta of 1.50.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing analysts' consensus estimates of $2.79 by ($0.01). The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The firm's revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.44 earnings per share. Analysts predict that Steel Dynamics, Inc. will post 15.67 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Steel Dynamics's dividend payout ratio is presently 22.67%.

About Steel Dynamics

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company's product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.

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