Allianz Asset Management GmbH Sells 9,363 Shares of Steel Dynamics, Inc. $STLD

Key Points

• Allianz Asset Management reduced its Steel Dynamics stake by 2.7%, selling 9,363 shares and retaining 335,099 shares worth approximately $76.9 million. Institutional investors collectively own 82.41% of the company.
• Steel Dynamics reported quarterly earnings of $3.69 per share, beating estimates of $3.63, while revenue rose 33.4% year over year to $6.09 billion.
• The company declared a quarterly dividend of $0.53 per share, or $2.12 annualized, representing a 0.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $257.27.

Allianz Asset Management GmbH lowered its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 2.7% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 335,099 shares of the basic materials company's stock after selling 9,363 shares during the period. Allianz Asset Management GmbH owned 0.23% of Steel Dynamics worth $76,892,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Prosperity Bancshares Inc bought a new stake in Steel Dynamics during the 4th quarter valued at about $25,000. Meeder Asset Management Inc. bought a new position in shares of Steel Dynamics in the second quarter worth approximately $26,000. MV Capital Management Inc. purchased a new stake in shares of Steel Dynamics during the fourth quarter valued at approximately $27,000. Cedar Mountain Advisors LLC purchased a new stake in shares of Steel Dynamics during the first quarter valued at approximately $31,000. Finally, NBH Bank bought a new stake in shares of Steel Dynamics during the second quarter valued at approximately $31,000. Hedge funds and other institutional investors own 82.41% of the company's stock.

Steel Dynamics Price Performance

NASDAQ STLD opened at $242.06 on Tuesday. The business's fifty day moving average is $241.62 and its 200 day moving average is $225.62. Steel Dynamics, Inc. has a fifty-two week low of $129.41 and a fifty-two week high of $288.74. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. The company has a market capitalization of $34.69 billion, a PE ratio of 21.95, a price-to-earnings-growth ratio of 0.46 and a beta of 1.50.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, topping analysts' consensus estimates of $3.63 by $0.06. The business had revenue of $6.09 billion during the quarter, compared to analysts' expectations of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The business's quarterly revenue was up 33.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.01 earnings per share. Sell-side analysts predict that Steel Dynamics, Inc. will post 17.16 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics's payout ratio is presently 19.22%.

Analyst Upgrades and Downgrades

STLD has been the subject of a number of recent analyst reports. Barclays boosted their price objective on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an "overweight" rating in a report on Wednesday, July 22nd. Wells Fargo & Company reduced their price objective on Steel Dynamics from $275.00 to $255.00 and set an "overweight" rating for the company in a report on Monday, August 24th. Morgan Stanley decreased their target price on Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 22nd. KeyCorp restated an "overweight" rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Finally, Bank of America dropped their target price on shares of Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating on the stock in a report on Thursday, July 9th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $257.27.

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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