Banco Bilbao Vizcaya Argentaria S.A. Sells 23,286 Shares of Steel Dynamics, Inc. $STLD

Key Points

• Banco Bilbao Vizcaya Argentaria S.A. reduced its stake in Steel Dynamics, Inc. by 67.8%, holding 11,048 shares valued at approximately $1.38 million after selling 23,286 shares.
• JPMorgan and Morgan Stanley have increased their price targets for Steel Dynamics to $150 and $145 respectively, reflecting a generally positive outlook, while Wells Fargo upgraded it to a "strong-buy" rating.
• Steel Dynamics announced a quarterly dividend of $0.50, translating to an annualized dividend yield of 1.5%, with a dividend payout ratio of 29.15%.

Banco Bilbao Vizcaya Argentaria S.A. decreased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 67.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,048 shares of the basic materials company's stock after selling 23,286 shares during the period. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in Steel Dynamics were worth $1,380,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Financial Gravity Asset Management Inc. purchased a new position in Steel Dynamics in the 1st quarter worth approximately $25,000. Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Steel Dynamics by 493.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company's stock worth $25,000 after buying an additional 163 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of Steel Dynamics in the first quarter worth $32,000. Grove Bank & Trust grew its stake in Steel Dynamics by 194.7% during the first quarter. Grove Bank & Trust now owns 277 shares of the basic materials company's stock valued at $35,000 after acquiring an additional 183 shares in the last quarter. Finally, Wayfinding Financial LLC bought a new stake in Steel Dynamics in the 1st quarter valued at $36,000. Hedge funds and other institutional investors own 82.41% of the company's stock.

Insider Activity at Steel Dynamics

In other news, Director Gabriel Shaheen sold 1,254 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $134.11, for a total transaction of $168,173.94. Following the transaction, the director owned 81,812 shares of the company's stock, valued at approximately $10,971,807.32. This represents a 1.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Christopher A. Graham sold 12,000 shares of the firm's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total value of $1,520,520.00. Following the transaction, the senior vice president owned 66,738 shares in the company, valued at approximately $8,456,371.98. This represents a 15.24% decrease in their position. The disclosure for this sale can be found here. 6.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on STLD. Morgan Stanley increased their price target on Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Finally, Wells Fargo & Company raised shares of Steel Dynamics to a "strong-buy" rating in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Steel Dynamics presently has an average rating of "Moderate Buy" and an average price target of $148.70.

Steel Dynamics Trading Up 1.0%

NASDAQ STLD traded up $1.26 during trading on Wednesday, hitting $132.99. The stock had a trading volume of 313,441 shares, compared to its average volume of 1,610,607. The stock has a 50 day simple moving average of $129.12 and a 200 day simple moving average of $128.26. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $155.56. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 3.13. The stock has a market capitalization of $19.58 billion, a price-to-earnings ratio of 19.37, a P/E/G ratio of 1.08 and a beta of 1.38.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its earnings results on Monday, July 21st. The basic materials company reported $2.01 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.04). The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.82 billion. Steel Dynamics had a return on equity of 11.88% and a net margin of 6.07%.The firm's revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.72 earnings per share. Sell-side analysts predict that Steel Dynamics, Inc. will post 9.01 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, October 10th. Investors of record on Tuesday, September 30th will be issued a $0.50 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.5%. Steel Dynamics's payout ratio is presently 29.15%.

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.