Brandywine Global Investment Management LLC Sells 46,167 Shares of Steel Dynamics, Inc. $STLD

Key Points

• Brandywine Global Investment Management cut its Steel Dynamics stake by 27.7% in Q4, selling 46,167 shares and ending with 120,300 shares worth about $20.4 million.
• Steel Dynamics reported Q1 earnings of $2.78 per share, just below analyst expectations, while revenue of $5.20 billion also missed estimates; however, revenue was still up 19.1% year over year.
• The company announced a quarterly dividend of $0.53 per share, payable July 10, and Wall Street currently has a Moderate Buy consensus with an average price target of $224.64.

Brandywine Global Investment Management LLC lowered its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 27.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 120,300 shares of the basic materials company's stock after selling 46,167 shares during the period. Brandywine Global Investment Management LLC owned about 0.08% of Steel Dynamics worth $20,385,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fisher Asset Management LLC lifted its stake in shares of Steel Dynamics by 47.2% in the 3rd quarter. Fisher Asset Management LLC now owns 34,878 shares of the basic materials company's stock valued at $4,863,000 after acquiring an additional 11,183 shares during the last quarter. Strs Ohio lifted its stake in shares of Steel Dynamics by 7.3% in the 4th quarter. Strs Ohio now owns 153,878 shares of the basic materials company's stock valued at $26,075,000 after acquiring an additional 10,519 shares during the last quarter. Concentric Capital Strategies LP bought a new stake in shares of Steel Dynamics in the 3rd quarter valued at about $24,349,000. Robeco Institutional Asset Management B.V. lifted its stake in shares of Steel Dynamics by 3.7% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company's stock valued at $340,289,000 after acquiring an additional 72,122 shares during the last quarter. Finally, Lansforsakringar Fondforvaltning AB publ lifted its stake in shares of Steel Dynamics by 16.4% in the 3rd quarter. Lansforsakringar Fondforvaltning AB publ now owns 47,912 shares of the basic materials company's stock valued at $6,680,000 after acquiring an additional 6,738 shares during the last quarter. Institutional investors own 82.41% of the company's stock.

Steel Dynamics Stock Down 0.5%

Shares of NASDAQ:STLD opened at $267.20 on Tuesday. Steel Dynamics, Inc. has a 1 year low of $119.89 and a 1 year high of $280.49. The company has a market cap of $38.67 billion, a PE ratio of 28.58, a P/E/G ratio of 0.57 and a beta of 1.50. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33. The stock's 50-day moving average is $222.85 and its 200 day moving average is $193.61.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.79 by ($0.01). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The business had revenue of $5.20 billion for the quarter, compared to analysts' expectations of $5.39 billion. During the same quarter in the prior year, the firm earned $1.44 EPS. The firm's revenue for the quarter was up 19.1% on a year-over-year basis. Sell-side analysts anticipate that Steel Dynamics, Inc. will post 14.77 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.53 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.8%. Steel Dynamics's dividend payout ratio is 22.67%.

Wall Street Analysts Forecast Growth

STLD has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their target price on Steel Dynamics from $192.00 to $205.00 and gave the company a "neutral" rating in a research note on Tuesday, April 14th. Jefferies Financial Group reissued a "buy" rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. Morgan Stanley restated an "underperform" rating and set a $190.00 price target on shares of Steel Dynamics in a report on Tuesday, March 17th. Barclays started coverage on Steel Dynamics in a report on Thursday, May 21st. They set an "overweight" rating and a $270.00 price target on the stock. Finally, KeyCorp boosted their price target on Steel Dynamics from $190.00 to $241.00 and gave the company an "overweight" rating in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $224.64.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, SVP Miguel Alvarez sold 4,825 shares of the company's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the transaction, the senior vice president owned 122,257 shares in the company, valued at approximately $27,578,734.06. This represents a 3.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP James Stanley Anderson sold 10,000 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the transaction, the senior vice president owned 102,837 shares in the company, valued at $27,632,301.90. This trade represents a 8.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 22,125 shares of company stock worth $5,438,227 over the last quarter. Insiders own 6.60% of the company's stock.

Steel Dynamics Profile

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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