BTC Capital Management Inc. Raises Position in Steel Dynamics, Inc. $STLD

Key Points

• BTC Capital Management Inc. raised its stake in Steel Dynamics by 10.4%, owning approximately $10.69 million in shares after acquiring an additional 7,915 shares in the second quarter.
• Multiple hedge funds have increased their stakes in Steel Dynamics, with institutional investors now owning over 82.41% of the company's stock.
• Steel Dynamics reported earnings per share of $2.01, missing estimates, and announced a quarterly dividend of $0.50 per share, reflecting a 1.4% dividend yield.

BTC Capital Management Inc. raised its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 10.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,818 shares of the basic materials company's stock after acquiring an additional 7,915 shares during the quarter. BTC Capital Management Inc. owned about 0.06% of Steel Dynamics worth $10,694,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of STLD. Farther Finance Advisors LLC raised its holdings in shares of Steel Dynamics by 133.1% during the second quarter. Farther Finance Advisors LLC now owns 3,578 shares of the basic materials company's stock valued at $458,000 after purchasing an additional 2,043 shares during the period. Wedge Capital Management L L P NC raised its holdings in shares of Steel Dynamics by 4.0% during the second quarter. Wedge Capital Management L L P NC now owns 51,913 shares of the basic materials company's stock valued at $6,645,000 after purchasing an additional 1,989 shares during the period. Harbour Capital Advisors LLC raised its holdings in shares of Steel Dynamics by 0.5% during the second quarter. Harbour Capital Advisors LLC now owns 14,828 shares of the basic materials company's stock valued at $1,988,000 after purchasing an additional 80 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Steel Dynamics by 4.3% during the second quarter. Assenagon Asset Management S.A. now owns 26,089 shares of the basic materials company's stock valued at $3,340,000 after purchasing an additional 1,064 shares during the period. Finally, TCV Trust & Wealth Management Inc. acquired a new position in shares of Steel Dynamics during the second quarter valued at about $202,000. Institutional investors own 82.41% of the company's stock.

Steel Dynamics Stock Down 1.8%

NASDAQ:STLD traded down $2.56 on Tuesday, hitting $136.52. The stock had a trading volume of 665,130 shares, compared to its average volume of 1,582,763. 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 cap of $20.10 billion, a P/E ratio of 19.88, a price-to-earnings-growth ratio of 1.13 and a beta of 1.40. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56. The firm's fifty day simple moving average is $129.89 and its two-hundred day simple moving average is $128.39.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings data on Monday, July 21st. The basic materials company reported $2.01 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.04). The firm had revenue of $4.57 billion during the quarter, compared to analysts' expectations of $4.82 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The company's quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the business posted $2.72 EPS. Analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be paid a $0.50 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.00 annualized dividend and a yield of 1.5%. Steel Dynamics's dividend payout ratio (DPR) is 29.15%.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Christopher A. Graham sold 12,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the completion of the sale, the senior vice president owned 66,738 shares in the company, valued at $8,456,371.98. This trade represents a 15.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on STLD. JPMorgan Chase & Co. upped their price objective 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. Morgan Stanley upped their price objective on shares of Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Finally, Wells Fargo & Company upped their price objective on shares of Steel Dynamics from $143.00 to $150.00 and gave the company an "overweight" rating in a report on Monday, September 15th. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $149.40.

Steel Dynamics Company Profile

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.