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

Several other hedge funds and other institutional investors also recently modified their holdings of STLD. Victory Capital Management Inc. increased its stake in shares of Steel Dynamics by 433.1% in the 1st quarter. Victory Capital Management Inc. now owns 1,816,525 shares of the basic materials company's stock valued at $227,211,000 after purchasing an additional 1,475,767 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Steel Dynamics by 25.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,066,300 shares of the basic materials company's stock valued at $883,854,000 after purchasing an additional 1,437,897 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of Steel Dynamics by 531.0% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,191,669 shares of the basic materials company's stock valued at $149,054,000 after purchasing an additional 1,002,813 shares during the last quarter. Nuveen LLC bought a new position in shares of Steel Dynamics in the 1st quarter valued at $62,470,000. Finally, GAMMA Investing LLC increased its stake in shares of Steel Dynamics by 18,398.4% in the 1st quarter. GAMMA Investing LLC now owns 447,661 shares of the basic materials company's stock valued at $55,993,000 after purchasing an additional 445,241 shares during the last quarter. Institutional investors own 82.41% of the company's stock.

Insider Buying and Selling

In related news, SVP Christopher A. Graham sold 12,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total value of $1,520,520.00. Following the completion of the sale, the senior vice president directly owned 66,738 shares of the company's stock, valued at $8,456,371.98. The trade was a 15.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 6.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on STLD. Wells Fargo & Company lifted their price target on Steel Dynamics from $143.00 to $150.00 and gave the company an "overweight" rating in a research note on Monday, September 15th. Morgan Stanley raised their price objective on Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Finally, JPMorgan Chase & Co. raised their price objective on Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $149.40.

Steel Dynamics Trading Down 0.1%

Shares of NASDAQ:STLD traded down $0.20 during midday trading on Monday, reaching $139.07. The company's stock had a trading volume of 1,859,639 shares, compared to its average volume of 1,587,677. The firm has a market capitalization of $20.47 billion, a price-to-earnings ratio of 20.27, a PEG ratio of 1.13 and a beta of 1.40. 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 firm has a 50 day moving average price of $129.77 and a two-hundred day moving average price of $128.29. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $155.56.

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

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Steel Dynamics's payout ratio is currently 29.15%.

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.