BTC Capital Management Inc. Sells 8,540 Shares of Steel Dynamics, Inc. $STLD

Key Points

• BTC Capital Management reduced its Steel Dynamics stake by 10.5% in the first quarter, selling 8,540 shares and ending with 72,664 shares worth about $13.1 million.
• Wall Street sentiment remains positive, with multiple analysts raising price targets; the consensus rating is “Moderate Buy” and the average target price is $236.36.
• Insiders have also been selling, including SVP James Stanley Anderson and SVP Miguel Alvarez, while the company recently declared a quarterly dividend of $0.53 per share.

BTC Capital Management Inc. trimmed its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 10.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 72,664 shares of the basic materials company's stock after selling 8,540 shares during the quarter. BTC Capital Management Inc. owned about 0.05% of Steel Dynamics worth $13,076,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Prosperity Bancshares Inc acquired a new stake in Steel Dynamics in the 4th quarter worth approximately $25,000. MV Capital Management Inc. acquired a new position in Steel Dynamics during the fourth quarter valued at approximately $27,000. Sound Income Strategies LLC grew its holdings in Steel Dynamics by 1,500.0% during the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company's stock valued at $28,000 after purchasing an additional 150 shares during the last quarter. DV Equities LLC bought a new position in shares of Steel Dynamics in the fourth quarter valued at approximately $33,000. Finally, Torren Management LLC bought a new position in shares of Steel Dynamics in the fourth quarter valued at approximately $34,000. Institutional investors own 82.41% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on STLD shares. Weiss Ratings upgraded shares of Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, June 18th. KeyCorp boosted their target price on shares of Steel Dynamics from $241.00 to $262.00 and gave the stock an "overweight" rating in a research report on Wednesday. Citigroup upped their price target on shares of Steel Dynamics from $180.00 to $255.00 and gave the company a "buy" rating in a report on Wednesday, April 22nd. JPMorgan Chase & Co. raised their price target on Steel Dynamics from $192.00 to $205.00 and gave the company a "neutral" rating in a research report on Tuesday, April 14th. Finally, Wells Fargo & Company cut their price objective on Steel Dynamics from $293.00 to $291.00 and set an "overweight" rating for the company in a research report on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Steel Dynamics currently has a consensus rating of "Moderate Buy" and a consensus price target of $236.36.

Insider Transactions at Steel Dynamics

In related news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the sale, the senior vice president directly owned 102,837 shares of the company's stock, valued at $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Miguel Alvarez sold 4,825 shares of the business's stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total value of $1,088,423.50. Following the transaction, the senior vice president owned 122,257 shares in the company, valued at $27,578,734.06. This represents a 3.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,125 shares of company stock valued at $5,438,226 in the last ninety days. 6.60% of the stock is owned by corporate insiders.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $241.43 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33. Steel Dynamics, Inc. has a one year low of $119.89 and a one year high of $288.74. The company has a fifty day moving average price of $242.24 and a 200 day moving average price of $201.95. The stock has a market cap of $34.94 billion, a P/E ratio of 25.82, a PEG ratio of 0.49 and a beta of 1.50.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same quarter in the prior year, the business earned $1.44 earnings per share. The business's revenue for the quarter was up 19.1% on a year-over-year basis. Analysts anticipate that Steel Dynamics, Inc. will post 16.32 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Tuesday, June 30th. Steel Dynamics's dividend payout ratio (DPR) is presently 22.67%.

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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