Burney Co. Lowers Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Key Points

• Burney Co. has reduced its stake in Steel Dynamics by 29.2%, now holding 5,520 shares valued at $690,000 after selling 2,279 shares in the first quarter.
• Steel Dynamics reported an EPS of $2.01 for the last quarter, missing estimates, with a revenue of $4.57 billion, down 1.5% from the previous year.
• The company declared a quarterly dividend of $0.50 per share, yielding 1.53%, with a payout ratio of 29.15%.

Burney Co. trimmed its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 29.2% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,520 shares of the basic materials company's stock after selling 2,279 shares during the period. Burney Co.'s holdings in Steel Dynamics were worth $690,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. purchased a new stake in shares of Steel Dynamics during the first quarter worth $25,000. Grove Bank & Trust increased its holdings in Steel Dynamics by 194.7% in the first quarter. Grove Bank & Trust now owns 277 shares of the basic materials company's stock valued at $35,000 after buying an additional 183 shares during the last quarter. Wayfinding Financial LLC purchased a new position in Steel Dynamics in the first quarter valued at $36,000. Bartlett & CO. Wealth Management LLC purchased a new position in Steel Dynamics in the first quarter valued at $38,000. Finally, Investment Management Corp VA ADV purchased a new position in Steel Dynamics in the fourth quarter valued at $40,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Gabriel Shaheen sold 1,254 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $134.11, for a total transaction of $168,173.94. Following the completion of the transaction, the director directly owned 81,812 shares of the company's stock, valued at $10,971,807.32. This trade represents a 1.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Miguel Alvarez sold 7,495 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $135.26, for a total transaction of $1,013,773.70. Following the transaction, the senior vice president directly owned 125,319 shares of the company's stock, valued at approximately $16,950,647.94. This trade represents a 5.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.30% of the company's stock.

Analysts Set New Price Targets

STLD has been the topic of several recent analyst reports. BMO Capital Markets raised Steel Dynamics from a "market perform" rating to an "outperform" rating and increased their target price for the company from $135.00 to $145.00 in a report on Monday, March 31st. Morgan Stanley increased their target price on Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a report on Friday, June 20th. JPMorgan Chase & Co. increased their target price on Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Finally, Wall Street Zen lowered Steel Dynamics from a "hold" rating to a "sell" rating in a report on Friday, April 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $149.33.

Steel Dynamics Stock Performance

Shares of STLD traded up $4.00 during mid-day trading on Friday, hitting $130.83. 1,031,232 shares of the company's stock were exchanged, compared to its average volume of 1,284,208. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $155.56. The firm has a market capitalization of $19.42 billion, a P/E ratio of 19.07, a P/E/G ratio of 1.06 and a beta of 1.37. The business's 50 day moving average is $131.27 and its two-hundred day moving average is $128.05. The company has a current ratio of 3.13, a quick ratio of 1.38 and a debt-to-equity ratio of 0.43.

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

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Monday, June 30th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.53%. Steel Dynamics's payout ratio is 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.