Contravisory Investment Management Inc. Buys Shares of 5,929 Steel Dynamics, Inc. $STLD

Key Points

• Contravisory Investment Management opened a new position in Steel Dynamics, buying 5,929 shares in the first quarter worth about $1.07 million.
• Steel Dynamics reported Q1 EPS of $2.78, just below estimates, on $5.20 billion in revenue; revenue still rose 19.1% year over year.
• The company declared a quarterly dividend of $0.53 per share payable July 10, while analysts remain broadly constructive with a Moderate Buy consensus and an average price target of $236.36.

Contravisory Investment Management Inc. purchased a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,929 shares of the basic materials company's stock, valued at approximately $1,067,000.

A number of other institutional investors have also modified their holdings of the company. Fisher Asset Management LLC grew its stake in Steel Dynamics by 47.2% during 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 purchasing an additional 11,183 shares during the last quarter. Strs Ohio raised its stake in shares of Steel Dynamics by 7.3% in the fourth quarter. Strs Ohio now owns 153,878 shares of the basic materials company's stock worth $26,075,000 after purchasing an additional 10,519 shares during the last quarter. Concentric Capital Strategies LP acquired a new stake in shares of Steel Dynamics during the third quarter worth about $24,349,000. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Steel Dynamics by 3.7% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company's stock worth $340,289,000 after purchasing an additional 72,122 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Steel Dynamics by 1.0% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,046,791 shares of the basic materials company's stock valued at $145,953,000 after buying an additional 10,537 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other 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 completion of the transaction, the senior vice president directly owned 122,257 shares of the company's stock, valued at $27,578,734.06. This represents a 3.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Richard A. Poinsatte sold 2,300 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total value of $538,453.00. Following the transaction, the senior vice president owned 28,618 shares in the company, valued at $6,699,759.98. This trade represents a 7.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 22,125 shares of company stock worth $5,438,226. Company insiders own 6.60% of the company's stock.

Steel Dynamics Stock Up 4.0%

Shares of STLD stock opened at $251.00 on Friday. Steel Dynamics, Inc. has a twelve month low of $119.89 and a twelve month high of $288.74. The stock has a market cap of $36.32 billion, a P/E ratio of 26.84, a P/E/G ratio of 0.47 and a beta of 1.50. The stock has a 50 day moving average of $243.35 and a 200 day moving average of $202.56. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46.

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 return on equity of 15.54% and a net margin of 7.22%.The firm had revenue of $5.20 billion for the quarter, compared to analysts' expectations of $5.39 billion. During the same period last year, the company posted $1.44 earnings per share. The business's quarterly revenue was up 19.1% on a year-over-year basis. As a group, sell-side analysts expect that Steel Dynamics, Inc. will post 16.91 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be given 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 yield of 0.8%. Steel Dynamics's dividend payout ratio is currently 22.67%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Barclays initiated coverage on shares of Steel Dynamics in a report on Thursday, May 21st. They issued an "overweight" rating and a $270.00 price target on the stock. Jefferies Financial Group reaffirmed a "buy" rating on shares of Steel Dynamics in a report on Tuesday, March 17th. BMO Capital Markets increased their price objective on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 22nd. KeyCorp increased their price objective on shares of Steel Dynamics from $241.00 to $262.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, Morgan Stanley boosted their target price on shares of Steel Dynamics from $227.00 to $270.00 and gave the company an "equal weight" rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $236.36.

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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