Corient Private Wealth LP Sells 10,057 Shares of Steel Dynamics, Inc. $STLD

Key Points

• Corient Private Wealth reduced its Steel Dynamics stake by 21.6% in the second quarter, selling 10,057 shares and retaining 36,549 shares valued at approximately $8.4 million. Institutional investors collectively own 82.41% of the company.
• Analysts maintain a generally positive outlook, with eight Buy ratings and four Hold ratings. Steel Dynamics has a “Moderate Buy” consensus rating and an average price target of $257.27.
• Steel Dynamics exceeded quarterly expectations, reporting $3.69 in earnings per share and $6.09 billion in revenue, while revenue increased 33.4% year over year. The company also declared a quarterly dividend of $0.53 per share, representing a 0.9% yield.

Corient Private Wealth LP lessened its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 21.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 36,549 shares of the basic materials company's stock after selling 10,057 shares during the quarter. Corient Private Wealth LP's holdings in Steel Dynamics were worth $8,387,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Meeder Asset Management Inc. bought a new stake in Steel Dynamics during the 2nd quarter valued at approximately $26,000. Prosperity Bancshares Inc bought a new stake in Steel Dynamics in the fourth quarter worth $25,000. MV Capital Management Inc. purchased a new stake in Steel Dynamics during the fourth quarter valued at $27,000. Cedar Mountain Advisors LLC purchased a new stake in Steel Dynamics during the first quarter valued at $31,000. Finally, Toews Corp ADV bought a new position in Steel Dynamics during the second quarter valued at $43,000. 82.41% of the stock is currently owned by institutional investors.

Insider Transactions at Steel Dynamics

In related news, SVP James Stanley Anderson sold 10,000 shares of the firm's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the transaction, the senior vice president directly owned 102,837 shares of the company's stock, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 6.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on STLD shares. Weiss Ratings raised shares of Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, June 18th. Wells Fargo & Company reduced their price objective on Steel Dynamics from $275.00 to $255.00 and set an "overweight" rating on the stock in a report on Monday, August 24th. UBS Group lifted their price objective on Steel Dynamics from $165.00 to $276.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Morgan Stanley dropped their target price on shares of Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 22nd. Finally, Barclays raised their target price on shares of Steel Dynamics from $270.00 to $272.00 and gave the company an "overweight" rating in a research report on Wednesday, July 22nd. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $257.27.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $234.66 on Monday. Steel Dynamics, Inc. has a twelve month low of $126.88 and a twelve month high of $288.74. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. The company has a market cap of $33.63 billion, a PE ratio of 21.27, a price-to-earnings-growth ratio of 0.44 and a beta of 1.52. The company's 50 day moving average is $242.07 and its 200 day moving average is $223.77.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating the consensus estimate of $3.63 by $0.06. The business had revenue of $6.09 billion during the quarter, compared to analysts' expectations of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The business's quarterly revenue was up 33.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.01 EPS. On average, sell-side analysts forecast that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Steel Dynamics's dividend payout ratio is presently 19.22%.

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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