Edgestream Partners L.P. Sells 8,009 Shares of Steel Dynamics, Inc. $STLD

Key Points

• Edgestream Partners reduced its Steel Dynamics position by 45.1%, selling 8,009 shares and retaining 9,754 shares valued at approximately $1.76 million. Institutional investors collectively own 82.41% of the company.
• Steel Dynamics reported stronger-than-expected quarterly results, with earnings per share of $3.69 versus a $3.63 consensus estimate and revenue of $6.09 billion, up 33.4% year over year.
• The stock was trading at $258.38, while analysts maintained a “Moderate Buy” consensus rating with an average price target of $249. The company also paid a quarterly dividend of $0.53 per share, yielding 0.8%.

Edgestream Partners L.P. cut its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 45.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,754 shares of the basic materials company's stock after selling 8,009 shares during the period. Edgestream Partners L.P.'s holdings in Steel Dynamics were worth $1,756,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of STLD. Prosperity Bancshares Inc acquired a new stake in shares of Steel Dynamics during the 4th quarter worth approximately $25,000. MV Capital Management Inc. acquired a new position in Steel Dynamics in the fourth quarter valued at approximately $27,000. Sound Income Strategies LLC lifted its holdings in Steel Dynamics by 1,500.0% in the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company's stock valued at $28,000 after buying an additional 150 shares during the period. Cedar Mountain Advisors LLC bought a new position in Steel Dynamics in the first quarter valued at approximately $31,000. Finally, DV Equities LLC bought a new position in Steel Dynamics in the fourth quarter valued at approximately $33,000. Institutional investors own 82.41% of the company's stock.

Steel Dynamics Stock Up 2.8%

Shares of NASDAQ STLD opened at $258.38 on Tuesday. The stock has a market cap of $37.03 billion, a P/E ratio of 23.43, a P/E/G ratio of 0.47 and a beta of 1.52. The firm has a 50 day moving average price of $249.01 and a 200 day moving average price of $214.94. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. Steel Dynamics, Inc. has a 52-week low of $119.89 and a 52-week high of $288.74.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, topping the consensus estimate of $3.63 by $0.06. The company had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The business's revenue for the quarter was up 33.4% compared to the same quarter last year. During the same period last year, the business posted $2.01 earnings per share. Analysts expect that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Tuesday, June 30th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Steel Dynamics's dividend payout ratio (DPR) is presently 19.22%.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,300 shares of the business's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total value of $538,453.00. Following the completion of the transaction, the senior vice president directly owned 28,618 shares of the company's stock, valued at approximately $6,699,759.98. The trade was a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the completion of the sale, the senior vice president 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 SEC filing for this sale provides additional information. Company insiders own 6.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on STLD. Morgan Stanley lowered their target price on shares of Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating for the company in a report on Wednesday, July 22nd. BMO Capital Markets increased their price target on Steel Dynamics from $195.00 to $240.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. Wall Street Zen upgraded Steel Dynamics from a "hold" rating to a "buy" rating in a research report on Saturday, April 18th. Citigroup lifted their price objective on Steel Dynamics from $180.00 to $255.00 and gave the stock a "buy" rating in a research note on Wednesday, April 22nd. Finally, Weiss Ratings upgraded Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 18th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $249.00.

Steel Dynamics Company 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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