Empowered Funds LLC Sells 20,608 Shares of Steel Dynamics, Inc. $STLD

Key Points

• Empowered Funds LLC cut its Steel Dynamics stake by 47.6% in the first quarter, selling 20,608 shares and retaining 22,681 shares valued at approximately $4.08 million. Institutional investors collectively own 82.41% of the company.
• Steel Dynamics reported quarterly EPS of $3.69, exceeding estimates of $3.63, while revenue rose 33.4% year over year to $6.09 billion. The company also pays a quarterly dividend of $0.53 per share, representing a 0.8% yield.
• Analysts maintain a generally positive view, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $249.00; targets range from $255 to $300, though Bank of America reduced its target to $260 and kept a neutral rating.

Empowered Funds LLC lowered its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 47.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,681 shares of the basic materials company's stock after selling 20,608 shares during the period. Empowered Funds LLC's holdings in Steel Dynamics were worth $4,083,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Research Global Investors boosted its holdings in shares of Steel Dynamics by 0.3% during the 4th quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company's stock valued at $613,926,000 after acquiring an additional 9,959 shares in the last quarter. Life Cycle Investment Partners Ltd bought a new stake in Steel Dynamics during the 4th quarter worth $586,702,000. Norges Bank acquired a new position in Steel Dynamics in the 4th quarter worth about $564,590,000. Robeco Institutional Asset Management B.V. raised its position in Steel Dynamics by 3.7% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company's stock valued at $340,289,000 after purchasing an additional 72,122 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Steel Dynamics by 6.3% in the fourth quarter. Invesco Ltd. now owns 1,965,092 shares of the basic materials company's stock valued at $332,985,000 after buying an additional 116,379 shares during the period. Institutional investors own 82.41% of the company's stock.

Steel Dynamics Price Performance

Shares of NASDAQ STLD opened at $251.26 on Monday. Steel Dynamics, Inc. has a twelve month low of $119.89 and a twelve month high of $288.74. The firm has a fifty day simple moving average of $248.64 and a 200 day simple moving average of $214.32. The company has a market capitalization of $36.01 billion, a PE ratio of 22.78, a P/E/G ratio of 0.47 and a beta of 1.52. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating analysts' consensus estimates of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The business had revenue of $6.09 billion for the quarter, compared to analysts' expectations of $5.56 billion. During the same quarter in the prior year, the firm posted $2.01 earnings per share. The business's quarterly revenue was up 33.4% compared to the same quarter last year. 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 was paid on Friday, July 10th. Investors of record on Tuesday, June 30th were given a dividend of $0.53 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.12 annualized dividend and a dividend yield of 0.8%. Steel Dynamics's dividend payout ratio is presently 19.22%.

Analysts Set New Price Targets

Several research firms recently commented on STLD. Bank of America cut their target price on shares of Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating on the stock in a research report on Thursday, July 9th. Wall Street Zen raised shares of Steel Dynamics from a "hold" rating to a "buy" rating in a research note on Saturday, April 18th. Barclays lifted their price target on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an "overweight" rating in a report on Wednesday, July 22nd. Citigroup boosted their price objective on shares of Steel Dynamics from $180.00 to $255.00 and gave the stock a "buy" rating in a research note on Wednesday, April 22nd. Finally, The Goldman Sachs Group started coverage on Steel Dynamics in a research report on Wednesday. They set a "buy" rating and a $300.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $249.00.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,300 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total transaction of $538,453.00. Following the transaction, the senior vice president directly owned 28,618 shares in the company, valued at approximately $6,699,759.98. This represents a 7.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction 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 represents a 8.86% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 6.60% of the company's stock.

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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