Fisher Asset Management LLC Acquires 70,205 Shares of Steel Dynamics, Inc. $STLD

Key Points

• Fisher Asset Management boosted its stake in Steel Dynamics by 201.3% in the fourth quarter, buying 70,205 additional shares and bringing its total to 105,083 shares worth about $17.8 million.
• Steel Dynamics reported Q1 earnings and revenue below analyst expectations, posting EPS of $2.78 versus $2.79 expected and revenue of $5.20 billion versus $5.39 billion expected, though revenue still rose 19.1% year over year.
• The company announced a quarterly dividend of $0.53 per share, payable July 10, which annualizes to $2.12 per share and implies a 0.8% yield. Analysts currently rate the stock a consensus Moderate Buy with a $219.36 price target.

Fisher Asset Management LLC increased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 201.3% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 105,083 shares of the basic materials company's stock after buying an additional 70,205 shares during the quarter. Fisher Asset Management LLC owned about 0.07% of Steel Dynamics worth $17,806,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of STLD. Cornerstone Planning Group LLC increased its holdings in Steel Dynamics by 1,636.4% in the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company's stock worth $27,000 after buying an additional 180 shares in the last quarter. Sound Income Strategies LLC increased its holdings in Steel Dynamics by 1,500.0% in the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company's stock worth $28,000 after buying an additional 150 shares in the last quarter. Torren Management LLC bought a new stake in Steel Dynamics in the 4th quarter worth about $34,000. Covestor Ltd increased its holdings in Steel Dynamics by 44.3% in the 3rd quarter. Covestor Ltd now owns 303 shares of the basic materials company's stock worth $42,000 after buying an additional 93 shares in the last quarter. Finally, Nvest Wealth Strategies Inc. bought a new stake in Steel Dynamics in the 4th quarter worth about $42,000. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Stock Performance

STLD opened at $258.22 on Thursday. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46. The company has a market cap of $37.37 billion, a price-to-earnings ratio of 27.62, a PEG ratio of 0.53 and a beta of 1.48. The company's 50 day moving average is $207.16 and its 200 day moving average is $187.22. Steel Dynamics, Inc. has a 12-month low of $119.89 and a 12-month high of $259.91.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings data 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). The business had revenue of $5.20 billion during the quarter, compared to analysts' expectations of $5.39 billion. Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The business's quarterly revenue was up 19.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.44 EPS. On average, equities research analysts predict that Steel Dynamics, Inc. will post 14.77 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.8%. Steel Dynamics's dividend payout ratio (DPR) is presently 22.67%.

Insider Buying and Selling

In related news, SVP Miguel Alvarez sold 4,825 shares of the firm's stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total value of $1,088,423.50. Following the transaction, the senior vice president owned 122,257 shares of the company's stock, valued at approximately $27,578,734.06. This trade represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Richard A. Poinsatte sold 2,300 shares of the firm'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 in the company, valued at $6,699,759.98. This trade represents a 7.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 12,125 shares of company stock valued at $2,751,227. 6.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Steel Dynamics from a "hold (c)" rating to a "buy (b-)" rating in a research note on Wednesday, April 29th. BMO Capital Markets lifted their price objective on Steel Dynamics from $195.00 to $240.00 and gave the stock an "outperform" rating in a report on Wednesday, April 22nd. Bank of America cut Steel Dynamics from a "buy" rating to a "neutral" rating and set a $250.00 price objective for the company. in a research report on Thursday, April 30th. Morgan Stanley reissued an "underperform" rating and issued a $190.00 target price on shares of Steel Dynamics in a report on Tuesday, March 17th. Finally, Wells Fargo & Company boosted their price target on Steel Dynamics from $207.00 to $235.00 and gave the company an "overweight" rating in a research note on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Steel Dynamics has an average rating of "Moderate Buy" and a consensus price target of $219.36.

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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