Fisher Funds Management LTD Trims Position in Steel Dynamics, Inc. $STLD

Key Points

• Fisher Funds Management cut its Steel Dynamics stake by 15.4% in the first quarter, selling 16,077 shares and leaving it with 88,464 shares worth about $15.9 million.
• Analyst sentiment remains constructive overall: Steel Dynamics has a consensus rating of “Moderate Buy” with an average price target of $227.18, though views are mixed and include one underperform rating.
• The company recently reported Q1 earnings of $2.78 per share, missing estimates by a penny, while revenue of $5.20 billion also came in below expectations despite being up 19.1% year over year. Steel Dynamics also announced a quarterly dividend of $0.53 per share.

Fisher Funds Management LTD decreased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 15.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 88,464 shares of the basic materials company's stock after selling 16,077 shares during the quarter. Fisher Funds Management LTD owned approximately 0.06% of Steel Dynamics worth $15,924,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STLD. Prosperity Bancshares Inc purchased a new stake in shares of Steel Dynamics in the 4th quarter valued at 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 grew its position 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 worth $28,000 after acquiring an additional 150 shares during the period. DV Equities LLC acquired a new stake in Steel Dynamics during the fourth quarter worth $33,000. Finally, Torren Management LLC acquired a new stake in Steel Dynamics during the fourth quarter worth $34,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

STLD has been the subject of a number of research analyst reports. Weiss Ratings upgraded Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday. JPMorgan Chase & Co. upped their target price on shares of Steel Dynamics from $192.00 to $205.00 and gave the company a "neutral" rating in a research report on Tuesday, April 14th. Wall Street Zen raised shares of Steel Dynamics from a "hold" rating to a "buy" rating in a research note on Saturday, April 18th. KeyCorp boosted their price target on shares of Steel Dynamics from $190.00 to $241.00 and gave the company an "overweight" rating in a research note on Wednesday, April 22nd. Finally, Morgan Stanley reaffirmed an "underperform" rating and set a $190.00 price objective on shares of Steel Dynamics in a research report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $227.18.

Insider Buying and Selling

In other news, Director Kenneth W. Cornew sold 5,000 shares of the business's stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the transaction, the director directly owned 31,299 shares of the company's stock, valued at approximately $7,038,206.13. The trade was a 13.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP James Stanley Anderson sold 10,000 shares of the firm's stock in a transaction that occurred 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 directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 22,125 shares of company stock valued at $5,438,226. Company insiders own 6.60% of the company's stock.

Steel Dynamics Price Performance

Shares of STLD opened at $249.91 on Monday. The company's 50-day simple moving average is $239.04 and its 200-day simple moving average is $200.34. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. Steel Dynamics, Inc. has a 1 year low of $119.89 and a 1 year high of $288.74. The stock has a market capitalization of $36.17 billion, a PE ratio of 26.73, a P/E/G ratio of 0.52 and a beta of 1.50.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The business had revenue of $5.20 billion for the quarter, compared to analysts' expectations of $5.39 billion. During the same period in the previous year, the company earned $1.44 earnings per share. Steel Dynamics's quarterly revenue was up 19.1% on a year-over-year basis. Analysts forecast that Steel Dynamics, Inc. will post 15.67 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced 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 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 (DPR) is 22.67%.

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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