Flputnam Investment Management Co. Decreases Stock Position in Steel Dynamics, Inc. $STLD

Key Points

• Flputnam Investment Management Co. has significantly reduced its stake in Steel Dynamics, Inc. by 51.7%, now holding 8,304 shares valued at approximately $1,039,000.
• Several hedge funds have increased their holdings in Steel Dynamics, with Price T Rowe Associates raising their stake by 25.5% and Victory Capital Management by a remarkable 433.1%.
• Steel Dynamics announced a quarterly dividend of $0.50, representing a 1.6% annual yield, with a payout ratio currently at 29.15%.

Flputnam Investment Management Co. reduced its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 51.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,304 shares of the basic materials company's stock after selling 8,884 shares during the period. Flputnam Investment Management Co.'s holdings in Steel Dynamics were worth $1,039,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its stake in Steel Dynamics by 25.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,066,300 shares of the basic materials company's stock valued at $883,854,000 after buying an additional 1,437,897 shares during the last quarter. Victory Capital Management Inc. raised its stake in Steel Dynamics by 433.1% during the 1st quarter. Victory Capital Management Inc. now owns 1,816,525 shares of the basic materials company's stock valued at $227,211,000 after buying an additional 1,475,767 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Steel Dynamics by 2.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,405,666 shares of the basic materials company's stock valued at $175,821,000 after buying an additional 30,759 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its stake in Steel Dynamics by 531.0% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,191,669 shares of the basic materials company's stock valued at $149,054,000 after buying an additional 1,002,813 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Steel Dynamics by 7.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,152,812 shares of the basic materials company's stock valued at $131,501,000 after buying an additional 84,716 shares during the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company upgraded shares of Steel Dynamics to a "strong-buy" rating in a research note on Thursday, August 14th. Morgan Stanley boosted their target price on shares of Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $148.70.

Steel Dynamics Trading Down 1.5%

Shares of STLD stock opened at $129.02 on Wednesday. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56. The firm has a fifty day moving average price of $129.39 and a 200-day moving average price of $128.17. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.13 and a quick ratio of 1.34. The company has a market cap of $18.99 billion, a price-to-earnings ratio of 18.81, a PEG ratio of 1.06 and a beta of 1.40.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.05 by ($0.04). The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.82 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The company's revenue was down 1.5% on a year-over-year basis. During the same period in the previous year, the firm earned $2.72 EPS. As a group, equities analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.00 annualized dividend and a yield of 1.6%. Steel Dynamics's dividend payout ratio is currently 29.15%.

Insider Buying and Selling at Steel Dynamics

In related news, SVP Christopher A. Graham sold 12,000 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total value of $1,520,520.00. Following the completion of the transaction, the senior vice president owned 66,738 shares of the company's stock, valued at approximately $8,456,371.98. This represents a 15.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gabriel Shaheen sold 1,254 shares of the company's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $134.11, for a total transaction of $168,173.94. Following the completion of the transaction, the director directly owned 81,812 shares of the company's stock, valued at $10,971,807.32. This represents a 1.51% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.30% of the company's stock.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.

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