Gateway Investment Advisers LLC Sells 3,640 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Gateway Investment Advisers LLC decreased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 6.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 50,368 shares of the basic materials company's stock after selling 3,640 shares during the period. Gateway Investment Advisers LLC's holdings in Steel Dynamics were worth $6,300,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in STLD. Stablepoint Partners LLC increased its stake in shares of Steel Dynamics by 13.7% in the 1st quarter. Stablepoint Partners LLC now owns 11,409 shares of the basic materials company's stock worth $1,427,000 after acquiring an additional 1,374 shares in the last quarter. Curat Global LLC purchased a new stake in shares of Steel Dynamics in the 1st quarter worth approximately $130,000. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Steel Dynamics by 29.4% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,308 shares of the basic materials company's stock worth $164,000 after buying an additional 297 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc grew its stake in shares of Steel Dynamics by 2.7% in the 1st quarter. AEGON ASSET MANAGEMENT UK Plc now owns 257,361 shares of the basic materials company's stock worth $32,166,000 after buying an additional 6,740 shares during the last quarter. Finally, Merit Financial Group LLC grew its stake in shares of Steel Dynamics by 5.2% in the 1st quarter. Merit Financial Group LLC now owns 13,104 shares of the basic materials company's stock worth $1,639,000 after buying an additional 646 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company's stock.

Insider Transactions at Steel Dynamics

In related news, Director Gabriel Shaheen sold 1,254 shares of Steel Dynamics 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 transaction, the director now directly owns 81,812 shares in the company, valued at approximately $10,971,807.32. The trade was a 1.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Miguel Alvarez sold 7,495 shares of Steel Dynamics stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $135.26, for a total value of $1,013,773.70. Following the transaction, the senior vice president now owns 125,319 shares in the company, valued at $16,950,647.94. This trade represents a 5.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on STLD shares. JPMorgan Chase & Co. upped their price target on Steel Dynamics from $135.00 to $138.00 and gave the stock a "neutral" rating in a research note on Thursday, April 24th. Wall Street Zen downgraded Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Morgan Stanley set a $140.00 price target on Steel Dynamics and gave the stock an "overweight" rating in a research note on Thursday, April 24th. KeyCorp upgraded Steel Dynamics from a "sector weight" rating to an "overweight" rating and set a $155.00 price target on the stock in a research note on Tuesday, February 11th. Finally, BMO Capital Markets upgraded Steel Dynamics from a "market perform" rating to an "outperform" rating and upped their price target for the stock from $135.00 to $145.00 in a research note on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Steel Dynamics has a consensus rating of "Moderate Buy" and a consensus price target of $147.44.

Steel Dynamics Stock Performance

Shares of STLD stock traded up $0.18 on Tuesday, reaching $133.81. The stock had a trading volume of 1,020,120 shares, compared to its average volume of 1,538,945. The stock has a market cap of $19.86 billion, a P/E ratio of 13.65, a price-to-earnings-growth ratio of 1.05 and a beta of 1.38. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.08 and a current ratio of 2.53. The company has a 50 day simple moving average of $126.65 and a 200 day simple moving average of $126.94.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $0.04. The firm had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.17 billion. Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. During the same period last year, the business posted $3.67 EPS. Equities research analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics announced that its board has approved a share repurchase program on Monday, February 24th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 7.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.49%. Steel Dynamics's dividend payout ratio (DPR) is currently 26.42%.

Steel Dynamics Company Profile

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.