Geode Capital Management LLC Has $619.99 Million Stock Holdings in Steel Dynamics, Inc. $STLD

Key Points

• Geode Capital Management slightly reduced its Steel Dynamics stake by 0.4% in the fourth quarter, but still held 3.67 million shares worth about $619.99 million at quarter-end.
• Steel Dynamics reported quarterly EPS of $2.78, just below estimates, while revenue came in at $5.20 billion versus expectations of $5.39 billion. Revenue still rose 19.1% from a year earlier.
• The company announced a quarterly dividend of $0.53 per share payable July 10, and analysts currently rate the stock Moderate Buy with a consensus price target of $219.36.

Geode Capital Management LLC cut its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 0.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,672,896 shares of the basic materials company's stock after selling 15,124 shares during the period. Geode Capital Management LLC owned approximately 2.51% of Steel Dynamics worth $619,988,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of STLD. Life Cycle Investment Partners Ltd acquired a new stake in shares of Steel Dynamics during the fourth quarter worth $586,702,000. Boston Partners acquired a new stake in shares of Steel Dynamics during the third quarter worth $101,254,000. Qube Research & Technologies Ltd acquired a new stake in shares of Steel Dynamics during the second quarter worth $48,746,000. Caisse de depot et placement du Quebec raised its position in shares of Steel Dynamics by 134.9% during the third quarter. Caisse de depot et placement du Quebec now owns 493,290 shares of the basic materials company's stock worth $68,779,000 after purchasing an additional 283,300 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of Steel Dynamics by 79.1% during the second quarter. AQR Capital Management LLC now owns 627,542 shares of the basic materials company's stock worth $80,332,000 after purchasing an additional 277,166 shares during the period. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $260.15 on Friday. Steel Dynamics, Inc. has a 1-year low of $119.89 and a 1-year high of $263.09. 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 capitalization of $37.65 billion, a price-to-earnings ratio of 27.82, a P/E/G ratio of 0.55 and a beta of 1.48. The stock's fifty day simple moving average is $210.75 and its 200-day simple moving average is $188.49.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing analysts' consensus estimates of $2.79 by ($0.01). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The firm had revenue of $5.20 billion during the quarter, compared to analysts' expectations of $5.39 billion. During the same quarter last year, the firm earned $1.44 EPS. The business's revenue for the quarter was up 19.1% compared to the same quarter last year. On average, sell-side analysts predict that Steel Dynamics, Inc. will post 14.77 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be paid 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 payout ratio is 22.67%.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,300 shares of the business'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 transaction, the senior vice president owned 28,618 shares in the company, valued at $6,699,759.98. The trade was a 7.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Miguel Alvarez sold 4,825 shares of the business's stock in a transaction dated 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 completion of the transaction, the senior vice president owned 122,257 shares in the company, valued at $27,578,734.06. This trade represents a 3.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 12,125 shares of company stock worth $2,751,227 over the last 90 days. 6.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on STLD shares. Wells Fargo & Company lifted their price target on Steel Dynamics from $207.00 to $235.00 and gave the company an "overweight" rating in a report on Wednesday, April 22nd. Bank of America downgraded Steel Dynamics from a "buy" rating to a "neutral" rating and set a $250.00 price target on the stock. in a report on Thursday, April 30th. JPMorgan Chase & Co. lifted their price target on Steel Dynamics from $192.00 to $205.00 and gave the company a "neutral" rating in a report on Tuesday, April 14th. Jefferies Financial Group reiterated a "buy" rating on shares of Steel Dynamics in a report on Tuesday, March 17th. Finally, Barclays started coverage on Steel Dynamics in a report on Thursday, May 21st. They set an "overweight" rating and a $270.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $219.36.

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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