Healthcare of Ontario Pension Plan Trust Fund Trims Stake in Steel Dynamics, Inc. $STLD

Key Points

• Healthcare of Ontario Pension Plan Trust Fund cut its Steel Dynamics stake by 94.4% in the first quarter, selling 144,723 shares and retaining 8,624 shares worth approximately $1.55 million. Institutional investors collectively own 82.41% of the company.
• Steel Dynamics reported quarterly EPS of $3.69, exceeding estimates of $3.63, while revenue rose 33.4% year over year to $6.09 billion. The company also paid a quarterly dividend of $0.53 per share.
• Analyst sentiment remains favorable, with eight Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $249.00. Two senior executives also sold shares during the period.

Healthcare of Ontario Pension Plan Trust Fund lowered its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 94.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,624 shares of the basic materials company's stock after selling 144,723 shares during the period. Healthcare of Ontario Pension Plan Trust Fund's holdings in Steel Dynamics were worth $1,552,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of STLD. Prosperity Bancshares Inc purchased a new stake in shares of Steel Dynamics in the fourth quarter worth approximately $25,000. MV Capital Management Inc. purchased a new position in Steel Dynamics during the 4th quarter valued at $27,000. Sound Income Strategies LLC grew its position 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 valued at $28,000 after acquiring an additional 150 shares during the last quarter. Cedar Mountain Advisors LLC bought a new position in Steel Dynamics in the 1st quarter valued at $31,000. Finally, DV Equities LLC purchased a new stake in Steel Dynamics in the fourth quarter worth $33,000. Hedge funds and other institutional investors own 82.41% of the company's stock.

Insider Buying and Selling

In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,300 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total transaction of $538,453.00. Following the sale, the senior vice president owned 28,618 shares of the company's stock, valued at approximately $6,699,759.98. This trade represents a 7.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction on Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the completion of the transaction, the senior vice president owned 102,837 shares in the company, valued at $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 6.60% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on STLD. Citigroup lifted their target price on Steel Dynamics from $180.00 to $255.00 and gave the stock a "buy" rating in a research report on Wednesday, April 22nd. Morgan Stanley reduced their price target on shares of Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 22nd. Weiss Ratings upgraded shares of Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 18th. Wells Fargo & Company lowered their price objective on shares of Steel Dynamics from $291.00 to $275.00 and set an "overweight" rating for the company in a research report on Wednesday, July 22nd. Finally, Barclays upped their target price on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 22nd. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $249.00.

Steel Dynamics Stock Performance

STLD stock opened at $251.26 on Friday. Steel Dynamics, Inc. has a 1-year low of $119.89 and a 1-year high of $288.74. The business has a 50-day moving average price of $248.64 and a 200 day moving average price of $214.00. The company has a market capitalization of $36.01 billion, a P/E ratio of 22.78, a PEG ratio of 0.47 and a beta of 1.53. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The company had revenue of $6.09 billion for the quarter, compared to analysts' expectations of $5.56 billion. During the same period in the prior year, the business earned $2.01 EPS. The firm's quarterly revenue was up 33.4% on a year-over-year basis. As a group, equities research analysts forecast that Steel Dynamics, Inc. will post 17.16 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Tuesday, June 30th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Steel Dynamics's dividend payout ratio (DPR) is presently 19.22%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.