Holocene Advisors LP Sells 200,408 Shares of Steel Dynamics, Inc. $STLD

Key Points

• Holocene Advisors cut its stake in Steel Dynamics by 8.0% in Q3, selling 200,408 shares and now holds 2,305,675 shares worth about $321.48 million (Holocene owns ~1.58% of STLD and the position is ~0.7% of its portfolio).
• Steel Dynamics beat Q4 EPS estimates with $1.82 EPS (vs. $1.72 expected) while revenue of $4.41 billion missed forecasts but was up 14% year-over-year, and the company raised its quarterly dividend to $0.53 (annualized $2.12, 1.2% yield).
• The stock traded down ~2.6% to open at $170.60, the company has a market cap of $24.7B and a P/E of 21.3, and analysts hold a consensus rating of "Moderate Buy" with an average target of $184.22.

Holocene Advisors LP reduced its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 8.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 2,305,675 shares of the basic materials company's stock after selling 200,408 shares during the period. Steel Dynamics comprises approximately 0.7% of Holocene Advisors LP's portfolio, making the stock its 27th biggest position. Holocene Advisors LP owned about 1.58% of Steel Dynamics worth $321,480,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of STLD. Versant Capital Management Inc grew its stake in Steel Dynamics by 13.2% during the 3rd quarter. Versant Capital Management Inc now owns 548 shares of the basic materials company's stock valued at $76,000 after purchasing an additional 64 shares during the last quarter. Bartlett & CO. Wealth Management LLC lifted its holdings in shares of Steel Dynamics by 24.8% during the third quarter. Bartlett & CO. Wealth Management LLC now owns 377 shares of the basic materials company's stock worth $53,000 after purchasing an additional 75 shares during the period. Choreo LLC boosted its position in Steel Dynamics by 3.3% in the third quarter. Choreo LLC now owns 2,521 shares of the basic materials company's stock valued at $353,000 after buying an additional 80 shares during the last quarter. Bessemer Group Inc. increased its holdings in Steel Dynamics by 6.4% in the 3rd quarter. Bessemer Group Inc. now owns 1,339 shares of the basic materials company's stock worth $187,000 after buying an additional 81 shares during the period. Finally, Wright Investors Service Inc. raised its position in Steel Dynamics by 1.5% during the 3rd quarter. Wright Investors Service Inc. now owns 5,491 shares of the basic materials company's stock worth $766,000 after buying an additional 82 shares during the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Trading Down 2.6%

Shares of STLD stock opened at $170.60 on Monday. Steel Dynamics, Inc. has a 1-year low of $103.17 and a 1-year high of $208.47. The company has a market cap of $24.72 billion, a price-to-earnings ratio of 21.30, a PEG ratio of 0.45 and a beta of 1.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.06 and a quick ratio of 1.29. The stock has a 50 day simple moving average of $184.81 and a 200-day simple moving average of $164.26.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings data on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.10. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The company had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.62 billion. During the same period in the previous year, the firm posted $1.36 EPS. Steel Dynamics's revenue was up 14.0% compared to the same quarter last year. On average, equities research analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be issued a $0.53 dividend. This is a boost from Steel Dynamics's previous quarterly dividend of $0.50. This represents a $2.12 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Tuesday, March 31st. Steel Dynamics's payout ratio is currently 24.97%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on STLD shares. JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $165.00 to $190.00 and gave the stock a "neutral" rating in a report on Friday, December 5th. Jefferies Financial Group upped their price target on shares of Steel Dynamics from $180.00 to $190.00 and gave the company a "buy" rating in a report on Wednesday, December 10th. Wall Street Zen lowered Steel Dynamics from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 7th. KeyCorp reissued an "overweight" rating and issued a $190.00 price objective on shares of Steel Dynamics in a report on Wednesday, January 7th. Finally, Morgan Stanley restated an "equal weight" rating and issued a $194.00 target price (up from $173.00) on shares of Steel Dynamics in a research note on Friday, January 9th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $184.22.

Steel Dynamics Company 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.

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