Intech Investment Management LLC Decreases Position in Steel Dynamics, Inc. $STLD

Key Points

• Intech Investment Management LLC cut its stake in Steel Dynamics by 88.2% in the fourth quarter, selling 69,717 shares and ending with 9,367 shares valued at about $1.59 million.
• Despite one bearish call from Morgan Stanley, analyst sentiment is generally positive: Steel Dynamics has a Moderate Buy consensus with a target price of $224.64, and several firms recently raised their price targets.
• The company reported quarterly EPS of $2.78, just below estimates, while revenue rose 19.1% year over year to $5.20 billion. Steel Dynamics also announced a quarterly dividend of $0.53 per share, payable July 10.

Intech Investment Management LLC cut its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 88.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,367 shares of the basic materials company's stock after selling 69,717 shares during the quarter. Intech Investment Management LLC's holdings in Steel Dynamics were worth $1,587,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of STLD. Cornerstone Planning Group LLC lifted its stake in Steel Dynamics by 1,636.4% in the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company's stock worth $27,000 after purchasing an additional 180 shares in the last quarter. Sound Income Strategies LLC lifted its stake 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 worth $28,000 after purchasing an additional 150 shares in the last quarter. Torren Management LLC purchased a new position in Steel Dynamics in the 4th quarter worth approximately $34,000. Nvest Wealth Strategies Inc. purchased a new position in Steel Dynamics in the 4th quarter worth approximately $42,000. Finally, Eagle Bay Advisors LLC purchased a new position in Steel Dynamics in the 4th quarter worth approximately $45,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

STLD has been the topic of a number of research reports. Morgan Stanley reissued an "underperform" rating and issued a $190.00 target price on shares of Steel Dynamics in a research note on Tuesday, March 17th. Wells Fargo & Company raised their target price on shares of Steel Dynamics from $235.00 to $293.00 and gave the stock an "overweight" rating in a research note on Thursday. KeyCorp raised their target price on shares of Steel Dynamics from $190.00 to $241.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 22nd. Barclays initiated coverage on shares of Steel Dynamics in a research note on Thursday, May 21st. They issued an "overweight" rating and a $270.00 target price on the stock. Finally, Wall Street Zen raised shares of Steel Dynamics from a "hold" rating to a "buy" rating in a research note on Saturday, April 18th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Steel Dynamics currently has a consensus rating of "Moderate Buy" and a consensus target price of $224.64.

Steel Dynamics Stock Up 0.6%

Shares of NASDAQ STLD opened at $276.85 on Friday. The company has a 50 day simple moving average of $219.09 and a 200-day simple moving average of $192.02. The company has a market capitalization of $40.07 billion, a P/E ratio of 29.61, a P/E/G ratio of 0.59 and a beta of 1.50. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33. Steel Dynamics, Inc. has a 1 year low of $119.89 and a 1 year high of $280.49.

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

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.53 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.8%. Steel Dynamics's dividend payout ratio (DPR) is currently 22.67%.

Insider Transactions at Steel Dynamics

In other news, Director Kenneth W. Cornew sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the sale, the director owned 31,299 shares in the company, valued at $7,038,206.13. This trade represents a 13.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Miguel Alvarez sold 4,825 shares of the firm's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the sale, the senior vice president owned 122,257 shares of the company's stock, valued at $27,578,734.06. This represents a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 12,125 shares of company stock worth $2,751,227 in the last 90 days. Insiders own 6.60% of the company's stock.

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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