Legal & General Group Plc Has $123.16 Million Stock Holdings in Steel Dynamics, Inc. $STLD

Key Points

• Legal & General Group Plc cut its Steel Dynamics stake by 12.2% in the fourth quarter, ending with 726,820 shares valued at about $123.16 million.
• Insider selling has continued, with SVP Richard A. Poinsatte and Director Kenneth W. Cornew both selling shares recently; insiders sold 12,125 shares total over the last 90 days.
• Steel Dynamics reported Q1 EPS of $2.78, slightly below estimates, on $5.20 billion in revenue, while analysts remain broadly positive with an average rating of Moderate Buy and a target price of $219.36.

Legal & General Group Plc reduced its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 12.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 726,820 shares of the basic materials company's stock after selling 100,533 shares during the quarter. Legal & General Group Plc owned approximately 0.50% of Steel Dynamics worth $123,160,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of STLD. Life Cycle Investment Partners Ltd bought a new stake in Steel Dynamics in the 4th quarter valued at $586,702,000. Robeco Institutional Asset Management B.V. increased its holdings in Steel Dynamics by 3.7% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company's stock valued at $340,289,000 after buying an additional 72,122 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Steel Dynamics by 1.0% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,046,791 shares of the basic materials company's stock valued at $145,953,000 after buying an additional 10,537 shares during the period. Bank of America Corp DE increased its holdings in Steel Dynamics by 34.7% in the 2nd quarter. Bank of America Corp DE now owns 1,028,947 shares of the basic materials company's stock valued at $131,715,000 after buying an additional 264,827 shares during the period. Finally, Boston Partners bought a new stake in Steel Dynamics in the 3rd quarter valued at $101,254,000. Institutional investors and hedge funds own 82.41% of the company's stock.

Insider Activity

In other news, SVP Richard A. Poinsatte sold 2,300 shares of Steel Dynamics stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total value of $538,453.00. Following the completion of the transaction, the senior vice president owned 28,618 shares in the company, valued at approximately $6,699,759.98. The trade was a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kenneth W. Cornew sold 5,000 shares of the firm's stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total value of $1,124,350.00. Following the completion of the sale, the director owned 31,299 shares of the company's stock, valued at approximately $7,038,206.13. This trade represents a 13.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 12,125 shares of company stock worth $2,751,227. Insiders own 6.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Jefferies Financial Group reissued a "buy" rating on shares of Steel Dynamics in a report on Tuesday, March 17th. BMO Capital Markets boosted their price target on shares of Steel Dynamics from $195.00 to $240.00 and gave the company an "outperform" rating in a report on Wednesday, April 22nd. Bank of America lowered shares of 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. Barclays assumed coverage on shares of Steel Dynamics in a report on Thursday, May 21st. They issued an "overweight" rating and a $270.00 price target on the stock. Finally, Wells Fargo & Company boosted their price target on shares of Steel Dynamics from $207.00 to $235.00 and gave the company an "overweight" rating in a report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $219.36.

Steel Dynamics Stock Performance

Steel Dynamics stock opened at $260.75 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33. The stock has a fifty day moving average price of $208.92 and a two-hundred day moving average price of $187.99. Steel Dynamics, Inc. has a 52-week low of $119.89 and a 52-week high of $261.84. The firm has a market capitalization of $37.74 billion, a P/E ratio of 27.89, a P/E/G ratio of 0.55 and a beta of 1.48.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. During the same quarter in the prior year, the company earned $1.44 earnings per share. The business's revenue was up 19.1% compared to the same quarter last year. As a group, analysts anticipate that Steel Dynamics, Inc. will post 14.77 EPS 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. Stockholders 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 dividend yield of 0.8%. Steel Dynamics's payout ratio is 22.67%.

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.

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