Nomura Holdings Inc. Sells 115,597 Shares of Steel Dynamics, Inc. $STLD

Key Points

• Nomura Holdings Inc. has significantly reduced its stake in Steel Dynamics, Inc. by 94.8%, selling 115,597 shares during the first quarter, leaving it with just 6,378 shares valued at approximately $798,000.
• Steel Dynamics announced a quarterly dividend of $0.50 per share, equating to an annualized dividend of $2.00, which results in a yield of 1.5%.
• Steel Dynamics reported a quarterly earnings per share of $2.01, missing analysts' expectations, while also noting a revenue decline of 1.5% year-over-year compared to $4.57 billion.

Nomura Holdings Inc. lowered its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 94.8% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 6,378 shares of the basic materials company's stock after selling 115,597 shares during the quarter. Nomura Holdings Inc.'s holdings in Steel Dynamics were worth $798,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Financial Gravity Asset Management Inc. acquired a new position in Steel Dynamics in the first quarter valued at $25,000. Cary Street Partners Investment Advisory LLC raised its stake in shares of Steel Dynamics by 493.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company's stock valued at $25,000 after acquiring an additional 163 shares during the last quarter. Zions Bancorporation National Association UT acquired a new position in Steel Dynamics in the first quarter valued at about $32,000. WPG Advisers LLC acquired a new position in shares of Steel Dynamics during the 1st quarter worth about $32,000. Finally, Grove Bank & Trust boosted its stake in shares of Steel Dynamics by 194.7% in the 1st quarter. Grove Bank & Trust now owns 277 shares of the basic materials company's stock valued at $35,000 after purchasing an additional 183 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company's stock.

Steel Dynamics Stock Down 0.6%

NASDAQ STLD traded down $0.79 on Monday, reaching $133.84. The company had a trading volume of 861,481 shares, compared to its average volume of 1,587,411. The firm has a market capitalization of $19.70 billion, a PE ratio of 19.51, a P/E/G ratio of 1.09 and a beta of 1.40. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.13 and a quick ratio of 1.34. The firm has a 50-day moving average of $129.47 and a 200-day moving average of $128.01. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The basic materials company reported $2.01 earnings per share for the quarter, missing analysts' consensus estimates of $2.05 by ($0.04). Steel Dynamics had a return on equity of 11.88% and a net margin of 6.07%.The company had revenue of $4.57 billion during the quarter, compared to analysts' expectations of $4.82 billion. During the same period in the prior year, the business posted $2.72 EPS. The company's revenue for the quarter was down 1.5% compared to the same quarter last year. On average, equities research analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 30th. Steel Dynamics's dividend payout ratio (DPR) is presently 29.15%.

Insider Activity at Steel Dynamics

In other news, SVP Christopher A. Graham sold 12,000 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total value of $1,520,520.00. Following the sale, the senior vice president directly owned 66,738 shares of the company's stock, valued at approximately $8,456,371.98. This represents a 15.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 6.30% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on STLD shares. JPMorgan Chase & Co. boosted their price objective on shares of Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Wells Fargo & Company raised Steel Dynamics to a "strong-buy" rating in a research report on Thursday, August 14th. Finally, Morgan Stanley boosted their price target on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Steel Dynamics currently has a consensus rating of "Moderate Buy" and an average price target of $148.70.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.