North Dakota State Investment Board Takes Position in Steel Dynamics, Inc. $STLD

Key Points

• North Dakota State Investment Board initiated a new position in Steel Dynamics during the fourth quarter, buying 4,819 shares worth about $817,000.
• Steel Dynamics reported Q1 earnings of $2.78 per share, just below estimates, while revenue came in at $5.20 billion versus the expected $5.39 billion. Revenue still rose 19.1% year over year.
• The company also declared a quarterly dividend of $0.53 per share, payable July 10, and analysts currently have a Hold consensus rating with an average price target of $214.30.

North Dakota State Investment Board purchased a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,819 shares of the basic materials company's stock, valued at approximately $817,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Robeco Institutional Asset Management B.V. boosted 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 purchasing an additional 72,122 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 purchasing an additional 10,537 shares during the period. Bank of America Corp DE boosted 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 purchasing an additional 264,827 shares during the period. Boston Partners bought a new stake in Steel Dynamics in the 3rd quarter valued at about $101,254,000. Finally, AQR Capital Management LLC boosted its holdings in Steel Dynamics by 79.1% in the 2nd quarter. AQR Capital Management LLC now owns 627,542 shares of the basic materials company's stock valued at $80,332,000 after purchasing an additional 277,166 shares during the period. Institutional investors and hedge funds own 82.41% of the company's stock.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $228.30 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. Steel Dynamics, Inc. has a 52 week low of $119.89 and a 52 week high of $243.73. The stock has a market capitalization of $33.04 billion, a P/E ratio of 24.42, a price-to-earnings-growth ratio of 0.48 and a beta of 1.48. The stock has a fifty day moving average of $200.47 and a 200-day moving average of $184.06.

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

Steel Dynamics Announces Dividend

The firm 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 of this dividend is Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. Steel Dynamics's payout ratio is 22.67%.

Insider Transactions at Steel Dynamics

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

Wall Street Analysts Forecast Growth

STLD has been the subject of several analyst reports. Wall Street Zen raised Steel Dynamics from a "hold" rating to a "buy" rating in a report on Saturday, April 18th. JPMorgan Chase & Co. lifted their price objective on Steel Dynamics from $192.00 to $205.00 and gave the company a "neutral" rating in a report on Tuesday, April 14th. Wells Fargo & Company lifted their price objective on Steel Dynamics from $207.00 to $235.00 and gave the company an "overweight" rating in a report on Wednesday, April 22nd. Morgan Stanley reaffirmed an "underperform" rating and issued a $190.00 price objective on shares of Steel Dynamics in a report on Tuesday, March 17th. Finally, Bank of America cut Steel Dynamics from a "buy" rating to a "neutral" rating and set a $250.00 price objective for the company. in a report on Thursday, April 30th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Steel Dynamics currently has a consensus rating of "Hold" and an average target price of $214.30.

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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