O Shaughnessy Asset Management LLC Sells 70,452 Shares of Steel Dynamics, Inc. $STLD

Key Points

• O Shaughnessy Asset Management cut its stake in Steel Dynamics by 55.6% in the fourth quarter, selling 70,452 shares and leaving it with 56,216 shares valued at about $9.53 million.
• Insiders have also been trimming holdings: SVP James Stanley Anderson sold 10,000 shares, and Director Kenneth W. Cornew sold 5,000 shares, with insiders selling 22,125 shares over the past 90 days.
• Steel Dynamics reported mixed quarterly results, narrowly missing EPS and revenue estimates, while still posting 19.1% year-over-year revenue growth; the company also declared a $0.53 quarterly dividend.

O Shaughnessy Asset Management LLC reduced its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 55.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,216 shares of the basic materials company's stock after selling 70,452 shares during the period. O Shaughnessy Asset Management LLC's holdings in Steel Dynamics were worth $9,526,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its stake in Steel Dynamics by 23.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,308,702 shares of the basic materials company's stock worth $221,760,000 after buying an additional 249,442 shares in the last quarter. Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna bought a new position in Steel Dynamics in the fourth quarter worth about $607,000. Capital Research Global Investors raised its stake in Steel Dynamics by 0.3% in the fourth quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company's stock worth $613,926,000 after buying an additional 9,959 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in Steel Dynamics in the fourth quarter worth about $102,000. Finally, Cookson Peirce & Co. Inc. raised its stake in Steel Dynamics by 28.3% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 2,063 shares of the basic materials company's stock worth $350,000 after buying an additional 455 shares in the last quarter. 82.41% of the stock is owned by institutional investors.

Insider Activity

In other news, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the sale, the senior vice president owned 102,837 shares in the company, valued at $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kenneth W. Cornew sold 5,000 shares of the 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 sale, the director owned 31,299 shares in the company, valued at approximately $7,038,206.13. The trade was a 13.77% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 22,125 shares of company stock worth $5,438,227. Corporate insiders own 6.60% of the company's stock.

Steel Dynamics Price Performance

Shares of STLD opened at $268.34 on Thursday. The firm's 50-day simple moving average is $226.75 and its two-hundred day simple moving average is $195.23. Steel Dynamics, Inc. has a fifty-two week low of $119.89 and a fifty-two week high of $280.49. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. The stock has a market cap of $38.83 billion, a PE ratio of 28.70, a price-to-earnings-growth ratio of 0.57 and a beta of 1.50.

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 net margin of 7.22% and a return on equity of 15.54%. The firm had revenue of $5.20 billion for the quarter, compared to analysts' expectations of $5.39 billion. During the same quarter in the previous year, the company earned $1.44 EPS. The company's quarterly revenue was up 19.1% compared to the same quarter last year. Analysts anticipate that Steel Dynamics, Inc. will post 14.77 earnings per share for the current fiscal 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 is presently 22.67%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Steel Dynamics from $192.00 to $205.00 and gave the stock a "neutral" rating in a report on Tuesday, April 14th. Bank of America cut shares of Steel Dynamics from a "buy" rating to a "neutral" rating and set a $250.00 price objective on the stock. in a report on Thursday, April 30th. Wall Street Zen upgraded shares of Steel Dynamics from a "hold" rating to a "buy" rating in a report on Saturday, April 18th. Jefferies Financial Group restated a "buy" rating on shares of Steel Dynamics in a report on Tuesday, March 17th. Finally, BMO Capital Markets upped their price objective on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an "outperform" rating in a report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Steel Dynamics presently has an average rating of "Moderate Buy" and a consensus price target of $224.64.

About Steel Dynamics

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.

Want to see what other hedge funds are holding STLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Steel Dynamics, Inc. (NASDAQ:STLD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.