Public Sector Pension Investment Board Decreases Holdings in Steel Dynamics, Inc. $STLD

Key Points

• The Public Sector Pension Investment Board significantly reduced its stake in Steel Dynamics, Inc. by 84.7%, now holding 18,894 shares worth approximately $2.36 million after selling 104,348 shares.
• Multiple large investors have altered their positions in Steel Dynamics, with some increasing their holdings by over 124% in the first quarter of the year.
• Steel Dynamics recently declared a quarterly dividend of $0.50 per share, set to be paid on October 10th, reflecting a 1.6% dividend yield.

Public Sector Pension Investment Board lowered its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 84.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,894 shares of the basic materials company's stock after selling 104,348 shares during the quarter. Public Sector Pension Investment Board's holdings in Steel Dynamics were worth $2,363,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STLD. Victory Capital Management Inc. boosted its stake in Steel Dynamics by 433.1% during the 1st quarter. Victory Capital Management Inc. now owns 1,816,525 shares of the basic materials company's stock valued at $227,211,000 after purchasing an additional 1,475,767 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in Steel Dynamics by 531.0% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,191,669 shares of the basic materials company's stock worth $149,054,000 after purchasing an additional 1,002,813 shares during the period. Nuveen LLC purchased a new position in shares of Steel Dynamics during the first quarter valued at $62,470,000. Price T Rowe Associates Inc. MD lifted its position in shares of Steel Dynamics by 8.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,628,403 shares of the basic materials company's stock worth $642,033,000 after purchasing an additional 451,630 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Steel Dynamics by 18,398.4% during the 1st quarter. GAMMA Investing LLC now owns 447,661 shares of the basic materials company's stock valued at $55,993,000 after buying an additional 445,241 shares during the period. 82.41% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Gabriel Shaheen sold 1,254 shares of the company's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $134.11, for a total value of $168,173.94. Following the completion of the sale, the director directly owned 81,812 shares in the company, valued at $10,971,807.32. This represents a 1.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Christopher A. Graham sold 12,000 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the completion of the sale, the senior vice president owned 66,738 shares in the company, valued at approximately $8,456,371.98. The trade was a 15.24% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.30% of the company's stock.

Steel Dynamics Trading Up 5.5%

NASDAQ STLD traded up $6.92 during trading hours on Friday, reaching $132.68. The company's stock had a trading volume of 2,463,401 shares, compared to its average volume of 1,260,762. The firm has a fifty day simple moving average of $129.13 and a 200-day simple moving average of $128.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.13 and a quick ratio of 1.34. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $155.56. The stock has a market cap of $19.53 billion, a P/E ratio of 19.34, a P/E/G ratio of 1.02 and a beta of 1.38.

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

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Tuesday, September 30th. Steel Dynamics's payout ratio is presently 29.15%.

Analyst Ratings Changes

Several equities analysts have commented on STLD shares. Wall Street Zen downgraded shares of Steel Dynamics from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. Wells Fargo & Company upgraded Steel Dynamics to a "strong-buy" rating in a research note on Thursday, August 14th. JPMorgan Chase & Co. lifted their price target on shares of Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a research note on Monday, July 14th. Finally, Morgan Stanley upped their price target on Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Steel Dynamics presently has a consensus rating of "Moderate Buy" and an average target price 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.