SageGuard Financial Group LLC Decreases Stake in Steel Dynamics, Inc. $STLD

Key Points

• SageGuard Financial Group cut its stake in Steel Dynamics by 22.4% in the first quarter, selling 10,830 shares and leaving it with 37,517 shares worth about $6.75 million.
• Despite some mixed reactions from analysts, Wall Street remains broadly positive on STLD, with an average rating of “Moderate Buy” and an average price target of $236.36.
• Steel Dynamics reported Q1 EPS of $2.78, just below expectations, while revenue came in at $5.20 billion versus the $5.39 billion estimate; the company also declared a quarterly dividend of $0.53 per share.

SageGuard Financial Group LLC reduced its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 22.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,517 shares of the basic materials company's stock after selling 10,830 shares during the period. Steel Dynamics accounts for about 1.0% of SageGuard Financial Group LLC's portfolio, making the stock its 29th largest holding. SageGuard Financial Group LLC's holdings in Steel Dynamics were worth $6,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in STLD. Prosperity Bancshares Inc acquired a new stake in shares of Steel Dynamics during the fourth quarter valued at about $25,000. MV Capital Management Inc. acquired a new position in shares of Steel Dynamics in the 4th quarter worth approximately $27,000. Sound Income Strategies LLC boosted its position in shares of Steel Dynamics by 1,500.0% during the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company's stock worth $28,000 after purchasing an additional 150 shares during the period. DV Equities LLC purchased a new position in shares of Steel Dynamics during the 4th quarter worth approximately $33,000. Finally, Torren Management LLC acquired a new stake in Steel Dynamics in the 4th quarter valued at approximately $34,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on STLD. Wells Fargo & Company cut their price target on shares of Steel Dynamics from $293.00 to $291.00 and set an "overweight" rating on the stock in a research note on Thursday, June 18th. Jefferies Financial Group reissued a "buy" rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. BMO Capital Markets lifted their price objective 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. Wall Street Zen raised shares of Steel Dynamics from a "hold" rating to a "buy" rating in a research note on Saturday, April 18th. Finally, KeyCorp increased their target price on shares of Steel Dynamics from $241.00 to $262.00 and gave the stock an "overweight" rating in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $236.36.

Steel Dynamics Price Performance

Shares of STLD opened at $245.49 on Monday. Steel Dynamics, Inc. has a 1-year low of $119.89 and a 1-year high of $288.74. The stock has a market cap of $35.53 billion, a PE ratio of 26.26, a price-to-earnings-growth ratio of 0.48 and a beta of 1.50. 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 firm has a fifty day moving average price of $244.38 and a 200 day moving average price of $203.12.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued 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 firm had revenue of $5.20 billion for the quarter, compared to analysts' expectations of $5.39 billion. During the same period in the previous year, the business posted $1.44 EPS. The business's revenue for the quarter was up 19.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Steel Dynamics, Inc. will post 16.78 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Tuesday, June 30th. Steel Dynamics's dividend payout ratio (DPR) is currently 22.67%.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, SVP Miguel Alvarez sold 4,825 shares of Steel Dynamics stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the transaction, the senior vice president owned 122,257 shares of the company's stock, valued at $27,578,734.06. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Richard A. Poinsatte sold 2,300 shares of the business's 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 sale, the senior vice president owned 28,618 shares of the company's stock, valued at approximately $6,699,759.98. This represents a 7.44% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 22,125 shares of company stock worth $5,438,226. 6.60% of the stock is owned by corporate insiders.

Steel Dynamics Company 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.

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.