Steel Dynamics, Inc. $STLD Shares Sold by Sienna Gestion

Key Points

• Sienna Gestion reduced its holdings in Steel Dynamics, Inc. by 6.1% during the first quarter, owning 34,280 shares valued at approximately $4.17 million after selling 2,237 shares.
• Several institutional investors, including Victory Capital Management and Robeco Institutional Asset Management, have significantly increased their stakes, with Victory Capital increasing its holdings by 433.1%.
• Steel Dynamics reported Q2 earnings of $2.01 per share, missing estimates, alongside revenues of $4.57 billion, down 1.5% year-over-year.

Sienna Gestion decreased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 6.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,280 shares of the basic materials company's stock after selling 2,237 shares during the period. Sienna Gestion's holdings in Steel Dynamics were worth $4,168,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in Steel Dynamics by 8.7% during 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 buying an additional 451,630 shares during the period. Capital Research Global Investors grew its stake in shares of Steel Dynamics by 29.4% in the 4th quarter. Capital Research Global Investors now owns 3,592,670 shares of the basic materials company's stock valued at $409,816,000 after purchasing an additional 815,629 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Steel Dynamics by 14.1% in the 4th quarter. First Trust Advisors LP now owns 3,179,062 shares of the basic materials company's stock valued at $362,636,000 after purchasing an additional 393,516 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Steel Dynamics by 433.1% in 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 last quarter. Finally, Northern Trust Corp grew its stake in shares of Steel Dynamics by 17.1% in the 4th quarter. Northern Trust Corp now owns 1,775,286 shares of the basic materials company's stock valued at $202,507,000 after purchasing an additional 259,361 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on STLD. JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Morgan Stanley lifted their target price on Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Wall Street Zen downgraded Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Finally, Wells Fargo & Company upgraded Steel Dynamics to a "strong-buy" rating in a research note on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $148.70.

Insiders Place Their Bets

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

Steel Dynamics Price Performance

Shares of Steel Dynamics stock traded down $2.77 during trading on Wednesday, reaching $125.45. The company's stock had a trading volume of 1,218,652 shares, compared to its average volume of 1,248,050. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43. Steel Dynamics, Inc. has a 12-month low of $103.17 and a 12-month high of $155.56. The company has a market capitalization of $18.47 billion, a P/E ratio of 18.29, a price-to-earnings-growth ratio of 1.04 and a beta of 1.38. The business has a 50 day moving average price of $129.27 and a 200-day moving average price of $128.18.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted 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 net margin of 6.07% and a return on equity of 11.88%. The business had revenue of $4.57 billion during the quarter, compared to analysts' expectations of $4.82 billion. During the same quarter last year, the firm earned $2.72 earnings per share. The firm's quarterly revenue was down 1.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Tuesday, September 30th. Steel Dynamics's payout ratio is presently 29.15%.

About Steel Dynamics

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.