Gulf International Bank UK Ltd Sells 3,208 Shares of Steel Dynamics, Inc. $STLD

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Steel Dynamics, Inc. by 28.9% during the 1st quarter, resulting in ownership of 7,892 shares valued at approximately $987,000.
• In the 1st quarter, several other institutional investors increased their stakes in Steel Dynamics, with 82.41% of the stock currently owned by institutional investors and hedge funds.
• Steel Dynamics announced a quarterly dividend of $0.50 per share, which will be paid on October 10th, representing an annualized dividend yield of 1.6%.

Gulf International Bank UK Ltd cut its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 28.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,892 shares of the basic materials company's stock after selling 3,208 shares during the period. Gulf International Bank UK Ltd's holdings in Steel Dynamics were worth $987,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Financial Gravity Asset Management Inc. acquired a new stake in shares of Steel Dynamics in the first quarter valued at approximately $25,000. Cary Street Partners Investment Advisory LLC raised its holdings in shares of Steel Dynamics by 493.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 163 shares during the last quarter. Zions Bancorporation National Association UT acquired a new stake in shares of Steel Dynamics in the first quarter valued at approximately $32,000. Grove Bank & Trust raised its holdings in shares of Steel Dynamics by 194.7% in the first quarter. Grove Bank & Trust now owns 277 shares of the basic materials company's stock valued at $35,000 after purchasing an additional 183 shares during the last quarter. Finally, Wayfinding Financial LLC acquired a new stake in shares of Steel Dynamics in the first quarter valued at approximately $36,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance

Shares of NASDAQ:STLD traded up $2.31 on Tuesday, hitting $128.22. The company had a trading volume of 1,572,772 shares, compared to its average volume of 1,622,037. Steel Dynamics, Inc. has a 1-year low of $103.17 and a 1-year high of $155.56. The stock has a market cap of $18.88 billion, a price-to-earnings ratio of 18.69, a P/E/G ratio of 1.02 and a beta of 1.38. The stock has a 50 day moving average price of $129.47 and a 200 day moving average price of $128.20. The company has a current ratio of 3.13, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43.

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

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Tuesday, September 30th. Steel Dynamics's payout ratio is currently 29.15%.

Insider Activity

In related news, SVP Christopher A. Graham sold 12,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total value of $1,520,520.00. Following 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 legal filing with the SEC, which is accessible through this link. Also, Director Gabriel Shaheen sold 1,254 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $134.11, for a total transaction of $168,173.94. Following the completion of the transaction, the director owned 81,812 shares in the company, valued at $10,971,807.32. This trade represents a 1.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.30% of the company's stock.

Analyst Upgrades and Downgrades

STLD has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of Steel Dynamics from a "hold" rating to a "sell" rating in a report on Friday, April 25th. Morgan Stanley boosted their target price on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Wells Fargo & Company upgraded shares of Steel Dynamics to a "strong-buy" rating in a report on Thursday, August 14th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $148.70.

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.