Invesco Ltd. Sells 155,176 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Key Points

• Invesco Ltd. has reduced its stake in Steel Dynamics, Inc. by 5.3%, now holding approximately 1.87% of the company, valued at $349.8 million after selling 155,176 shares.
• Steel Dynamics reported a missed earnings estimate for the last quarter, with $2.01 EPS against the consensus of $2.05, and a revenue of $4.57 billion below expectations of $4.82 billion.
• Analysts' ratings for Steel Dynamics show a consensus of "Moderate Buy" with a target price of $149.33, with recent adjustments from firms like Morgan Stanley and JPMorgan Chase.

Invesco Ltd. trimmed its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 5.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,796,597 shares of the basic materials company's stock after selling 155,176 shares during the period. Invesco Ltd. owned 1.87% of Steel Dynamics worth $349,798,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Transactions at Steel Dynamics

In other news, Director Gabriel Shaheen sold 1,254 shares of the business'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 sale, the director directly 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Miguel Alvarez sold 7,495 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $135.26, for a total transaction of $1,013,773.70. Following the sale, the senior vice president directly owned 125,319 shares of the company's stock, valued at approximately $16,950,647.94. The trade was a 5.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,749 shares of company stock valued at $2,702,468 over the last three months. Corporate insiders own 6.30% of the company's stock.

Steel Dynamics Stock Down 0.1%

Shares of NASDAQ STLD traded down $0.14 during trading on Friday, hitting $127.35. 545,204 shares of the company traded hands, compared to its average volume of 1,623,690. The business's fifty day moving average is $129.77 and its 200 day moving average is $128.24. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $155.56. The firm has a market capitalization of $18.75 billion, a price-to-earnings ratio of 18.55, a P/E/G ratio of 1.05 and a beta of 1.38. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 3.13.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The basic materials company reported $2.01 earnings per share 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 for the quarter, compared to analyst estimates of $4.82 billion. During the same quarter in the prior year, the company posted $2.72 EPS. Steel Dynamics's revenue for the quarter was down 1.5% on a year-over-year basis. Equities research analysts predict that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on STLD. Wall Street Zen cut shares of Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. JPMorgan Chase & Co. boosted their price objective 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. Wells Fargo & Company raised shares of Steel Dynamics to a "strong-buy" rating in a research note on Thursday. Finally, Morgan Stanley boosted their price objective on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. One analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $148.70.

Steel Dynamics 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.