Russell Investments Group Ltd. Reduces Stock Position in Steel Dynamics, Inc. $STLD

Key Points

• Russell Investments Group Ltd. reduced its holdings in Steel Dynamics, Inc. by 5.3%, now owning 151,869 shares valued at approximately $18.98 million.
• Insider transactions reveal that two executives sold a total of 8,749 shares recently, indicating a slight decrease in their ownership positions.
• Steel Dynamics recently announced a quarterly dividend of $0.50, reflecting a 1.6% yield and a payout ratio of 29.15%.

Russell Investments Group Ltd. trimmed its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 5.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 151,869 shares of the basic materials company's stock after selling 8,552 shares during the period. Russell Investments Group Ltd. owned about 0.10% of Steel Dynamics worth $18,980,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in STLD. Ritholtz Wealth Management boosted its stake in Steel Dynamics by 24.4% in the first quarter. Ritholtz Wealth Management now owns 6,687 shares of the basic materials company's stock valued at $836,000 after acquiring an additional 1,310 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Steel Dynamics by 10.4% in the 1st quarter. Farther Finance Advisors LLC now owns 1,535 shares of the basic materials company's stock worth $190,000 after purchasing an additional 145 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in Steel Dynamics by 31.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,511 shares of the basic materials company's stock valued at $3,441,000 after purchasing an additional 6,604 shares during the last quarter. Raymond James Financial Inc. bought a new position in Steel Dynamics during the fourth quarter valued at $16,495,000. Finally, Golden State Wealth Management LLC increased its position in Steel Dynamics by 124.1% in the first quarter. Golden State Wealth Management LLC now owns 948 shares of the basic materials company's stock worth $119,000 after buying an additional 525 shares during the last quarter. Institutional investors own 82.41% of the company's stock.

Steel Dynamics Price Performance

NASDAQ:STLD traded up $2.31 during trading hours on Tuesday, hitting $128.22. 1,572,772 shares of the company's stock traded hands, compared to its average volume of 1,305,736. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $155.56. The business's fifty day simple moving average is $129.36 and its two-hundred day simple moving average is $128.20. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43. The firm has a market cap of $18.88 billion, a P/E ratio of 18.69, a P/E/G ratio of 1.02 and a beta of 1.38.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings results 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). The business had revenue of $4.57 billion during the quarter, compared to analysts' expectations of $4.82 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The business's revenue was down 1.5% on a year-over-year basis. During the same period in the previous year, the business earned $2.72 EPS. On average, research analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.6%. Steel Dynamics's dividend payout ratio is presently 29.15%.

Insider Buying and Selling at Steel Dynamics

In other news, Director Gabriel Shaheen sold 1,254 shares of Steel Dynamics stock in a transaction on 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 approximately $10,971,807.32. The trade was a 1.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Christopher A. Graham sold 12,000 shares of the 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 owned 66,738 shares in the company, valued at $8,456,371.98. This trade represents a 15.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.30% of the company's stock.

Wall Street Analysts Forecast Growth

STLD has been the subject of several research reports. Wall Street Zen downgraded Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Wells Fargo & Company upgraded shares of Steel Dynamics to a "strong-buy" rating in a research report on Thursday, August 14th. Morgan Stanley lifted their target price 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. Finally, JPMorgan Chase & Co. upped their price target on shares of Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target 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.