Steel Dynamics, Inc. $STLD Position Lowered by Swedbank AB

Key Points

• Swedbank AB reduced its stake in Steel Dynamics by 7.9% in the first quarter, selling 18,444 shares and leaving it with 214,889 shares valued at about $38.7 million.
• Insiders also sold stock, including Director Kenneth W. Cornew and SVP Miguel Alvarez, with total insider sales of 22,125 shares worth $5.4 million over the last three months.
• Steel Dynamics beat revenue growth but missed earnings by a penny in its latest quarter, reporting $2.78 EPS versus $2.79 expected and $5.20 billion in revenue, up 19.1% year over year. The company also announced a quarterly dividend of $0.53 per share.

Swedbank AB trimmed its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 7.9% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 214,889 shares of the basic materials company's stock after selling 18,444 shares during the period. Swedbank AB owned 0.15% of Steel Dynamics worth $38,680,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STLD. NewEdge Advisors LLC increased its holdings in shares of Steel Dynamics by 307.5% in the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company's stock valued at $102,000 after acquiring an additional 618 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Steel Dynamics by 82.7% during the 1st quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company's stock valued at $435,000 after acquiring an additional 1,578 shares in the last quarter. Jump Financial LLC bought a new position in Steel Dynamics during the second quarter worth $1,019,000. Qube Research & Technologies Ltd bought a new position in Steel Dynamics during the second quarter worth $48,746,000. Finally, Sei Investments Co. boosted its holdings in Steel Dynamics by 7.9% in the second quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company's stock worth $13,447,000 after purchasing an additional 7,712 shares during the period. 82.41% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Kenneth W. Cornew sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the transaction, the director directly owned 31,299 shares in the company, valued at approximately $7,038,206.13. The trade was a 13.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Miguel Alvarez sold 4,825 shares of the stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total value of $1,088,423.50. Following the completion of the transaction, the senior vice president directly owned 122,257 shares of the company's stock, valued at $27,578,734.06. This trade represents a 3.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 22,125 shares of company stock worth $5,438,226. 6.60% of the stock is currently owned by corporate insiders.

Steel Dynamics Stock Down 0.4%

Steel Dynamics stock opened at $228.76 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. Steel Dynamics, Inc. has a one year low of $119.89 and a one year high of $288.74. The company has a 50-day simple moving average of $246.02 and a 200-day simple moving average of $206.25. The firm has a market capitalization of $33.11 billion, a P/E ratio of 24.47, a P/E/G ratio of 0.45 and a beta of 1.53.

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 for the quarter, missing the consensus estimate of $2.79 by ($0.01). The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The company's revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.44 earnings per share. As a group, equities analysts expect that Steel Dynamics, Inc. will post 16.78 earnings per share for the current year.

Steel Dynamics Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have weighed in on STLD shares. BMO Capital Markets boosted their target price on shares of Steel Dynamics from $195.00 to $240.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. KeyCorp lifted their price target on shares of Steel Dynamics from $241.00 to $262.00 and gave the company an "overweight" rating in a report on Wednesday, June 24th. Bank of America dropped their price objective on shares of Steel Dynamics from $285.00 to $280.00 and set a "neutral" rating on the stock in a research note on Thursday, June 18th. Citigroup lifted their target price on Steel Dynamics from $180.00 to $255.00 and gave the company a "buy" rating in a research note on Wednesday, April 22nd. Finally, Wall Street Zen raised Steel Dynamics from a "hold" rating to a "buy" rating in a report on Saturday, April 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Steel Dynamics presently has an average rating of "Moderate Buy" and an average target price of $236.36.

About Steel Dynamics

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.