Steel Dynamics, Inc. $STLD Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management increased its Steel Dynamics stake by 42.2% in the second quarter, adding 76,574 shares to own 258,007 shares valued at approximately $59.2 million. Institutional investors and hedge funds collectively own 82.41% of the company.
• Steel Dynamics exceeded quarterly expectations, reporting $3.69 in EPS on $6.09 billion in revenue, with revenue up 33.4% year over year. Analysts expect full-year EPS of $17.16.
• The company declared a quarterly dividend of $0.53 per share, equivalent to a $2.12 annualized payout and a 0.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $259.09.

Connor Clark & Lunn Investment Management Ltd. raised its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 42.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 258,007 shares of the basic materials company's stock after purchasing an additional 76,574 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.18% of Steel Dynamics worth $59,202,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Prosperity Bancshares Inc purchased a new stake in shares of Steel Dynamics during the fourth quarter worth about $25,000. Meeder Asset Management Inc. purchased a new position in shares of Steel Dynamics during the second quarter valued at approximately $26,000. MV Capital Management Inc. purchased a new position in shares of Steel Dynamics during the fourth quarter valued at approximately $27,000. Cedar Mountain Advisors LLC acquired a new stake in Steel Dynamics during the first quarter worth approximately $31,000. Finally, DV Equities LLC acquired a new stake in Steel Dynamics during the fourth quarter worth approximately $33,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $228.68 on Monday. The company has a market cap of $32.78 billion, a P/E ratio of 20.73, a P/E/G ratio of 0.43 and a beta of 1.52. The firm's 50 day moving average is $245.06 and its two-hundred day moving average is $222.52. Steel Dynamics, Inc. has a fifty-two week low of $126.23 and a fifty-two week high of $288.74. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.63 by $0.06. The company had revenue of $6.09 billion during the quarter, compared to analysts' expectations of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The business's quarterly revenue was up 33.4% compared to the same quarter last year. During the same period in the previous year, the company earned $2.01 EPS. Analysts expect that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Steel Dynamics's payout ratio is 19.22%.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the company's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the sale, the senior vice president directly owned 102,837 shares in the company, valued at $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 6.60% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on STLD. The Goldman Sachs Group initiated coverage on Steel Dynamics in a report on Wednesday, July 29th. They issued a "buy" rating and a $300.00 price target for the company. Weiss Ratings upgraded Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 18th. KeyCorp reaffirmed an "overweight" rating on shares of Steel Dynamics in a research report on Wednesday, July 22nd. Barclays upped their target price on Steel Dynamics from $270.00 to $272.00 and gave the company an "overweight" rating in a research note on Wednesday, July 22nd. Finally, Bank of America reduced their target price on Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating on the stock in a research report on Thursday, July 9th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $259.09.

Steel Dynamics Company Profile

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.

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