Steel Dynamics, Inc. $STLD Shares Sold by Caisse de depot et placement du Quebec

Key Points

• Caisse de dépôt et placement du Québec cut its Steel Dynamics stake by 40.9% in the second quarter, selling 311,715 shares and retaining 450,108 shares worth approximately $103.3 million.
• Institutional investors own 82.41% of Steel Dynamics, while several major funds—including BlackRock, Norges Bank and Boston Partners—initiated or expanded positions.
• Steel Dynamics exceeded quarterly earnings and revenue expectations, reporting $3.69 in EPS and $6.09 billion in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $257.27, and the company declared a quarterly dividend of $0.53 per share.

Caisse de depot et placement du Quebec lessened its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 40.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 450,108 shares of the basic materials company's stock after selling 311,715 shares during the period. Caisse de depot et placement du Quebec owned about 0.31% of Steel Dynamics worth $103,282,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Steel Dynamics during the second quarter worth $2,844,501,000. Life Cycle Investment Partners Ltd acquired a new position in Steel Dynamics in the fourth quarter worth $586,702,000. Norges Bank bought a new stake in Steel Dynamics during the fourth quarter valued at $564,590,000. Boston Partners increased its stake in Steel Dynamics by 147.9% during the fourth quarter. Boston Partners now owns 1,793,630 shares of the basic materials company's stock valued at $303,970,000 after purchasing an additional 1,070,042 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Steel Dynamics during the second quarter worth $211,159,000. Institutional investors and hedge funds own 82.41% of the company's stock.

Insiders Place Their Bets

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction on 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 sale, the senior vice president owned 102,837 shares of the company's stock, valued at $27,632,301.90. The trade was a 8.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.60% of the stock is owned by insiders.

Steel Dynamics Stock Up 2.1%

STLD stock opened at $235.90 on Thursday. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. The firm's 50-day simple moving average is $242.65 and its 200 day simple moving average is $223.31. The stock has a market cap of $33.81 billion, a PE ratio of 21.39, a price-to-earnings-growth ratio of 0.44 and a beta of 1.52. Steel Dynamics, Inc. has a fifty-two week low of $126.88 and a fifty-two week high of $288.74.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, topping the consensus estimate of $3.63 by $0.06. The firm 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%. Steel Dynamics's quarterly revenue was up 33.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.01 EPS. As a group, sell-side analysts predict that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics's dividend payout ratio (DPR) is currently 19.22%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on STLD shares. UBS Group lifted their price target on shares of Steel Dynamics from $165.00 to $276.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Barclays increased their price objective on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 22nd. Bank of America cut their target price on shares of Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating on the stock in a report on Thursday, July 9th. KeyCorp restated an "overweight" rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Finally, Wells Fargo & Company lowered their target price on Steel Dynamics from $275.00 to $255.00 and set an "overweight" rating for the company in a report on Monday. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $257.27.

Steel Dynamics 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source