Steel Dynamics, Inc. $STLD Shares Sold by Howard Bailey Securities LLC

Key Points

• Howard Bailey Securities LLC cut its Steel Dynamics position by 58.4% in the fourth quarter, leaving it with 4,662 shares worth about $790,000.
• Analyst sentiment remains constructive, with multiple firms raising price targets; the stock now carries an average “Moderate Buy” rating and a consensus target of $224.64.
• Steel Dynamics posted $2.78 EPS on $5.20 billion in quarterly revenue, slightly missing estimates, and also announced a quarterly dividend of $0.53 per share payable July 10.

Howard Bailey Securities LLC trimmed its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 58.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,662 shares of the basic materials company's stock after selling 6,540 shares during the quarter. Howard Bailey Securities LLC's holdings in Steel Dynamics were worth $790,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in STLD. Sound Income Strategies LLC grew its stake in Steel Dynamics by 1,500.0% during the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company's stock worth $28,000 after buying an additional 150 shares during the last quarter. Torren Management LLC bought a new position in shares of Steel Dynamics in the fourth quarter worth $34,000. Nvest Wealth Strategies Inc. bought a new position in shares of Steel Dynamics in the fourth quarter worth $42,000. Eagle Bay Advisors LLC bought a new position in shares of Steel Dynamics in the fourth quarter worth $45,000. Finally, Measured Wealth Private Client Group LLC bought a new position in shares of Steel Dynamics in the third quarter worth $46,000. 82.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Barclays assumed coverage on Steel Dynamics in a research note on Thursday, May 21st. They issued an "overweight" rating and a $270.00 price target for the company. Wells Fargo & Company upped their price objective on Steel Dynamics from $235.00 to $293.00 and gave the company an "overweight" rating in a report on Thursday. JPMorgan Chase & Co. upped their price objective on Steel Dynamics from $192.00 to $205.00 and gave the company a "neutral" rating in a report on Tuesday, April 14th. Wall Street Zen upgraded Steel Dynamics from a "hold" rating to a "buy" rating in a report on Saturday, April 18th. Finally, BMO Capital Markets upped their price objective on Steel Dynamics from $195.00 to $240.00 and gave the company an "outperform" rating in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $224.64.

Insiders Place Their Bets

In related news, SVP Richard A. Poinsatte sold 2,300 shares of the company's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total transaction of $538,453.00. Following the transaction, the senior vice president directly owned 28,618 shares of the company's stock, valued at approximately $6,699,759.98. The trade was a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP James Stanley Anderson sold 10,000 shares of the company's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the transaction, the senior vice president directly owned 102,837 shares in the company, valued at $27,632,301.90. The trade was a 8.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 22,125 shares of company stock valued at $5,438,227 over the last ninety days. Corporate insiders own 6.60% of the company's stock.

Steel Dynamics Trading Down 0.5%

Shares of NASDAQ STLD opened at $267.20 on Tuesday. Steel Dynamics, Inc. has a 12 month low of $119.89 and a 12 month high of $280.49. The company has a market cap of $38.67 billion, a price-to-earnings ratio of 28.58, a P/E/G ratio of 0.57 and a beta of 1.50. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46. The business has a fifty day simple moving average of $222.85 and a 200-day simple moving average of $193.61.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.01). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The company had revenue of $5.20 billion for the quarter, compared to analysts' expectations of $5.39 billion. During the same period in the prior year, the company earned $1.44 earnings per share. The company's revenue for the quarter was up 19.1% on a year-over-year basis. Sell-side analysts predict that Steel Dynamics, Inc. will post 14.77 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Steel Dynamics's payout ratio is presently 22.67%.

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.

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