Steel Dynamics, Inc. $STLD Shares Sold by Lombard Odier Asset Management Europe Ltd

Key Points

• Lombard Odier Asset Management Europe Ltd reduced its Steel Dynamics stake by 10.1% in the first quarter, selling 12,329 shares and leaving it with 109,760 shares worth about $19.8 million.
• Steel Dynamics beat second-quarter expectations, reporting EPS of $3.69 versus $3.63 expected and revenue of $6.09 billion versus $5.56 billion estimated, with revenue up 33.4% from a year earlier.
• The company also paid a quarterly dividend of $0.53 per share and continues to draw mostly positive analyst views, with a consensus rating of “Moderate Buy” and an average price target of $237.36.

Lombard Odier Asset Management Europe Ltd cut its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 10.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 109,760 shares of the basic materials company's stock after selling 12,329 shares during the period. Steel Dynamics comprises about 1.1% of Lombard Odier Asset Management Europe Ltd's portfolio, making the stock its 22nd biggest position. Lombard Odier Asset Management Europe Ltd owned about 0.08% of Steel Dynamics worth $19,757,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Jacobi Capital Management LLC grew its holdings in shares of Steel Dynamics by 1.6% in the fourth quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company's stock valued at $599,000 after purchasing an additional 55 shares in the last quarter. Optas LLC boosted its position in Steel Dynamics by 3.0% in the 4th quarter. Optas LLC now owns 1,979 shares of the basic materials company's stock valued at $335,000 after buying an additional 58 shares during the period. Hohimer Wealth Management LLC boosted its position in Steel Dynamics by 1.1% in the 4th quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company's stock valued at $967,000 after buying an additional 61 shares during the period. Wright Investors Service Inc. grew its stake in shares of Steel Dynamics by 1.2% in the fourth quarter. Wright Investors Service Inc. now owns 5,555 shares of the basic materials company's stock worth $941,000 after acquiring an additional 64 shares in the last quarter. Finally, Kestra Private Wealth Services LLC increased its position in shares of Steel Dynamics by 2.7% during the first quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company's stock worth $431,000 after acquiring an additional 64 shares during the period. Institutional investors and hedge funds own 82.41% of the company's stock.

Steel Dynamics Stock Up 2.7%

Steel Dynamics stock opened at $247.11 on Friday. Steel Dynamics, Inc. has a 1-year low of $119.89 and a 1-year high of $288.74. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.33. The stock has a market cap of $35.76 billion, a PE ratio of 22.40, a P/E/G ratio of 0.47 and a beta of 1.53. The stock's fifty day moving average is $246.36 and its two-hundred day moving average is $211.12.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings data on Monday, July 20th. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.63 by $0.06. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The business had revenue of $6.09 billion during the quarter, compared to analysts' expectations of $5.56 billion. During the same period in the prior year, the firm posted $2.01 EPS. The business's quarterly revenue was up 33.4% compared to the same quarter last year. On average, sell-side analysts expect that Steel Dynamics, Inc. will post 17.17 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Tuesday, June 30th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Steel Dynamics's dividend payout ratio is 19.22%.

Insider Buying and Selling

In other news, SVP James Stanley Anderson sold 10,000 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were 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 owned 102,837 shares in the company, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Richard A. Poinsatte sold 2,300 shares of the company's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total transaction of $538,453.00. Following the completion of the transaction, the senior vice president 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 position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 6.60% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Steel Dynamics from $256.00 to $260.00 and gave the company a "neutral" rating in a research note on Wednesday. Citigroup upped their price target on Steel Dynamics from $180.00 to $255.00 and gave the stock a "buy" rating in a report on Wednesday, April 22nd. Wall Street Zen upgraded Steel Dynamics from a "hold" rating to a "buy" rating in a report on Saturday, April 18th. Morgan Stanley decreased their price objective on Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating for the company in a research note on Wednesday. Finally, Barclays boosted their price objective on Steel Dynamics from $270.00 to $272.00 and gave the stock an "overweight" rating in a research report on Wednesday. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Steel Dynamics presently has a consensus rating of "Moderate Buy" and a consensus target price of $237.36.

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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