Steel Dynamics, Inc. $STLD Shares Sold by LSV Asset Management

Key Points

• LSV Asset Management cut its Steel Dynamics stake by 20% in the fourth quarter, selling 194,647 shares and leaving it with 777,838 shares worth about $131.8 million.
• Insiders also sold shares: Director Kenneth W. Cornew and SVP Richard A. Poinsatte both trimmed their holdings, and insiders sold a total of 12,125 shares over the last quarter.
• Steel Dynamics reported mixed quarterly results, missing both EPS and revenue estimates, even as revenue rose 19.1% year over year. The company also announced a $0.53 quarterly dividend and saw analysts mostly maintain a bullish-to-neutral outlook.

LSV Asset Management reduced its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 20.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 777,838 shares of the basic materials company's stock after selling 194,647 shares during the period. LSV Asset Management owned 0.53% of Steel Dynamics worth $131,805,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in STLD. Cornerstone Planning Group LLC boosted its holdings in shares of Steel Dynamics by 1,636.4% during the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company's stock worth $27,000 after purchasing an additional 180 shares during the last quarter. Sound Income Strategies LLC boosted its holdings in shares of 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 purchasing an additional 150 shares during the last quarter. Torren Management LLC acquired a new position in shares of Steel Dynamics during the 4th quarter worth approximately $34,000. Covestor Ltd raised its position in shares of Steel Dynamics by 44.3% during the 3rd quarter. Covestor Ltd now owns 303 shares of the basic materials company's stock valued at $42,000 after buying an additional 93 shares during the period. Finally, Nvest Wealth Strategies Inc. purchased a new stake in shares of Steel Dynamics during the 4th quarter valued at approximately $42,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics 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 value of $1,124,350.00. Following the sale, the director owned 31,299 shares of the company's stock, valued at $7,038,206.13. The trade was a 13.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $234.11, for a total value of $538,453.00. Following the sale, the senior vice president directly owned 28,618 shares in the company, valued at $6,699,759.98. This represents a 7.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 12,125 shares of company stock valued at $2,751,227 over the last quarter. 6.60% of the stock is owned by company insiders.

Steel Dynamics Stock Up 3.5%

Shares of NASDAQ STLD opened at $240.03 on Friday. The firm has a market cap of $34.74 billion, a price-to-earnings ratio of 25.67, a PEG ratio of 0.51 and a beta of 1.48. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46. Steel Dynamics, Inc. has a 52-week low of $119.89 and a 52-week high of $243.73. The business's 50 day moving average is $202.58 and its two-hundred day moving average is $184.97.

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

Steel Dynamics Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have recently commented on STLD. Citigroup lifted their price target on shares of Steel Dynamics from $180.00 to $255.00 and gave the company a "buy" rating in a research report on Wednesday, April 22nd. JPMorgan Chase & Co. lifted their price target on shares of Steel Dynamics from $192.00 to $205.00 and gave the company a "neutral" rating in a research report on Tuesday, April 14th. Morgan Stanley reaffirmed an "underperform" rating and set a $190.00 price target on shares of Steel Dynamics in a research report on Tuesday, March 17th. Wells Fargo & Company boosted their target price on Steel Dynamics from $207.00 to $235.00 and gave the company an "overweight" rating in a research report on Wednesday, April 22nd. Finally, KeyCorp boosted their target price on Steel Dynamics from $190.00 to $241.00 and gave the company an "overweight" rating in a research report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $219.36.

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.

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