Steel Dynamics, Inc. $STLD Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Key Points

• Mitsubishi UFJ Trust & Banking Corp reduced its stake in Steel Dynamics by 30.5% in Q4, selling 38,456 shares and now owning 87,477 shares worth about $14.8 million.
• Analyst sentiment is mixed — the stock's average rating is "Hold" with an average price target of $214.30, while recent notes range from BMO's $240 (outperform) to Morgan Stanley's $190 (underperform).
• Steel Dynamics reported $2.78 EPS (missed by $0.01) and $5.20B revenue (below estimates) for the quarter, though revenue rose 19.1% year-over-year and the company increased its quarterly dividend to $0.53.

Mitsubishi UFJ Trust & Banking Corp decreased its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 30.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 87,477 shares of the basic materials company's stock after selling 38,456 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.06% of Steel Dynamics worth $14,823,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Nordea Investment Management AB increased its position in shares of Steel Dynamics by 12.1% in the third quarter. Nordea Investment Management AB now owns 2,340,480 shares of the basic materials company's stock worth $322,518,000 after acquiring an additional 252,108 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in Steel Dynamics by 3.7% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company's stock worth $340,289,000 after purchasing an additional 72,122 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Steel Dynamics by 1.0% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,046,791 shares of the basic materials company's stock valued at $145,953,000 after purchasing an additional 10,537 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Steel Dynamics by 34.7% in the second quarter. Bank of America Corp DE now owns 1,028,947 shares of the basic materials company's stock worth $131,715,000 after buying an additional 264,827 shares during the period. Finally, Boston Partners acquired a new position in Steel Dynamics during the third quarter valued at $101,254,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $192.00 to $205.00 and gave the company a "neutral" rating in a research note on Tuesday, April 14th. BMO Capital Markets upped their price target on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 22nd. Wall Street Zen raised Steel Dynamics from a "hold" rating to a "buy" rating in a research report on Saturday, April 18th. Bank of America cut Steel Dynamics from a "buy" rating to a "neutral" rating and set a $250.00 price target for the company. in a research note on Thursday. Finally, Morgan Stanley reissued an "underperform" rating and issued a $190.00 target price on shares of Steel Dynamics in a research report on Tuesday, March 17th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $214.30.

Insider Activity

In other Steel Dynamics news, SVP Miguel Alvarez sold 4,825 shares of the business's stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total value of $1,088,423.50. Following the completion of the transaction, the senior vice president directly owned 122,257 shares of the company's stock, valued at approximately $27,578,734.06. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth W. Cornew sold 5,000 shares of the 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 directly owned 31,299 shares of the company's stock, valued at approximately $7,038,206.13. The trade was a 13.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.60% of the stock is owned by company insiders.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $228.66 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33. Steel Dynamics, Inc. has a one year low of $119.89 and a one year high of $229.78. The company has a fifty day moving average price of $190.61 and a 200 day moving average price of $176.78. The stock has a market cap of $32.98 billion, a P/E ratio of 24.46, a PEG ratio of 0.57 and a beta of 1.39.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued 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 return on equity of 15.54% and a net margin of 7.22%.The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.39 billion. During the same period last year, the business earned $1.44 earnings per share. The firm's revenue for the quarter was up 19.1% compared to the same quarter last year. Analysts anticipate that Steel Dynamics, Inc. will post 14.34 earnings per share for the current year.

Steel Dynamics Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st were given a dividend of $0.53 per share. The ex-dividend date was Tuesday, March 31st. This is an increase from Steel Dynamics's previous quarterly dividend of $0.50. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. Steel Dynamics's dividend 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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