Steel Dynamics, Inc. $STLD Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in Steel Dynamics, Inc. by 1.9%, now holding approximately 1,740,699 shares valued at $217.7 million.
• Steel Dynamics reported a Q2 EPS of $2.01, missing estimates of $2.05, with revenues of $4.57 billion, lower than the expected $4.82 billion.
• The company declared a $0.50 quarterly dividend payable on October 10th, with a yield of 1.6% and a payout ratio of 29.15%.

Northern Trust Corp trimmed its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 1.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,740,699 shares of the basic materials company's stock after selling 34,587 shares during the quarter. Northern Trust Corp owned approximately 1.16% of Steel Dynamics worth $217,727,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in STLD. Victory Capital Management Inc. raised its holdings in shares of Steel Dynamics by 433.1% in the first quarter. Victory Capital Management Inc. now owns 1,816,525 shares of the basic materials company's stock worth $227,211,000 after acquiring an additional 1,475,767 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Steel Dynamics by 531.0% in the first quarter. Robeco Institutional Asset Management B.V. now owns 1,191,669 shares of the basic materials company's stock worth $149,054,000 after acquiring an additional 1,002,813 shares during the last quarter. Nuveen LLC acquired a new position in shares of Steel Dynamics in the first quarter worth $62,470,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Steel Dynamics by 8.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,628,403 shares of the basic materials company's stock worth $642,033,000 after acquiring an additional 451,630 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Steel Dynamics by 18,398.4% in the first quarter. GAMMA Investing LLC now owns 447,661 shares of the basic materials company's stock worth $55,993,000 after acquiring an additional 445,241 shares during the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, Director Gabriel Shaheen sold 1,254 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $134.11, for a total transaction of $168,173.94. Following the completion of the sale, the director owned 81,812 shares of the company's stock, valued at approximately $10,971,807.32. The trade was a 1.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Christopher A. Graham sold 12,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total value of $1,520,520.00. Following the sale, the senior vice president directly owned 66,738 shares of the company's stock, valued at approximately $8,456,371.98. This trade represents a 15.24% decrease in their position. The disclosure for this sale can be found here. 6.30% of the stock is currently owned by insiders.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $125.76 on Friday. The company has a market cap of $18.51 billion, a P/E ratio of 18.33, a P/E/G ratio of 1.01 and a beta of 1.38. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $155.56. The business has a fifty day simple moving average of $129.14 and a 200-day simple moving average of $128.16.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The basic materials company reported $2.01 EPS for the quarter, missing analysts' consensus estimates of $2.05 by ($0.04). The business had revenue of $4.57 billion during the quarter, compared to analysts' expectations of $4.82 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. Steel Dynamics's revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.72 EPS. Equities research analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Steel Dynamics's payout ratio is 29.15%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on STLD shares. Morgan Stanley boosted their price target on Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Wells Fargo & Company raised Steel Dynamics to a "strong-buy" rating in a report on Thursday, August 14th. Wall Street Zen downgraded Steel Dynamics from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. Finally, JPMorgan Chase & Co. lifted their price objective on Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $148.70.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.

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