Steel Dynamics, Inc. $STLD Shares Sold by Swiss National Bank

Key Points

• Swiss National Bank trimmed its stake in Steel Dynamics by 5.7% in Q3, selling 24,500 shares and leaving it with 406,600 shares (about 0.28% of the company) valued at roughly $56.7 million.
• Steel Dynamics beat EPS expectations with $1.82 vs. $1.72 consensus but missed revenue estimates ($4.41B reported vs. $4.62B expected), while revenue rose 14% year-over-year.
• The company raised its quarterly dividend to $0.53 (annualized $2.12, ~1.2% yield; ex-dividend March 31), and the stock trades around $184 with a market cap of ~$26.7B and an average analyst target of $184.22 (Moderate Buy).

Swiss National Bank reduced its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 5.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 406,600 shares of the basic materials company's stock after selling 24,500 shares during the quarter. Swiss National Bank owned about 0.28% of Steel Dynamics worth $56,692,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Cornerstone Planning Group LLC raised its stake in Steel Dynamics by 1,636.4% in the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 180 shares during the last quarter. Toth Financial Advisory Corp boosted its stake in shares of Steel Dynamics by 50.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 300 shares of the basic materials company's stock worth $42,000 after purchasing an additional 100 shares during the last quarter. Covestor Ltd grew its holdings in shares of Steel Dynamics by 44.3% during the third quarter. Covestor Ltd now owns 303 shares of the basic materials company's stock worth $42,000 after buying an additional 93 shares in the last quarter. CNB Bank purchased a new stake in shares of Steel Dynamics during the third quarter worth about $43,000. Finally, Root Financial Partners LLC acquired a new position in shares of Steel Dynamics in the third quarter valued at approximately $48,000. Institutional investors and hedge funds own 82.41% of the company's stock.

Steel Dynamics Price Performance

STLD opened at $184.26 on Thursday. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $208.47. The company's 50 day simple moving average is $184.81 and its 200 day simple moving average is $163.48. The stock has a market capitalization of $26.70 billion, a PE ratio of 23.00, a P/E/G ratio of 0.49 and a beta of 1.43. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings results on Tuesday, January 27th. The basic materials company reported $1.82 EPS for the quarter, topping the consensus estimate of $1.72 by $0.10. The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.62 billion. Steel Dynamics had a net margin of 6.52% and a return on equity of 13.56%. Steel Dynamics's revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.36 earnings per share. As a group, sell-side analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Tuesday, March 31st. This is a positive change from Steel Dynamics's previous quarterly dividend of $0.50. Steel Dynamics's payout ratio is currently 24.97%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on STLD shares. Weiss Ratings reissued a "hold (c+)" rating on shares of Steel Dynamics in a research note on Monday, December 29th. Wells Fargo & Company lifted their target price on shares of Steel Dynamics from $190.00 to $210.00 and gave the stock an "overweight" rating in a research note on Monday, March 2nd. KeyCorp reiterated an "overweight" rating and issued a $190.00 price target on shares of Steel Dynamics in a report on Wednesday, January 7th. Wall Street Zen cut Steel Dynamics from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 7th. Finally, JPMorgan Chase & Co. lifted their price objective on Steel Dynamics from $165.00 to $190.00 and gave the company a "neutral" rating in a research report on Friday, December 5th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $184.22.

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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