Steel Dynamics, Inc. $STLD Shares Sold by Thrivent Financial for Lutherans

Key Points

• Thrivent Financial for Lutherans reduced its Steel Dynamics stake by 25.2% in the fourth quarter, selling 325,092 shares and leaving it with 965,896 shares worth about $163.7 million.
• Analyst sentiment is mixed: several firms raised price targets, but Bank of America downgraded the stock to neutral. The consensus rating remains Hold with an average target price of $214.30.
• Steel Dynamics reported quarterly EPS of $2.78, just below estimates, and revenue of $5.20 billion versus expectations of $5.39 billion. The company also announced a quarterly dividend of $0.53 per share, payable July 10.

Thrivent Financial for Lutherans cut its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 25.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 965,896 shares of the basic materials company's stock after selling 325,092 shares during the period. Thrivent Financial for Lutherans owned approximately 0.66% of Steel Dynamics worth $163,673,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Cornerstone Planning Group LLC increased its position in shares of Steel Dynamics by 1,636.4% during the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 180 shares during the last quarter. Sound Income Strategies LLC increased its position in shares of Steel Dynamics by 1,500.0% during the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company's stock valued at $28,000 after acquiring an additional 150 shares during the last quarter. Torren Management LLC acquired a new stake in shares of Steel Dynamics during the fourth quarter valued at about $34,000. Covestor Ltd increased its position 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 valued at $42,000 after acquiring an additional 93 shares during the last quarter. Finally, Nvest Wealth Strategies Inc. acquired a new stake in shares of Steel Dynamics during the fourth quarter valued at about $42,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on STLD shares. 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. KeyCorp lifted their price target on shares of Steel Dynamics from $190.00 to $241.00 and gave the company an "overweight" rating in a research report on Wednesday, April 22nd. Bank of America cut shares of Steel Dynamics from a "buy" rating to a "neutral" rating and set a $250.00 price objective for the company. in a report on Thursday, April 30th. BMO Capital Markets upped their target price 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. Finally, Wall Street Zen raised shares of Steel Dynamics from a "hold" rating to a "buy" rating in a research report on Saturday, April 18th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $214.30.

Steel Dynamics Stock Down 1.0%

Shares of NASDAQ:STLD opened at $234.68 on Friday. The company has a market capitalization of $33.96 billion, a PE ratio of 25.10, a P/E/G ratio of 0.50 and a beta of 1.48. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46. Steel Dynamics, Inc. has a twelve month low of $119.89 and a twelve month high of $243.73. The firm has a 50 day simple moving average of $197.24 and a 200-day simple moving average of $182.16.

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

Steel Dynamics Announces Dividend

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

Insiders Place Their Bets

In other Steel Dynamics news, Director Kenneth W. Cornew sold 5,000 shares of the company's stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the transaction, the director owned 31,299 shares in the company, valued at approximately $7,038,206.13. This represents a 13.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Miguel Alvarez sold 4,825 shares of the company's stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the transaction, the senior vice president 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 position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 12,125 shares of company stock worth $2,751,227. 6.60% of the stock is owned by insiders.

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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