Steel Dynamics, Inc. $STLD Stake Decreased by Strs Ohio

Key Points

• Strs Ohio reduced its stake in Steel Dynamics by 17.5% in the first quarter, selling 26,905 shares and ending with 126,973 shares valued at about $22.9 million.
• Steel Dynamics posted mixed quarterly results: EPS of $2.78 narrowly missed estimates, while revenue of $5.20 billion also came in below expectations despite rising 19.1% year over year.
• The company continues to return cash to shareholders with a quarterly dividend of $0.53 per share, equal to an annualized yield of about 1.0%.

Strs Ohio trimmed its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 17.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 126,973 shares of the basic materials company's stock after selling 26,905 shares during the quarter. Strs Ohio owned about 0.09% of Steel Dynamics worth $22,855,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. NewEdge Advisors LLC increased its holdings in shares of Steel Dynamics by 307.5% during the first quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company's stock valued at $102,000 after purchasing an additional 618 shares during the period. Acadian Asset Management LLC lifted its holdings in Steel Dynamics by 82.7% in the first quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company's stock worth $435,000 after purchasing an additional 1,578 shares during the period. Jump Financial LLC bought a new position in Steel Dynamics in the 2nd quarter valued at about $1,019,000. Qube Research & Technologies Ltd acquired a new position in Steel Dynamics during the 2nd quarter valued at about $48,746,000. Finally, Sei Investments Co. increased its stake in Steel Dynamics by 7.9% during the 2nd quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company's stock valued at $13,447,000 after buying an additional 7,712 shares during the period. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance

Shares of STLD opened at $220.39 on Friday. The company has a 50-day moving average of $245.84 and a two-hundred day moving average of $204.81. The stock has a market cap of $31.89 billion, a price-to-earnings ratio of 23.57, a PEG ratio of 0.43 and a beta of 1.53. 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 $288.74.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted 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). 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 for the quarter, compared to analysts' expectations of $5.39 billion. During the same quarter in the previous year, the firm posted $1.44 earnings per share. The company's revenue for the quarter was up 19.1% on a year-over-year basis. On average, equities research analysts expect that Steel Dynamics, Inc. will post 16.78 earnings per share for the current year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, June 30th. Steel Dynamics's dividend payout ratio (DPR) is 22.67%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on STLD. Barclays assumed coverage on shares of Steel Dynamics in a research note on Thursday, May 21st. They issued an "overweight" rating and a $270.00 price target for the company. Wall Street Zen raised Steel Dynamics from a "hold" rating to a "buy" rating in a report on Saturday, April 18th. Bank of America cut their target price on Steel Dynamics from $285.00 to $280.00 and set a "neutral" rating for the company in a research report on Thursday, June 18th. BMO Capital Markets increased their price target on Steel Dynamics from $195.00 to $240.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Steel Dynamics has a consensus rating of "Moderate Buy" and a consensus price target of $236.36.

Insiders Place Their Bets

In related news, SVP James Stanley Anderson sold 10,000 shares of the company's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the transaction, the senior vice president directly owned 102,837 shares of the company's stock, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $1,124,350.00. Following the transaction, the director directly owned 31,299 shares in the company, valued at $7,038,206.13. The trade was a 13.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 22,125 shares of company stock worth $5,438,226. 6.60% of the stock is owned by corporate insiders.

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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