TD Asset Management Inc Sells 21,568 Shares of Steel Dynamics, Inc. $STLD

Key Points

• TD Asset Management reduced its stake in Steel Dynamics by 30.8% in the fourth quarter, selling 21,568 shares and leaving it with 48,524 shares valued at about $8.22 million.
• Steel Dynamics reported quarterly EPS of $2.78, narrowly missing estimates, while revenue came in at $5.20 billion versus the $5.39 billion forecast. Even so, revenue rose 19.1% year over year and the company posted a 15.54% return on equity.
• The company announced a quarterly dividend of $0.53 per share, payable July 10, implying an annualized yield of about 0.8%. Analysts currently rate the stock a Moderate Buy with a consensus price target of $224.64, though several insiders have also recently sold shares.

TD Asset Management Inc cut its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 30.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,524 shares of the basic materials company's stock after selling 21,568 shares during the quarter. TD Asset Management Inc's holdings in Steel Dynamics were worth $8,222,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Sound Income Strategies LLC raised its stake in shares of Steel Dynamics by 1,500.0% in the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company's stock valued at $28,000 after buying an additional 150 shares during the period. Torren Management LLC bought a new stake in shares of Steel Dynamics in the fourth quarter valued at $34,000. Nvest Wealth Strategies Inc. bought a new stake in shares of Steel Dynamics in the fourth quarter valued at $42,000. Eagle Bay Advisors LLC bought a new stake in shares of Steel Dynamics in the fourth quarter valued at $45,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in shares of Steel Dynamics in the third quarter valued at $46,000. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $269.80 on Wednesday. Steel Dynamics, Inc. has a 52 week low of $119.89 and a 52 week high of $280.49. The business has a 50-day simple moving average of $224.82 and a 200 day simple moving average of $194.42. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46. The stock has a market cap of $39.05 billion, a price-to-earnings ratio of 28.86, a PEG ratio of 0.57 and a beta of 1.50.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted 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 business 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 earned $1.44 earnings per share. Steel Dynamics's quarterly revenue was up 19.1% compared to the same quarter last year. On average, research analysts forecast that Steel Dynamics, Inc. will post 14.77 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.8%. The ex-dividend date is Tuesday, June 30th. Steel Dynamics's payout ratio is presently 22.67%.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Miguel Alvarez sold 4,825 shares of Steel Dynamics stock in a transaction dated 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 completion of the sale, the senior vice president owned 122,257 shares of the company's stock, valued at $27,578,734.06. The trade was a 3.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the sale, the senior vice president directly owned 102,837 shares of the company's stock, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 22,125 shares of company stock valued at $5,438,227 in the last ninety days. Corporate insiders own 6.60% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. JPMorgan Chase & Co. boosted 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. Weiss Ratings upgraded Steel Dynamics from a "hold (c)" rating to a "buy (b-)" rating in a research note on Wednesday, April 29th. Jefferies Financial Group restated a "buy" rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. Wall Street Zen upgraded Steel Dynamics from a "hold" rating to a "buy" rating in a research note on Saturday, April 18th. Finally, Barclays assumed coverage on Steel Dynamics in a research report on Thursday, May 21st. They issued an "overweight" rating and a $270.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Steel Dynamics has a consensus rating of "Moderate Buy" and a consensus price target of $224.64.

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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