The Manufacturers Life Insurance Company Decreases Position in Steel Dynamics, Inc. $STLD

Key Points

• The Manufacturers Life Insurance Company reduced its Steel Dynamics stake by 5.5% in the second quarter, selling 4,298 shares and retaining 73,690 shares valued at approximately $16.9 million. Institutional investors collectively own 82.41% of STLD.
• Analysts remain broadly positive, with eight Buy ratings and four Hold ratings, producing a “Moderate Buy” consensus and an average price target of $257.27. Goldman Sachs initiated coverage with a Buy rating and a $300 target.
• Steel Dynamics reported quarterly EPS of $3.69, exceeding estimates, while revenue rose 33.4% year over year to $6.09 billion. The company also declared a quarterly dividend of $0.53 per share, equivalent to a 0.9% annualized yield.

The Manufacturers Life Insurance Company cut its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 5.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 73,690 shares of the basic materials company's stock after selling 4,298 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.05% of Steel Dynamics worth $16,909,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of STLD. Prosperity Bancshares Inc purchased a new position in shares of Steel Dynamics in the 4th quarter valued at about $25,000. Meeder Asset Management Inc. acquired a new position in shares of Steel Dynamics in the 2nd quarter valued at $26,000. MV Capital Management Inc. purchased a new stake in shares of Steel Dynamics in the fourth quarter valued at about $27,000. Cedar Mountain Advisors LLC purchased a new stake in Steel Dynamics during the 1st quarter valued at approximately $31,000. Finally, DV Equities LLC acquired a new stake in shares of Steel Dynamics during the fourth quarter worth $33,000. Hedge funds and other institutional investors own 82.41% of the company's stock.

Insider Buying and Selling

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the senior vice president owned 102,837 shares in the company, valued at $27,632,301.90. This trade represents a 8.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 6.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on STLD. Barclays raised their price objective on shares of Steel Dynamics from $270.00 to $272.00 and gave the company an "overweight" rating in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. increased their price target on shares of Steel Dynamics from $256.00 to $260.00 and gave the company a "neutral" rating in a report on Wednesday, July 22nd. UBS Group boosted their price target on Steel Dynamics from $165.00 to $276.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Weiss Ratings raised shares of Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, June 18th. Finally, The Goldman Sachs Group started coverage on Steel Dynamics in a report on Wednesday, July 29th. They set a "buy" rating and a $300.00 target price on the stock. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $257.27.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $234.66 on Friday. The company's fifty day simple moving average is $242.07 and its 200-day simple moving average is $223.62. The company has a market cap of $33.63 billion, a PE ratio of 21.27, a P/E/G ratio of 0.45 and a beta of 1.52. Steel Dynamics, Inc. has a 52 week low of $126.88 and a 52 week high of $288.74. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.63 by $0.06. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The business had revenue of $6.09 billion during the quarter, compared to analyst estimates of $5.56 billion. During the same quarter last year, the firm earned $2.01 earnings per share. The company's revenue for the quarter was up 33.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Steel Dynamics's dividend payout ratio is presently 19.22%.

About Steel Dynamics

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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