The Manufacturers Life Insurance Company Decreases Stock Holdings 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 the company.
• Analysts maintain a generally positive outlook, with eight Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $258.45.
• Steel Dynamics exceeded quarterly expectations with $3.69 in EPS and $6.09 billion in revenue, while revenue grew 33.4% year over year. The company also declared a quarterly dividend of $0.53 per share, or $2.12 annualized.

The Manufacturers Life Insurance Company lowered its position 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 Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 73,690 shares of the basic materials company's stock after selling 4,298 shares during the period. The Manufacturers Life Insurance Company owned 0.05% of Steel Dynamics worth $16,909,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of STLD. Tidal Investments LLC lifted its holdings in Steel Dynamics by 15.6% during the 2nd quarter. Tidal Investments LLC now owns 27,467 shares of the basic materials company's stock worth $6,303,000 after buying an additional 3,709 shares during the last quarter. WINTON GROUP Ltd acquired a new position in shares of Steel Dynamics during the 2nd quarter worth about $2,180,000. Integrated Wealth Concepts LLC increased its holdings in shares of Steel Dynamics by 3.9% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 2,912 shares of the basic materials company's stock valued at $668,000 after acquiring an additional 110 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of Steel Dynamics by 4.1% during the 2nd quarter. NewEdge Advisors LLC now owns 14,708 shares of the basic materials company's stock worth $3,375,000 after acquiring an additional 574 shares in the last quarter. Finally, Baird Financial Group Inc. raised its position in shares of Steel Dynamics by 9.9% during the 2nd quarter. Baird Financial Group Inc. now owns 187,906 shares of the basic materials company's stock worth $43,117,000 after acquiring an additional 16,930 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Morgan Stanley lowered their price target on Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating for the company in a report on Wednesday, July 22nd. Wells Fargo & Company cut their price objective on shares of Steel Dynamics from $275.00 to $255.00 and set an "overweight" rating on the stock in a report on Monday, August 24th. Wall Street Zen raised shares of Steel Dynamics from a "buy" rating to a "strong-buy" rating in a report on Saturday. Barclays boosted their price objective on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. upped their target price on shares of Steel Dynamics from $260.00 to $273.00 and gave the company a "neutral" rating in a report on Wednesday. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $258.45.

Steel Dynamics Trading Up 1.1%

STLD opened at $239.79 on Friday. The firm has a market cap of $34.37 billion, a price-to-earnings ratio of 21.74, a price-to-earnings-growth ratio of 0.45 and a beta of 1.50. Steel Dynamics, Inc. has a 52 week low of $129.41 and a 52 week high of $288.74. The business's 50 day moving average is $242.94 and its two-hundred day moving average is $226.71. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating the consensus estimate of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The firm had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $5.56 billion. During the same quarter in the prior year, the firm earned $2.01 EPS. Steel Dynamics's revenue for the quarter was up 33.4% on a year-over-year basis. On average, research analysts predict that Steel Dynamics, Inc. will post 17.8 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Steel Dynamics's dividend payout ratio (DPR) is currently 19.22%.

Steel Dynamics Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnaces that use recycled steel and other metallic inputs to manufacture a broad range of steel products. Its customers include companies in the construction, automotive, manufacturing, transportation, energy and appliance industries.

Steel Dynamics' steel operations produce flat-rolled steel, structural steel, rail, engineered bar products and other specialty steel products.

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