Steel Dynamics, Inc. $STLD Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 4.4% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 77,988 shares of the basic materials company’s stock after selling 3,569 shares during the period. The Manufacturers Life Insurance Company’s holdings in Steel Dynamics were worth $14,038,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Quantinno Capital Management LP grew its stake in Steel Dynamics by 19.1% during the 1st quarter. Quantinno Capital Management LP now owns 81,255 shares of the basic materials company’s stock valued at $14,626,000 after acquiring an additional 13,042 shares in the last quarter. SummitTX Capital L.P. boosted its holdings in shares of Steel Dynamics by 124.7% during the 1st quarter. SummitTX Capital L.P. now owns 38,768 shares of the basic materials company’s stock worth $6,978,000 after purchasing an additional 21,516 shares during the last quarter. OMERS ADMINISTRATION Corp grew its position in shares of Steel Dynamics by 33.4% in the first quarter. OMERS ADMINISTRATION Corp now owns 8,491 shares of the basic materials company’s stock valued at $1,528,000 after purchasing an additional 2,125 shares in the last quarter. Lombard Odier Asset Management Switzerland SA grew its position in shares of Steel Dynamics by 29.8% in the first quarter. Lombard Odier Asset Management Switzerland SA now owns 36,643 shares of the basic materials company’s stock valued at $6,596,000 after purchasing an additional 8,410 shares in the last quarter. Finally, Lombard Odier Asset Management USA Corp acquired a new stake in shares of Steel Dynamics in the first quarter valued at approximately $301,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance

Shares of NASDAQ:STLD opened at $251.26 on Monday. Steel Dynamics, Inc. has a 52 week low of $119.89 and a 52 week high of $288.74. The company’s 50 day moving average is $248.64 and its two-hundred day moving average is $214.32. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. The company has a market cap of $36.01 billion, a PE ratio of 22.78, a P/E/G ratio of 0.47 and a beta of 1.52.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. The business had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The company’s revenue was up 33.4% on a year-over-year basis. During the same period last year, the business earned $2.01 EPS. Equities analysts predict that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th were paid a $0.53 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a yield of 0.8%. Steel Dynamics’s dividend payout ratio (DPR) is currently 19.22%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wells Fargo & Company reduced their price target on Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating on the stock in a report on Wednesday, July 22nd. KeyCorp reissued an “overweight” rating on shares of Steel Dynamics in a research report on Wednesday, July 22nd. Citigroup lifted their target price on Steel Dynamics from $180.00 to $255.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. Finally, Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a report on Saturday, April 18th. 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, Steel Dynamics presently has a consensus rating of “Moderate Buy” and a consensus target price of $249.00.

Insiders Place Their Bets

In other news, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total transaction of $538,453.00. Following the completion of the transaction, the senior vice president directly owned 28,618 shares of the company’s stock, valued at approximately $6,699,759.98. This represents a 7.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the completion of the transaction, the senior vice president owned 102,837 shares in the company, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.60% of the stock is owned by company 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.