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

TD Asset Management Inc lowered its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 30.8% in the 4th quarter, HoldingsChannel reports. 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 added to or reduced their stakes in the company. Sound Income Strategies LLC lifted its stake in Steel Dynamics by 1,500.0% during the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 150 shares during the last quarter. Torren Management LLC bought a new stake in shares of Steel Dynamics in the 4th quarter valued at about $34,000. Nvest Wealth Strategies Inc. bought a new stake in shares of Steel Dynamics in the 4th quarter valued at about $42,000. Eagle Bay Advisors LLC bought a new stake in shares of Steel Dynamics in the 4th quarter valued at about $45,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in shares of Steel Dynamics in the 3rd quarter valued at about $46,000. Institutional investors own 82.41% of the company’s stock.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction that occurred on 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 owned 28,618 shares of the company’s stock, valued at $6,699,759.98. This represents a 7.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Miguel Alvarez sold 4,825 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total value of $1,088,423.50. Following the transaction, the senior vice president directly owned 122,257 shares of the company’s stock, valued at $27,578,734.06. The trade was a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 22,125 shares of company stock worth $5,438,227. 6.60% of the stock is currently owned by company insiders.

Steel Dynamics Trading Up 1.0%

STLD opened at $269.80 on Wednesday. The business has a 50 day simple moving average of $224.82 and a two-hundred day simple moving average of $194.42. The firm has a market capitalization of $39.05 billion, a price-to-earnings ratio of 28.86, a PEG ratio of 0.57 and a beta of 1.50. 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 $280.49.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The company’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.44 EPS. Analysts predict that Steel Dynamics, Inc. will post 14.77 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is 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 is presently 22.67%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on STLD shares. KeyCorp boosted their target price on Steel Dynamics from $190.00 to $241.00 and gave the company an “overweight” rating in a research note on Wednesday, April 22nd. Wall Street Zen raised Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Jefferies Financial Group reissued a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. Weiss Ratings raised Steel Dynamics from a “hold (c)” rating to a “buy (b-)” rating in a research note on Wednesday, April 29th. Finally, Wells Fargo & Company boosted their target price on Steel Dynamics from $235.00 to $293.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $224.64.

Steel Dynamics Company 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.