Morningstar Investment Management LLC Cuts Stake in Steel Dynamics, Inc. $STLD

Morningstar Investment Management LLC cut its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 46.6% in the 1st quarter, Holdings Channel.com reports. The fund owned 3,711 shares of the basic materials company’s stock after selling 3,244 shares during the period. Morningstar Investment Management LLC’s holdings in Steel Dynamics were worth $668,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of STLD. Prosperity Bancshares Inc bought a new position in Steel Dynamics in the 4th quarter worth about $25,000. MV Capital Management Inc. bought a new stake in Steel Dynamics during the 4th quarter valued at about $27,000. Sound Income Strategies LLC increased its stake in Steel Dynamics by 1,500.0% during the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 150 shares in the last quarter. Cedar Mountain Advisors LLC purchased a new position in Steel Dynamics in the first quarter worth about $31,000. Finally, DV Equities LLC purchased a new position in Steel Dynamics in the fourth quarter worth about $33,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Price Performance

NASDAQ STLD opened at $247.11 on Monday. The stock has a market capitalization of $35.76 billion, a price-to-earnings ratio of 22.40, a PEG ratio of 0.47 and a beta of 1.53. Steel Dynamics, Inc. has a 1-year low of $119.89 and a 1-year high of $288.74. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45. The business’s fifty day moving average price is $246.36 and its 200-day moving average price is $211.40.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Monday, July 20th. The basic materials company reported $3.69 EPS for the quarter, topping the consensus estimate of $3.63 by $0.06. The company had revenue of $6.09 billion during the quarter, compared to analyst estimates of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.Steel Dynamics’s revenue was up 33.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.01 earnings per share. On average, equities analysts predict that Steel Dynamics, Inc. will post 17.17 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Steel Dynamics’s dividend payout ratio (DPR) is presently 19.22%.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the business’s stock in a transaction dated 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 directly owned 102,837 shares in the company, valued at $27,632,301.90. The trade was a 8.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total transaction of $538,453.00. Following the sale, the senior vice president directly owned 28,618 shares of the company’s stock, valued at $6,699,759.98. The trade was a 7.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 6.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on STLD shares. Wells Fargo & Company cut their price target on shares of Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Steel Dynamics from $256.00 to $260.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. 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 report on Wednesday. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. Finally, Morgan Stanley cut their target price on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $237.36.

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.