Insider Selling: Steel Dynamics (NASDAQ:STLD) EVP Sells 50,000 Shares of Stock

Steel Dynamics, Inc. (NASDAQ:STLD) EVP Barry Schneider sold 50,000 shares of Steel Dynamics stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $248.91, for a total value of $12,445,500.00. Following the sale, the executive vice president owned 196,399 shares of the company’s stock, valued at approximately $48,885,675.09. This represents a 20.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Steel Dynamics Stock Down 3.7%

Shares of NASDAQ STLD traded down $9.06 during trading hours on Wednesday, hitting $238.59. The stock had a trading volume of 676,042 shares, compared to its average volume of 1,187,681. The firm’s 50-day moving average price is $238.73 and its two-hundred day moving average price is $224.07. Steel Dynamics, Inc. has a 52 week low of $150.03 and a 52 week high of $288.74. The company has a market capitalization of $33.93 billion, a P/E ratio of 17.60, a P/E/G ratio of 0.36 and a beta of 1.45. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.48 and a current ratio of 3.14.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Monday, October 19th. The basic materials company reported $5.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.48 by ($0.22). The business had revenue of $6.51 billion during the quarter, compared to analyst estimates of $6.43 billion. Steel Dynamics had a net margin of 8.82% and a return on equity of 21.57%. Steel Dynamics’s revenue was up 34.8% compared to the same quarter last year. During the same quarter last year, the firm earned $2.74 earnings per share. Analysts anticipate that Steel Dynamics, Inc. will post 18.12 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Wednesday, September 30th were issued a $0.53 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. Steel Dynamics’s dividend payout ratio is currently 15.65%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Weiss Ratings upgraded Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, October 28th. The Goldman Sachs Group reissued a “buy” rating and set a $299.00 price objective (down from $301.00) on shares of Steel Dynamics in a report on Tuesday, October 20th. Bank of America cut their price objective on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Barclays set a $280.00 target price on Steel Dynamics in a report on Friday, October 23rd. Finally, Morgan Stanley decreased their target price on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $275.17.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Meeder Asset Management Inc. acquired a new position in shares of Steel Dynamics during the 2nd quarter worth about $26,000. Wealth Enhancement Trust Services Inc. boosted its stake in Steel Dynamics by 1,200.0% during the 3rd quarter. Wealth Enhancement Trust Services Inc. now owns 117 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 108 shares during the period. Cedar Mountain Advisors LLC acquired a new stake in Steel Dynamics in the 1st quarter valued at approximately $31,000. NBH Bank acquired a new stake in Steel Dynamics in the 2nd quarter valued at approximately $31,000. Finally, City State Bank bought a new position in Steel Dynamics in the 3rd quarter worth approximately $32,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company manufactures steel products using electric arc furnace technology and serves customers across industries such as construction, automotive, manufacturing, and energy.

Its operations include the production of flat rolled steel, long steel products, structural steel, rail, and specialty products. Steel Dynamics also provides steel processing and fabrication services, including the manufacture of steel joists, deck systems, and other components used in commercial and industrial construction.

The company operates metals recycling facilities that collect, process, and supply ferrous and nonferrous scrap to support its steelmaking operations.