Manning & Napier Advisors LLC Sells 3,130 Shares of Steel Dynamics, Inc. $STLD

Manning & Napier Advisors LLC cut its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 63.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,837 shares of the basic materials company’s stock after selling 3,130 shares during the period. Manning & Napier Advisors LLC’s holdings in Steel Dynamics were worth $314,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Nordea Investment Management AB increased its position in shares of Steel Dynamics by 12.1% during the third quarter. Nordea Investment Management AB now owns 2,340,480 shares of the basic materials company’s stock valued at $322,518,000 after purchasing an additional 252,108 shares during the period. Robeco Institutional Asset Management B.V. increased its position in shares of Steel Dynamics by 3.7% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company’s stock valued at $340,289,000 after purchasing an additional 72,122 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Steel Dynamics by 1.0% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,046,791 shares of the basic materials company’s stock valued at $145,953,000 after purchasing an additional 10,537 shares during the period. Bank of America Corp DE increased its position in shares of Steel Dynamics by 34.7% during the second quarter. Bank of America Corp DE now owns 1,028,947 shares of the basic materials company’s stock valued at $131,715,000 after purchasing an additional 264,827 shares during the period. Finally, Boston Partners bought a new stake in shares of Steel Dynamics during the third quarter valued at approximately $101,254,000. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Price Performance

Shares of STLD stock opened at $235.10 on Monday. The stock’s fifty day simple moving average is $193.25 and its 200 day simple moving average is $179.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33. The firm has a market cap of $33.90 billion, a price-to-earnings ratio of 25.14, a P/E/G ratio of 0.50 and a beta of 1.48. Steel Dynamics, Inc. has a one year low of $119.89 and a one year high of $243.73.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.01). The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. Steel Dynamics’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.44 EPS. On average, analysts expect that Steel Dynamics, Inc. will post 14.77 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.12 annualized dividend and a yield of 0.9%. Steel Dynamics’s payout ratio is currently 22.67%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on STLD. Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. BMO Capital Markets boosted their price objective on Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. Morgan Stanley restated an “underperform” rating and set a $190.00 price objective on shares of Steel Dynamics in a research report on Tuesday, March 17th. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Finally, Citigroup boosted their price objective on Steel Dynamics from $180.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $214.30.

Insider Buying and Selling at Steel Dynamics

In related news, Director Kenneth W. Cornew sold 5,000 shares of the business’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total value of $1,124,350.00. Following the sale, the director owned 31,299 shares of the company’s stock, valued at $7,038,206.13. The trade was a 13.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Miguel Alvarez sold 4,825 shares of the business’s stock in a transaction 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 completion of the sale, the senior vice president directly owned 122,257 shares in the company, valued at approximately $27,578,734.06. This represents a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.60% of the stock is owned by 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.