Commonwealth Equity Services LLC Trims Holdings in Steel Dynamics, Inc. $STLD

Commonwealth Equity Services LLC decreased its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 14.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 40,744 shares of the basic materials company’s stock after selling 6,800 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Steel Dynamics were worth $6,904,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in STLD. Cornerstone Planning Group LLC lifted its position in Steel Dynamics by 1,636.4% during the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after buying an additional 180 shares in the last quarter. Sound Income Strategies LLC lifted its position 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 buying an additional 150 shares in the last quarter. Torren Management LLC purchased a new position in Steel Dynamics during the fourth quarter worth approximately $34,000. Nvest Wealth Strategies Inc. purchased a new position in Steel Dynamics during the fourth quarter worth approximately $42,000. Finally, Eagle Bay Advisors LLC purchased a new position in Steel Dynamics during the fourth quarter worth approximately $45,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insider Activity 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 in the company, valued at approximately $7,038,206.13. The trade was a 13.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Richard A. Poinsatte sold 2,300 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total value of $538,453.00. Following the transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 12,125 shares of company stock worth $2,751,227. 6.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on STLD. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $192.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, April 14th. Morgan Stanley restated an “underperform” rating and issued a $190.00 target price on shares of Steel Dynamics in a research report on Tuesday, March 17th. Finally, KeyCorp lifted their target price on Steel Dynamics from $190.00 to $241.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Steel Dynamics currently has an average rating of “Moderate Buy” and a consensus price target of $224.64.

Steel Dynamics Price Performance

STLD stock opened at $268.50 on Friday. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $38.86 billion, a PE ratio of 28.72, a P/E/G ratio of 0.59 and a beta of 1.50. Steel Dynamics, Inc. has a 12-month low of $119.89 and a 12-month high of $280.49. The business’s fifty day moving average price is $220.99 and its 200 day moving average price is $192.55.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the firm posted $1.44 EPS. On average, sell-side analysts anticipate that Steel Dynamics, Inc. will post 14.77 EPS for the current year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Tuesday, June 30th. Steel Dynamics’s payout ratio is currently 22.67%.

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.