Victory Capital Management Inc. Has $361.16 Million Stock Position in Steel Dynamics, Inc. $STLD

Victory Capital Management Inc. reduced its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 1.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 2,131,392 shares of the basic materials company’s stock after selling 25,806 shares during the period. Victory Capital Management Inc.’s holdings in Steel Dynamics were worth $361,164,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in STLD. Life Cycle Investment Partners Ltd acquired a new position in Steel Dynamics in the fourth quarter valued at approximately $586,702,000. Norges Bank acquired a new position in Steel Dynamics in the fourth quarter valued at approximately $564,590,000. Boston Partners lifted its stake in Steel Dynamics by 147.9% in the fourth quarter. Boston Partners now owns 1,793,630 shares of the basic materials company’s stock valued at $303,970,000 after buying an additional 1,070,042 shares during the period. Qube Research & Technologies Ltd acquired a new position in Steel Dynamics in the second quarter valued at approximately $48,746,000. Finally, Lord Abbett & CO. LLC lifted its stake in Steel Dynamics by 28.0% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,629,401 shares of the basic materials company’s stock valued at $276,102,000 after buying an additional 356,507 shares during the period. 82.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Steel Dynamics

In other news, SVP Miguel Alvarez sold 4,825 shares of the business’s stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the completion of the sale, the senior vice president owned 122,257 shares in the company, valued at $27,578,734.06. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP James Stanley Anderson sold 10,000 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the sale, the senior vice president owned 102,837 shares of the company’s stock, valued at $27,632,301.90. This trade represents a 8.86% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 22,125 shares of company stock worth $5,438,227. Insiders own 6.60% of the company’s stock.

Analysts Set New Price Targets

STLD has been the topic of several recent analyst reports. Jefferies Financial Group reissued a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. JPMorgan Chase & Co. boosted their price target on Steel Dynamics from $192.00 to $205.00 and gave the company a “neutral” rating in a research note on Tuesday, April 14th. Morgan Stanley reissued an “underperform” rating and issued a $190.00 price target on shares of Steel Dynamics in a research note on Tuesday, March 17th. Barclays initiated coverage on Steel Dynamics in a research note on Thursday, May 21st. They issued an “overweight” rating and a $270.00 price target on the stock. Finally, BMO Capital Markets boosted their price target on Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research note on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $224.64.

Steel Dynamics Trading Up 1.1%

NASDAQ STLD opened at $282.76 on Friday. The company has a market cap of $40.92 billion, a price-to-earnings ratio of 30.24, a P/E/G ratio of 0.57 and a beta of 1.50. Steel Dynamics, Inc. has a 52 week low of $119.89 and a 52 week high of $285.88. The business has a 50 day moving average price of $230.74 and a 200-day moving average price of $196.69. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data 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 firm 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 was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.44 EPS. As a group, equities analysts expect that Steel Dynamics, Inc. will post 15.32 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.53 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.12 annualized dividend and a dividend yield of 0.7%. 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.