Applied Finance Capital Management LLC Sells 8,788 Shares of Steel Dynamics, Inc. $STLD

Applied Finance Capital Management LLC reduced its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 13.7% in the 1st quarter, HoldingsChannel reports. The firm owned 55,432 shares of the basic materials company’s stock after selling 8,788 shares during the period. Applied Finance Capital Management LLC’s holdings in Steel Dynamics were worth $9,978,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of STLD. NewEdge Advisors LLC grew its holdings in Steel Dynamics by 307.5% during the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock worth $102,000 after acquiring an additional 618 shares during the period. Acadian Asset Management LLC raised its holdings in Steel Dynamics by 82.7% in the first quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock worth $435,000 after purchasing an additional 1,578 shares during the period. Jump Financial LLC bought a new stake in shares of Steel Dynamics in the second quarter worth about $1,019,000. Qube Research & Technologies Ltd bought a new stake in shares of Steel Dynamics during the second quarter worth $48,746,000. Finally, Sei Investments Co. boosted its position in shares of Steel Dynamics by 7.9% during the second quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company’s stock worth $13,447,000 after buying an additional 7,712 shares during the period. 82.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Miguel Alvarez sold 4,825 shares of the firm’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the completion of the transaction, the senior vice president owned 122,257 shares of the company’s stock, valued at approximately $27,578,734.06. This trade represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Richard A. Poinsatte sold 2,300 shares of the firm’s stock in a transaction dated 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 owned 28,618 shares of the company’s stock, valued at $6,699,759.98. This trade represents a 7.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 22,125 shares of company stock worth $5,438,226 in the last 90 days. Corporate insiders own 6.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on STLD shares. Bank of America lowered their price objective on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a report on Thursday. Morgan Stanley raised their target price on shares of Steel Dynamics from $227.00 to $270.00 and gave the company an “equal weight” rating in a research report on Monday, June 22nd. Jefferies Financial Group reiterated a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. Weiss Ratings upgraded Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. Finally, Barclays initiated coverage on Steel Dynamics in a research report on Thursday, May 21st. They set an “overweight” rating and a $270.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Steel Dynamics currently has a consensus rating of “Moderate Buy” and a consensus target price of $234.55.

Steel Dynamics Price Performance

Shares of STLD opened at $228.42 on Monday. Steel Dynamics, Inc. has a 12 month low of $119.89 and a 12 month high of $288.74. The firm’s 50 day moving average is $246.00 and its 200-day moving average is $206.96. The stock has a market capitalization of $33.06 billion, a PE ratio of 24.43, a P/E/G ratio of 0.44 and a beta of 1.53. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The company 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 business’s revenue was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.44 earnings per share. Equities research analysts forecast that Steel Dynamics, Inc. will post 16.73 EPS for the current year.

Steel Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Tuesday, June 30th. Steel Dynamics’s dividend payout ratio is presently 22.67%.

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.