Boston Common Asset Management LLC Cuts Stock Position in Steel Dynamics, Inc. $STLD

Boston Common Asset Management LLC cut its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 7.1% during the first quarter, Holdings Channel reports. The firm owned 52,682 shares of the basic materials company’s stock after selling 4,029 shares during the quarter. Boston Common Asset Management LLC’s holdings in Steel Dynamics were worth $9,483,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Strs Ohio increased its stake in Steel Dynamics by 7.3% during the 4th quarter. Strs Ohio now owns 153,878 shares of the basic materials company’s stock worth $26,075,000 after buying an additional 10,519 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in Steel Dynamics by 3.7% in the 4th 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 buying an additional 72,122 shares during the period. Econ Financial Services Corp purchased a new position in Steel Dynamics in the 4th quarter valued at approximately $1,171,000. AIA Group Ltd acquired a new position in shares of Steel Dynamics in the third quarter worth $543,000. Finally, Canada Post Corp Registered Pension Plan grew its stake in shares of Steel Dynamics by 70.5% in the fourth quarter. Canada Post Corp Registered Pension Plan now owns 11,692 shares of the basic materials company’s stock worth $1,981,000 after acquiring an additional 4,835 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Price Performance

Shares of STLD opened at $235.51 on Monday. The firm has a market capitalization of $34.08 billion, a price-to-earnings ratio of 25.19, a PEG ratio of 0.45 and a beta of 1.53. The firm’s fifty day simple moving average is $245.95 and its 200-day simple moving average is $209.05. Steel Dynamics, Inc. has a twelve month low of $119.89 and a twelve month high of $288.74. 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 issued its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The business’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.44 EPS. Equities analysts forecast that Steel Dynamics, Inc. will post 16.92 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Steel Dynamics’s dividend payout ratio is currently 22.67%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Morgan Stanley boosted their target price on Steel Dynamics from $227.00 to $270.00 and gave the stock an “equal weight” rating in a research note on Monday, June 22nd. Barclays assumed coverage on Steel Dynamics in a report on Thursday, May 21st. They set an “overweight” rating and a $270.00 price target on the stock. Wells Fargo & Company reduced their price target on Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating on the stock in a research report on Thursday, June 18th. Finally, KeyCorp lifted their price objective on Steel Dynamics from $241.00 to $262.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $239.18.

Insiders Place Their Bets

In related news, SVP Miguel Alvarez sold 4,825 shares of the firm’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 transaction, the senior vice president owned 122,257 shares in the company, valued at $27,578,734.06. This trade represents a 3.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total transaction of $538,453.00. Following the completion of the sale, the senior vice president owned 28,618 shares of the company’s stock, valued at approximately $6,699,759.98. This trade represents a 7.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 22,125 shares of company stock valued at $5,438,226. 6.60% of the stock is owned by insiders.

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.