The Manufacturers Life Insurance Company Sells 3,569 Shares of Steel Dynamics, Inc. $STLD

The Manufacturers Life Insurance Company decreased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 4.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 77,988 shares of the basic materials company’s stock after selling 3,569 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.05% of Steel Dynamics worth $14,038,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in STLD. Jacobi Capital Management LLC boosted its stake in shares of Steel Dynamics by 1.6% during the fourth quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock valued at $599,000 after purchasing an additional 55 shares in the last quarter. Optas LLC lifted its holdings in Steel Dynamics by 3.0% during the fourth quarter. Optas LLC now owns 1,979 shares of the basic materials company’s stock worth $335,000 after buying an additional 58 shares during the period. Hohimer Wealth Management LLC lifted its holdings in Steel Dynamics by 1.1% during the fourth quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock worth $967,000 after buying an additional 61 shares during the period. Wright Investors Service Inc. boosted its position in Steel Dynamics by 1.2% during the 4th quarter. Wright Investors Service Inc. now owns 5,555 shares of the basic materials company’s stock valued at $941,000 after acquiring an additional 64 shares in the last quarter. Finally, Kestra Private Wealth Services LLC boosted its position in Steel Dynamics by 2.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company’s stock valued at $431,000 after acquiring an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total transaction of $538,453.00. Following the completion of the transaction, the senior vice president directly owned 28,618 shares of the company’s stock, valued at $6,699,759.98. This represents a 7.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 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 transaction of $2,687,000.00. Following the transaction, the senior vice president owned 102,837 shares of the company’s stock, valued at $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 6.60% of the company’s stock.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $251.26 on Monday. Steel Dynamics, Inc. has a fifty-two week low of $119.89 and a fifty-two week high of $288.74. The business’s 50-day simple moving average is $248.64 and its two-hundred day simple moving average is $214.32. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. The company has a market cap of $36.01 billion, a PE ratio of 22.78, a PEG ratio of 0.47 and a beta of 1.52.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating the consensus estimate of $3.63 by $0.06. The business had revenue of $6.09 billion during the quarter, compared to analysts’ expectations of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The business’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.01 EPS. Equities analysts anticipate that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Tuesday, June 30th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Tuesday, June 30th. Steel Dynamics’s payout ratio is currently 19.22%.

Wall Street Analyst Weigh In

A number of brokerages have commented on STLD. Weiss Ratings upgraded shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. Barclays lifted their price objective on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. Bank of America reduced their price objective on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. BMO Capital Markets increased their target price on shares of Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. Finally, KeyCorp restated an “overweight” rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Steel Dynamics currently has an average rating of “Moderate Buy” and a consensus price target of $249.00.

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.