BTC Capital Management Inc. Has $13.08 Million Stock Holdings in Steel Dynamics, Inc. $STLD

BTC Capital Management Inc. reduced its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 10.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 72,664 shares of the basic materials company’s stock after selling 8,540 shares during the period. BTC Capital Management Inc.’s holdings in Steel Dynamics were worth $13,076,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Prosperity Bancshares Inc acquired a new position in Steel Dynamics in the fourth quarter worth about $25,000. MV Capital Management Inc. acquired a new stake in Steel Dynamics during the fourth quarter valued at approximately $27,000. Sound Income Strategies LLC boosted its holdings 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 valued at $28,000 after purchasing an additional 150 shares in the last quarter. DV Equities LLC bought a new stake in shares of Steel Dynamics in the 4th quarter valued at approximately $33,000. Finally, Torren Management LLC bought a new stake in shares of Steel Dynamics in the 4th quarter valued at approximately $34,000. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Down 0.9%

NASDAQ STLD opened at $241.43 on Thursday. The firm has a market cap of $34.94 billion, a PE ratio of 25.82, a price-to-earnings-growth ratio of 0.49 and a beta of 1.50. Steel Dynamics, Inc. has a one year low of $119.89 and a one year high of $288.74. The stock’s 50 day simple moving average is $242.24 and its 200 day simple moving average is $201.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33.

Steel Dynamics (NASDAQ:STLD) last released its quarterly 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). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. During the same period in the prior year, the business earned $1.44 earnings per share. The company’s revenue for the quarter was up 19.1% on a year-over-year basis. As a group, sell-side analysts forecast that Steel Dynamics, Inc. will post 16.32 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th will be paid a $0.53 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is 22.67%.

Insiders Place Their Bets

In related news, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total transaction of $538,453.00. Following the transaction, the senior vice president owned 28,618 shares in the company, valued at $6,699,759.98. This represents a 7.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP James Stanley Anderson sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the sale, the senior vice president owned 102,837 shares of the company’s stock, valued at $27,632,301.90. The trade was 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 valued at $5,438,226. 6.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Bank of America dropped their target price on Steel Dynamics from $285.00 to $280.00 and set a “neutral” rating for the company in a report on Thursday, June 18th. BMO Capital Markets upped their price target on Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. Barclays assumed coverage on Steel Dynamics in a research report on Thursday, May 21st. They issued an “overweight” rating and a $270.00 price target on the stock. Morgan Stanley increased their price objective on Steel Dynamics from $227.00 to $270.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Steel Dynamics presently has an average rating of “Moderate Buy” and a consensus price target of $236.36.

About Steel Dynamics

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.