QRG Capital Management Inc. Decreases Stock Holdings in Steel Dynamics, Inc. $STLD

QRG Capital Management Inc. trimmed its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 30.0% in the 4th quarter, Holdings Channel reports. The firm owned 5,777 shares of the basic materials company’s stock after selling 2,472 shares during the period. QRG Capital Management Inc.’s holdings in Steel Dynamics were worth $979,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Wolverine Asset Management LLC purchased a new position in shares of Steel Dynamics during the fourth quarter valued at approximately $1,017,000. Truist Financial Corp grew its position in Steel Dynamics by 6.7% during the fourth quarter. Truist Financial Corp now owns 46,717 shares of the basic materials company’s stock valued at $7,916,000 after buying an additional 2,924 shares during the period. PKO Investment Management Joint Stock Co grew its position in Steel Dynamics by 17.8% during the fourth quarter. PKO Investment Management Joint Stock Co now owns 5,300 shares of the basic materials company’s stock valued at $898,000 after buying an additional 800 shares during the period. Benjamin Edwards Inc. bought a new stake in Steel Dynamics during the fourth quarter valued at approximately $213,000. Finally, Strs Ohio grew its position in Steel Dynamics by 7.3% during the fourth quarter. Strs Ohio now owns 153,878 shares of the basic materials company’s stock valued at $26,075,000 after buying an additional 10,519 shares during the period. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $235.10 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. The firm has a fifty day moving average price of $193.25 and a 200 day moving average price of $179.18. Steel Dynamics, Inc. has a fifty-two week low of $119.89 and a fifty-two week high of $243.73. The firm has a market cap of $33.90 billion, a price-to-earnings ratio of 25.14, a P/E/G ratio of 0.50 and a beta of 1.48.

Steel Dynamics (NASDAQ:STLD) last issued 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). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter in the prior year, the company posted $1.44 EPS. Steel Dynamics’s revenue was up 19.1% compared to the same quarter last year. As a group, sell-side analysts expect that Steel Dynamics, Inc. will post 14.77 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be given a dividend of $0.53 per share. 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 is currently 22.67%.

Insiders Place Their Bets

In related news, Director Kenneth W. Cornew sold 5,000 shares of the company’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the transaction, the director owned 31,299 shares in the company, valued at approximately $7,038,206.13. This represents a 13.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Miguel Alvarez sold 4,825 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $27,578,734.06. This represents a 3.80% decrease in their position. The SEC filing for this sale provides additional information. 6.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

STLD has been the subject of several recent research reports. Weiss Ratings upgraded shares of Steel Dynamics from a “hold (c)” rating to a “buy (b-)” rating in a research report on Wednesday, April 29th. Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. Bank of America lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 target price for the company. in a research report on Thursday, April 30th. Wells Fargo & Company boosted their target price on shares of Steel Dynamics from $207.00 to $235.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. Finally, KeyCorp boosted their target price on shares of Steel Dynamics from $190.00 to $241.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $214.30.

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.