M&G Plc Buys New Position in Steel Dynamics, Inc. (NASDAQ:STLD)

M&G Plc bought a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 64,042 shares of the basic materials company’s stock, valued at approximately $9,478,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Banco BTG Pactual S.A. bought a new position in Steel Dynamics in the 1st quarter valued at about $205,000. Twin Tree Management LP grew its position in Steel Dynamics by 167.6% in the 1st quarter. Twin Tree Management LP now owns 46,150 shares of the basic materials company’s stock valued at $6,841,000 after buying an additional 28,905 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in Steel Dynamics by 7.4% in the 1st quarter. Orion Portfolio Solutions LLC now owns 9,039 shares of the basic materials company’s stock valued at $1,340,000 after buying an additional 623 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Steel Dynamics by 18.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 175,800 shares of the basic materials company’s stock valued at $26,059,000 after buying an additional 27,301 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its holdings in Steel Dynamics by 16.3% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 223,741 shares of the basic materials company’s stock valued at $33,165,000 after acquiring an additional 31,318 shares during the last quarter. Institutional investors own 82.41% of the company’s stock.

Insider Transactions at Steel Dynamics

In other news, SVP Christopher A. Graham sold 21,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $136.81, for a total value of $2,873,010.00. Following the completion of the sale, the senior vice president now directly owns 60,415 shares of the company’s stock, valued at $8,265,376.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on STLD shares. Bank of America cut their price target on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. BMO Capital Markets cut their price target on shares of Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating for the company in a report on Tuesday, June 18th. JPMorgan Chase & Co. upped their price target on shares of Steel Dynamics from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Tuesday, July 16th. Finally, Jefferies Financial Group started coverage on shares of Steel Dynamics in a report on Monday, May 20th. They issued a “hold” rating and a $150.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $133.86.

Steel Dynamics Trading Down 0.5 %

STLD stock traded down $0.69 during mid-day trading on Friday, reaching $128.44. 1,226,004 shares of the stock traded hands, compared to its average volume of 1,507,770. The company has a current ratio of 2.35, a quick ratio of 1.55 and a debt-to-equity ratio of 0.25. Steel Dynamics, Inc. has a 52-week low of $95.53 and a 52-week high of $151.34. The company has a market cap of $20.18 billion, a P/E ratio of 8.82 and a beta of 1.35. The stock’s fifty day moving average is $128.83 and its 200-day moving average is $129.56.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The firm’s revenue was down 8.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.81 earnings per share. As a group, sell-side analysts expect that Steel Dynamics, Inc. will post 11.44 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Sunday, June 30th were given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date was Friday, June 28th. Steel Dynamics’s dividend payout ratio (DPR) is 12.64%.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.