MFG Wealth Management Inc. Acquires 141 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

MFG Wealth Management Inc. increased its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 1.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,862 shares of the basic materials company’s stock after purchasing an additional 141 shares during the period. MFG Wealth Management Inc.’s holdings in Steel Dynamics were worth $1,484,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Forum Financial Management LP lifted its stake in shares of Steel Dynamics by 2.5% in the 4th quarter. Forum Financial Management LP now owns 3,113 shares of the basic materials company’s stock valued at $355,000 after purchasing an additional 75 shares during the period. Sequoia Financial Advisors LLC raised its holdings in Steel Dynamics by 1.6% in the first quarter. Sequoia Financial Advisors LLC now owns 5,803 shares of the basic materials company’s stock worth $726,000 after purchasing an additional 91 shares in the last quarter. OneAscent Financial Services LLC lifted its position in Steel Dynamics by 2.2% during the fourth quarter. OneAscent Financial Services LLC now owns 4,605 shares of the basic materials company’s stock valued at $527,000 after buying an additional 101 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Steel Dynamics by 6.3% during the 1st quarter. Parallel Advisors LLC now owns 1,734 shares of the basic materials company’s stock valued at $217,000 after buying an additional 102 shares in the last quarter. Finally, Optas LLC boosted its holdings in shares of Steel Dynamics by 7.1% during the 1st quarter. Optas LLC now owns 1,911 shares of the basic materials company’s stock valued at $239,000 after buying an additional 126 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Steel Dynamics

In related news, SVP Miguel Alvarez sold 7,495 shares of Steel Dynamics stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $135.26, for a total value of $1,013,773.70. Following the completion of the sale, the senior vice president now owns 125,319 shares of the company’s stock, valued at $16,950,647.94. The trade was a 5.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gabriel Shaheen sold 1,254 shares of the company’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $134.11, for a total value of $168,173.94. Following the sale, the director now owns 81,812 shares of the company’s stock, valued at approximately $10,971,807.32. This trade represents a 1.51% decrease in their position. The disclosure for this sale can be found here. 6.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on STLD. Morgan Stanley lifted their price target on shares of Steel Dynamics from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and set a $149.00 target price for the company in a report on Monday, March 24th. Wolfe Research upgraded Steel Dynamics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, February 27th. Wall Street Zen cut Steel Dynamics from a “hold” rating to a “sell” rating in a research note on Friday, April 25th. Finally, JPMorgan Chase & Co. increased their target price on Steel Dynamics from $135.00 to $138.00 and gave the stock a “neutral” rating in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $148.00.

Steel Dynamics Stock Performance

Shares of STLD opened at $128.48 on Thursday. The company has a market cap of $19.07 billion, a price-to-earnings ratio of 16.97, a P/E/G ratio of 0.97 and a beta of 1.38. The business’s fifty day simple moving average is $129.70 and its two-hundred day simple moving average is $126.09. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $155.56. The company has a current ratio of 2.74, a quick ratio of 1.38 and a debt-to-equity ratio of 0.44.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Tuesday, April 22nd. The basic materials company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.40 by $0.04. The company had revenue of $4.37 billion during the quarter, compared to the consensus estimate of $4.17 billion. Steel Dynamics had a return on equity of 13.26% and a net margin of 6.80%. During the same period last year, the company earned $3.67 EPS. Research analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, June 30th. This represents a $2.00 annualized dividend and a dividend yield of 1.56%. Steel Dynamics’s payout ratio is 26.42%.

Steel Dynamics 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.