Mirae Asset Global Investments Co. Ltd. Increases Holdings in Steel Dynamics, Inc. $STLD

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 4.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,313 shares of the basic materials company’s stock after purchasing an additional 743 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Steel Dynamics were worth $2,472,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the company. Harbour Capital Advisors LLC grew its position in Steel Dynamics by 0.5% in the second quarter. Harbour Capital Advisors LLC now owns 14,828 shares of the basic materials company’s stock valued at $1,988,000 after acquiring an additional 80 shares in the last quarter. Hemington Wealth Management grew its position in Steel Dynamics by 35.9% in the first quarter. Hemington Wealth Management now owns 318 shares of the basic materials company’s stock valued at $39,000 after acquiring an additional 84 shares in the last quarter. Sequoia Financial Advisors LLC grew its position 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 valued at $726,000 after acquiring an additional 91 shares in the last quarter. Sunbelt Securities Inc. grew its position in Steel Dynamics by 25.0% in the first quarter. Sunbelt Securities Inc. now owns 500 shares of the basic materials company’s stock valued at $63,000 after acquiring an additional 100 shares in the last quarter. Finally, Avantax Advisory Services Inc. increased its position in shares of Steel Dynamics by 1.8% during the first quarter. Avantax Advisory Services Inc. now owns 6,467 shares of the basic materials company’s stock worth $809,000 after acquiring an additional 113 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on STLD. JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $138.00 to $150.00 and gave the stock a “neutral” rating in a research report on Monday, July 14th. Wells Fargo & Company lifted their target price on Steel Dynamics from $143.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, September 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Steel Dynamics in a research report on Saturday, September 27th. Finally, Morgan Stanley upped their price target on shares of Steel Dynamics from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Friday, June 20th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $148.78.

Steel Dynamics Trading Up 0.8%

NASDAQ:STLD opened at $142.73 on Wednesday. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $155.56. The business’s 50 day moving average is $132.09 and its two-hundred day moving average is $129.56. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43. The company has a market cap of $21.01 billion, a PE ratio of 20.81, a P/E/G ratio of 1.15 and a beta of 1.40.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Monday, July 21st. The basic materials company reported $2.01 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.04). Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period last year, the firm posted $2.72 earnings per share. The company’s quarterly revenue was down 1.5% on a year-over-year basis. On average, analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.00 annualized dividend and a dividend yield of 1.4%. Steel Dynamics’s payout ratio is 29.15%.

Insider Buying and Selling

In related news, SVP Christopher A. Graham sold 12,000 shares of the company’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the completion of the transaction, the senior vice president directly owned 66,738 shares in the company, valued at $8,456,371.98. This represents a 15.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.30% of the stock is currently owned by insiders.

About Steel Dynamics

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.