OFI Invest Asset Management Acquires Shares of 32,972 Steel Dynamics, Inc. $STLD

OFI Invest Asset Management acquired a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 32,972 shares of the basic materials company’s stock, valued at approximately $4,221,000.

Other hedge funds have also recently bought and sold shares of the company. Financial Gravity Asset Management Inc. bought a new position in Steel Dynamics in the 1st quarter valued at $25,000. Cary Street Partners Investment Advisory LLC boosted its position in Steel Dynamics by 493.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company’s stock valued at $25,000 after buying an additional 163 shares during the last quarter. Trust Co. of Toledo NA OH bought a new position in Steel Dynamics in the 2nd quarter valued at $30,000. Zions Bancorporation National Association UT bought a new position in shares of Steel Dynamics in the 1st quarter worth $32,000. Finally, WPG Advisers LLC bought a new position in shares of Steel Dynamics in the 1st quarter worth $32,000. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Stock Performance

STLD stock opened at $141.23 on Friday. The business’s 50-day moving average price is $133.25 and its two-hundred day moving average price is $129.93. The company has a current ratio of 3.13, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43. The firm has a market cap of $20.79 billion, a PE ratio of 20.59, a P/E/G ratio of 1.15 and a beta of 1.40. Steel Dynamics, Inc. has a 1-year low of $103.17 and a 1-year high of $155.56.

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

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were issued a dividend of $0.50 per share. The ex-dividend date was Tuesday, September 30th. This represents a $2.00 annualized dividend and a yield of 1.4%. Steel Dynamics’s payout ratio is currently 29.15%.

Analysts Set New Price Targets

STLD has been the topic of several recent research reports. JPMorgan Chase & Co. raised their price target 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 raised their price target on Steel Dynamics from $143.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, September 15th. Morgan Stanley raised their price target on Steel Dynamics from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Friday, June 20th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Steel Dynamics in a research report on Wednesday. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Steel Dynamics currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.78.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Christopher A. Graham sold 12,000 shares of Steel Dynamics stock in a transaction dated 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 transaction, the senior vice president directly owned 66,738 shares in the company, valued at approximately $8,456,371.98. The trade was a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 6.30% of the company’s stock.

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.