OFI Invest Asset Management Boosts Stock Holdings in Steel Dynamics, Inc. $STLD

OFI Invest Asset Management grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 9.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,139 shares of the basic materials company’s stock after buying an additional 3,167 shares during the quarter. OFI Invest Asset Management’s holdings in Steel Dynamics were worth $5,039,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Trust Co. of Toledo NA OH bought a new position in Steel Dynamics during the 2nd quarter worth approximately $30,000. WPG Advisers LLC bought a new stake in Steel Dynamics in the first quarter valued at approximately $32,000. Rosenberg Matthew Hamilton boosted its stake in shares of Steel Dynamics by 306.2% during the second quarter. Rosenberg Matthew Hamilton now owns 264 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 199 shares during the period. True Wealth Design LLC grew its holdings in shares of Steel Dynamics by 120.4% in the second quarter. True Wealth Design LLC now owns 324 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 177 shares during the last quarter. Finally, Toth Financial Advisory Corp increased its stake in shares of Steel Dynamics by 50.0% in the third quarter. Toth Financial Advisory Corp now owns 300 shares of the basic materials company’s stock worth $42,000 after buying an additional 100 shares during the period. Institutional investors own 82.41% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a research report on Monday, December 15th. KeyCorp increased their target price on shares of Steel Dynamics from $152.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Jefferies Financial Group boosted their price target on Steel Dynamics from $180.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 10th. BMO Capital Markets upped their price target on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Finally, Wells Fargo & Company lifted their price objective on Steel Dynamics from $172.00 to $190.00 and gave the stock an “overweight” rating in a research report on Monday, December 15th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $176.89.

Steel Dynamics Price Performance

STLD stock opened at $175.76 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.11 and a quick ratio of 1.47. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $176.98. The firm has a 50-day moving average of $159.88 and a 200 day moving average of $142.07. The company has a market cap of $25.67 billion, a P/E ratio of 23.28, a PEG ratio of 1.18 and a beta of 1.46.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share for the quarter, topping analysts’ consensus estimates of $2.63 by $0.11. The firm had revenue of $4.83 billion for the quarter, compared to the consensus estimate of $4.74 billion. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.The business’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.05 EPS. On average, sell-side analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st will be issued a $0.50 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $2.00 dividend on an annualized basis and a yield of 1.1%. Steel Dynamics’s dividend payout ratio is 26.49%.

Insider Activity at Steel Dynamics

In other news, SVP Miguel Alvarez sold 8,251 shares of the business’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the sale, the senior vice president owned 117,068 shares in the company, valued at approximately $19,057,499.72. The trade was a 6.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 6.30% of the company’s stock.

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.