MFG Wealth Management Inc. Trims Position in Steel Dynamics, Inc. $STLD

MFG Wealth Management Inc. lessened its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 22.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,239 shares of the basic materials company’s stock after selling 2,374 shares during the period. MFG Wealth Management Inc.’s holdings in Steel Dynamics were worth $1,890,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. NewEdge Advisors LLC boosted its holdings in Steel Dynamics by 307.5% in the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock valued at $102,000 after purchasing an additional 618 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of Steel Dynamics by 82.7% during the 1st quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock worth $435,000 after buying an additional 1,578 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Steel Dynamics during the 2nd quarter valued at approximately $1,019,000. Qube Research & Technologies Ltd purchased a new stake in shares of Steel Dynamics during the 2nd quarter valued at approximately $48,746,000. Finally, Sei Investments Co. lifted its holdings in Steel Dynamics by 7.9% in the second quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company’s stock valued at $13,447,000 after acquiring an additional 7,712 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Up 0.4%

Steel Dynamics stock opened at $262.45 on Friday. The company has a market capitalization of $37.62 billion, a PE ratio of 23.79, a price-to-earnings-growth ratio of 0.49 and a beta of 1.52. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. Steel Dynamics, Inc. has a fifty-two week low of $119.89 and a fifty-two week high of $288.74. The firm has a 50 day moving average price of $249.51 and a 200 day moving average price of $217.18.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, topping analysts’ consensus estimates of $3.63 by $0.06. The company had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The firm’s revenue was up 33.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.01 earnings per share. Research analysts expect that Steel Dynamics, Inc. will post 17.16 earnings per share for the current year.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the completion of the transaction, the senior vice president directly owned 102,837 shares of the company’s stock, valued at $27,632,301.90. The trade was a 8.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Richard A. Poinsatte sold 2,300 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total transaction of $538,453.00. Following the sale, the senior vice president owned 28,618 shares in the company, valued at $6,699,759.98. This trade represents a 7.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 6.60% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on STLD. Wells Fargo & Company lowered their price objective on Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating for the company in a research report on Wednesday, July 22nd. The Goldman Sachs Group began coverage on Steel Dynamics in a research note on Wednesday, July 29th. They issued a “buy” rating and a $300.00 price target on the stock. JPMorgan Chase & Co. increased their price target on Steel Dynamics from $256.00 to $260.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. KeyCorp reiterated an “overweight” rating on shares of Steel Dynamics in a report on Wednesday, July 22nd. Finally, Wall Street Zen raised Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Steel Dynamics has an average rating of “Moderate Buy” and a consensus price target of $249.00.

About Steel Dynamics

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.