Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Holdings in Steel Dynamics, Inc. $STLD

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 5.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 294,039 shares of the basic materials company’s stock after purchasing an additional 16,022 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Steel Dynamics were worth $51,769,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Providence First Trust Co purchased a new stake in shares of Steel Dynamics during the fourth quarter worth approximately $398,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Steel Dynamics by 15.0% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 19,602 shares of the basic materials company’s stock worth $3,322,000 after purchasing an additional 2,559 shares during the last quarter. Christine Messmer PC purchased a new stake in shares of Steel Dynamics during the fourth quarter worth approximately $381,000. Wolverine Asset Management LLC purchased a new stake in shares of Steel Dynamics during the fourth quarter worth approximately $1,017,000. Finally, Truist Financial Corp raised its stake in shares of Steel Dynamics by 6.7% during the fourth quarter. Truist Financial Corp now owns 46,717 shares of the basic materials company’s stock worth $7,916,000 after purchasing an additional 2,924 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Trading Up 0.9%

Shares of STLD stock opened at $235.10 on Friday. The business’s fifty day moving average price is $193.25 and its 200 day moving average price is $179.18. Steel Dynamics, Inc. has a 1-year low of $119.89 and a 1-year high of $243.73. The firm has a market capitalization of $33.90 billion, a PE ratio of 25.14, a P/E/G ratio of 0.50 and a beta of 1.48. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. During the same period in the prior year, the company earned $1.44 EPS. The company’s revenue was up 19.1% on a year-over-year basis. As a group, sell-side analysts forecast that Steel Dynamics, Inc. will post 14.77 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, June 30th. Steel Dynamics’s dividend payout ratio is currently 22.67%.

Analysts Set New Price Targets

STLD has been the subject of several analyst reports. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. JPMorgan Chase & Co. upped their price target on Steel Dynamics from $192.00 to $205.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 14th. Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. Bank of America cut Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 price target for the company. in a research note on Thursday, April 30th. Finally, Weiss Ratings upgraded Steel Dynamics from a “hold (c)” rating to a “buy (b-)” rating in a research note on Wednesday, April 29th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $214.30.

Insiders Place Their Bets

In related news, Director Kenneth W. Cornew sold 5,000 shares of the company’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the transaction, the director owned 31,299 shares of the company’s stock, valued at $7,038,206.13. This represents a 13.77% 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, SVP Miguel Alvarez sold 4,825 shares of the company’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total value of $1,088,423.50. Following the transaction, the senior vice president directly owned 122,257 shares in the company, valued at $27,578,734.06. This represents a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 6.60% 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.