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

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 2.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 264,511 shares of the basic materials company’s stock after acquiring an additional 6,004 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Steel Dynamics were worth $33,860,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. grew its holdings in Steel Dynamics by 433.1% in the first quarter. Victory Capital Management Inc. now owns 1,816,525 shares of the basic materials company’s stock valued at $227,211,000 after purchasing an additional 1,475,767 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Steel Dynamics by 25.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,066,300 shares of the basic materials company’s stock worth $883,854,000 after buying an additional 1,437,897 shares in the last quarter. Nordea Investment Management AB grew its stake in Steel Dynamics by 43.3% in the 2nd quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock valued at $271,238,000 after acquiring an additional 630,935 shares during the last quarter. Nuveen LLC purchased a new position in Steel Dynamics during the 1st quarter valued at about $62,470,000. Finally, Robeco Institutional Asset Management B.V. raised its position in Steel Dynamics by 40.6% during the second quarter. Robeco Institutional Asset Management B.V. now owns 1,675,973 shares of the basic materials company’s stock worth $214,541,000 after acquiring an additional 484,304 shares during the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $152.38 on Wednesday. Steel Dynamics, Inc. has a 12-month low of $103.17 and a 12-month high of $164.73. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.11 and a quick ratio of 1.34. The firm has a market capitalization of $22.25 billion, a price-to-earnings ratio of 20.18, a price-to-earnings-growth ratio of 1.39 and a beta of 1.45. The business has a 50 day simple moving average of $144.13 and a 200 day simple moving average of $135.13.

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

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Wednesday, December 31st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Wednesday, December 31st. Steel Dynamics’s dividend payout ratio is currently 26.49%.

Analyst Ratings Changes

Several research analysts recently issued reports on STLD shares. Morgan Stanley lifted their price objective on Steel Dynamics from $145.00 to $173.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Weiss Ratings restated a “hold (c)” rating on shares of Steel Dynamics in a report on Wednesday, October 8th. Wells Fargo & Company boosted their price objective on shares of Steel Dynamics from $150.00 to $169.00 and gave the company an “overweight” rating in a research report on Wednesday, October 22nd. Citigroup lifted their target price on shares of Steel Dynamics from $150.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Finally, BMO Capital Markets boosted their price target on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $170.11.

Insider Buying and Selling

In other Steel Dynamics news, SVP Miguel Alvarez sold 8,251 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president owned 117,068 shares of the company’s stock, valued at approximately $19,057,499.72. This trade represents a 6.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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.