Steel Dynamics, Inc. $STLD Shares Sold by MFG Wealth Management Inc.

MFG Wealth Management Inc. trimmed its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 22.4% in the 2nd quarter, HoldingsChannel reports. 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 SEC filing.

Other hedge funds also recently bought and sold shares of the company. Capital Research Global Investors grew its position in shares of Steel Dynamics by 0.3% during the fourth quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company’s stock worth $613,926,000 after buying an additional 9,959 shares in the last quarter. Life Cycle Investment Partners Ltd acquired a new stake in Steel Dynamics in the fourth quarter valued at approximately $586,702,000. Norges Bank acquired a new stake in Steel Dynamics in the fourth quarter valued at approximately $564,590,000. Robeco Institutional Asset Management B.V. lifted its stake in Steel Dynamics by 3.7% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company’s stock worth $340,289,000 after acquiring an additional 72,122 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Steel Dynamics by 6.3% in the fourth quarter. Invesco Ltd. now owns 1,965,092 shares of the basic materials company’s stock worth $332,985,000 after acquiring an additional 116,379 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analyst Ratings Changes

STLD has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price objective on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 22nd. Barclays lifted their price objective on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. The Goldman Sachs Group assumed coverage on shares of Steel Dynamics in a research note on Wednesday, July 29th. They set a “buy” rating and a $300.00 target price for the company. Citigroup increased their target price on Steel Dynamics from $180.00 to $255.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company cut their price target on Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 22nd. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Steel Dynamics currently has a consensus rating of “Moderate Buy” and a consensus target price of $249.00.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $262.45 on Friday. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. Steel Dynamics, Inc. has a 52 week low of $119.89 and a 52 week high of $288.74. The firm’s 50 day moving average is $249.51 and its two-hundred day moving average is $217.18. The firm has a market capitalization of $37.62 billion, a P/E ratio of 23.79, a P/E/G ratio of 0.49 and a beta of 1.52.

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

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total value of $538,453.00. Following the completion of the transaction, the senior vice president owned 28,618 shares in the company, valued at $6,699,759.98. This represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP James Stanley Anderson sold 10,000 shares of the firm’s 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 transaction, the senior vice president directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their position. The SEC filing for this sale provides additional information. 6.60% of the stock is owned by company insiders.

Steel Dynamics Company 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.