Man Group plc Has $26.16 Million Holdings in Steel Dynamics, Inc. $STLD

Key Points

• Man Group increased its Steel Dynamics stake by 24.5% in the second quarter, ending with 114,006 shares valued at approximately $26.16 million. Institutional investors and hedge funds collectively own 82.41% of the company.
• Steel Dynamics reported quarterly earnings of $3.69 per share, beating estimates of $3.63, while revenue rose 33.4% year over year to $6.09 billion. Shares opened at $235.90, with the stock up 2.1% in the reported session.
• The company declared a quarterly dividend of $0.53 per share, equivalent to an annualized $2.12 dividend and a 0.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $257.27.

Man Group plc increased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 24.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 114,006 shares of the basic materials company's stock after purchasing an additional 22,460 shares during the period. Man Group plc owned approximately 0.08% of Steel Dynamics worth $26,160,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Steel Dynamics in the second quarter worth about $2,844,501,000. Life Cycle Investment Partners Ltd acquired a new position in shares of Steel Dynamics during the 4th quarter valued at about $586,702,000. Norges Bank acquired a new position in shares of Steel Dynamics during the 4th quarter valued at about $564,590,000. Boston Partners raised its stake in shares of Steel Dynamics by 147.9% in the 4th quarter. Boston Partners now owns 1,793,630 shares of the basic materials company's stock valued at $303,970,000 after acquiring an additional 1,070,042 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Steel Dynamics in the 2nd quarter valued at approximately $211,159,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP James Stanley Anderson sold 10,000 shares of the firm's stock in a transaction on 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 $27,632,301.90. This trade represents a 8.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.60% of the stock is owned by corporate insiders.

Steel Dynamics Trading Up 2.1%

Shares of STLD stock opened at $235.90 on Thursday. Steel Dynamics, Inc. has a 12-month low of $126.88 and a 12-month high of $288.74. The company has a market capitalization of $33.81 billion, a P/E ratio of 21.39, a P/E/G ratio of 0.44 and a beta of 1.52. The firm has a 50-day moving average price of $242.65 and a 200 day moving average price of $223.31. 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 (NASDAQ:STLD - Get Free Report) 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. The firm had revenue of $6.09 billion for the quarter, compared to analysts' expectations of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The company's quarterly 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 forecast that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Steel Dynamics's payout ratio is currently 19.22%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Weiss Ratings raised Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, June 18th. Bank of America reduced their price objective on shares of Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating for the company in a research note on Thursday, July 9th. KeyCorp reaffirmed an "overweight" rating on shares of Steel Dynamics in a report on Wednesday, July 22nd. UBS Group raised their target price on shares of Steel Dynamics from $165.00 to $276.00 and gave the company a "neutral" rating in a research note on Monday, August 10th. Finally, Morgan Stanley dropped their target price on shares of Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 22nd. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $257.27.

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.

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