Mirae Asset Global Investments Co. Ltd. Acquires New Holdings in Steel Dynamics, Inc. $STLD

Key Points

• Mirae Asset Global Investments opened a new Steel Dynamics position, buying 36,677 shares valued at about $8.1 million in the third quarter. Institutional investors and hedge funds collectively own 82.41% of the company.
• Steel Dynamics reported quarterly EPS of $5.26, below the $5.48 consensus, while revenue of $6.51 billion exceeded estimates and rose 34.8% year over year.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $275.17; the company also pays an annualized dividend of $2.12 per share, a 0.9% yield.

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 36,677 shares of the basic materials company's stock, valued at approximately $8,128,000.

Several other institutional investors and hedge funds have also bought and sold shares of STLD. BlackRock Inc. bought a new position in Steel Dynamics in the 2nd quarter valued at $2,844,501,000. Bank of America Corp DE purchased a new position in shares of Steel Dynamics during the 2nd quarter valued at $264,212,000. Bank of New York Mellon Corp purchased a new position in shares of Steel Dynamics during the 2nd quarter valued at $211,159,000. Deutsche Bank AG bought a new position in shares of Steel Dynamics in the second quarter worth $126,579,000. Finally, Bessemer Group Inc. raised its position in shares of Steel Dynamics by 56,088.1% in the first quarter. Bessemer Group Inc. now owns 542,215 shares of the basic materials company's stock worth $97,598,000 after buying an additional 541,250 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Stock Down 3.0%

Shares of STLD opened at $240.12 on Thursday. The firm has a market cap of $34.15 billion, a P/E ratio of 17.72, a P/E/G ratio of 0.35 and a beta of 1.45. The stock has a 50 day simple moving average of $238.91 and a two-hundred day simple moving average of $224.40. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.14 and a quick ratio of 1.48. Steel Dynamics, Inc. has a 1 year low of $150.03 and a 1 year high of $288.74.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings results on Monday, October 19th. The basic materials company reported $5.26 EPS for the quarter, missing analysts' consensus estimates of $5.48 by ($0.22). The business had revenue of $6.51 billion for the quarter, compared to the consensus estimate of $6.43 billion. Steel Dynamics had a net margin of 8.82% and a return on equity of 21.57%. The firm's revenue was up 34.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.74 earnings per share. On average, analysts forecast that Steel Dynamics, Inc. will post 18.12 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Wednesday, September 30th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. Steel Dynamics's dividend payout ratio (DPR) is currently 15.65%.

Insider Activity at Steel Dynamics

In related news, EVP Barry Schneider sold 50,000 shares of the stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $248.91, for a total transaction of $12,445,500.00. Following the transaction, the executive vice president owned 196,399 shares of the company's stock, valued at approximately $48,885,675.09. This trade represents a 20.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 6.60% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on STLD. JPMorgan Chase & Co. reduced their target price on Steel Dynamics from $272.00 to $260.00 and set a "neutral" rating for the company in a research report on Friday, October 9th. Weiss Ratings raised Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, October 28th. KeyCorp raised their price target on Steel Dynamics from $262.00 to $265.00 and gave the company an "overweight" rating in a report on Friday, October 23rd. Wells Fargo & Company lifted their price target on Steel Dynamics from $257.00 to $271.00 and gave the company an "overweight" rating in a research report on Wednesday, October 21st. Finally, Barclays set a $280.00 price objective on Steel Dynamics in a report on Friday, October 23rd. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Steel Dynamics has an average rating of "Moderate Buy" and a consensus target price of $275.17.

Steel Dynamics Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company manufactures steel products using electric arc furnace technology and serves customers across industries such as construction, automotive, manufacturing, and energy.

Its operations include the production of flat rolled steel, long steel products, structural steel, rail, and specialty products. Steel Dynamics also provides steel processing and fabrication services, including the manufacture of steel joists, deck systems, and other components used in commercial and industrial construction.

The company operates metals recycling facilities that collect, process, and supply ferrous and nonferrous scrap to support its steelmaking operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.