Steel Dynamics, Inc. (NASDAQ:STLD) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Steel Dynamics by 12.3% during the first quarter, owning 258,507 shares valued at approximately $32.33 million.
• Several hedge funds significantly boosted their positions in Steel Dynamics, with Victory Capital Management increasing its ownership by 433.1% during the same quarter.
• Steel Dynamics' latest earnings report revealed an EPS of $2.01, missing analysts' expectations, and a revenue of $4.57 billion, which was below the anticipated $4.82 billion.

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 12.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 258,507 shares of the basic materials company's stock after buying an additional 28,240 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.17% of Steel Dynamics worth $32,334,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in STLD. Ritholtz Wealth Management boosted its stake in shares of Steel Dynamics by 24.4% in the first quarter. Ritholtz Wealth Management now owns 6,687 shares of the basic materials company's stock worth $836,000 after buying an additional 1,310 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Steel Dynamics by 10.4% in the first quarter. Farther Finance Advisors LLC now owns 1,535 shares of the basic materials company's stock worth $190,000 after buying an additional 145 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Steel Dynamics by 31.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,511 shares of the basic materials company's stock worth $3,441,000 after buying an additional 6,604 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Steel Dynamics in the fourth quarter worth about $16,495,000. Finally, Golden State Wealth Management LLC boosted its stake in shares of Steel Dynamics by 124.1% in the first quarter. Golden State Wealth Management LLC now owns 948 shares of the basic materials company's stock worth $119,000 after buying an additional 525 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company's stock.

Steel Dynamics Price Performance

Shares of Steel Dynamics stock traded down $1.77 during mid-day trading on Thursday, reaching $127.47. 756,479 shares of the stock traded hands, compared to its average volume of 1,628,214. The business has a 50-day moving average of $129.86 and a 200 day moving average of $128.21. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $155.56. The stock has a market capitalization of $18.76 billion, a PE ratio of 18.58, a PEG ratio of 1.02 and a beta of 1.38. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its earnings results on Monday, July 21st. The basic materials company reported $2.01 EPS for the quarter, missing analysts' consensus estimates of $2.05 by ($0.04). Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same period in the previous year, the company earned $2.72 EPS. Steel Dynamics's revenue was down 1.5% compared to the same quarter last year. On average, analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Insider Buying and Selling at Steel Dynamics

In related news, SVP Christopher A. Graham sold 12,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total value of $1,520,520.00. Following the completion of the sale, the senior vice president owned 66,738 shares of the company's stock, valued at approximately $8,456,371.98. This trade represents a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gabriel Shaheen sold 1,254 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $134.11, for a total value of $168,173.94. Following the completion of the transaction, the director owned 81,812 shares of the company's stock, valued at $10,971,807.32. The trade was a 1.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,749 shares of company stock valued at $2,702,468 over the last quarter. 6.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on STLD shares. Wells Fargo & Company started coverage on Steel Dynamics in a research note on Wednesday. They issued an "overweight" rating and a $143.00 target price on the stock. Morgan Stanley upped their target price on Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Wall Street Zen downgraded Steel Dynamics from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. Finally, JPMorgan Chase & Co. increased their price target on Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $148.70.

About Steel Dynamics

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.