OFI Invest Asset Management Buys New Position in Steel Dynamics, Inc. $STLD

Key Points

• OFI Invest Asset Management has acquired a new stake in Steel Dynamics, Inc., purchasing 32,972 shares valued at approximately $4.22 million in the 2nd quarter.
• Analysts have raised their price targets for Steel Dynamics, with Morgan Stanley and Wells Fargo setting new targets of $145.00 and $150.00, respectively, both maintaining an "overweight" rating.
• Steel Dynamics announced a quarterly dividend of $0.50 per share, resulting in an annualized yield of 1.4% and a payout ratio of 29.15%.

OFI Invest Asset Management bought a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 32,972 shares of the basic materials company's stock, valued at approximately $4,221,000.

A number of other hedge funds also recently modified their holdings of STLD. Financial Gravity Asset Management Inc. bought a new stake in shares of Steel Dynamics in the 1st quarter worth approximately $25,000. Cary Street Partners Investment Advisory LLC lifted its position in shares of Steel Dynamics by 493.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company's stock worth $25,000 after acquiring an additional 163 shares during the period. Trust Co. of Toledo NA OH bought a new stake in shares of Steel Dynamics in the 2nd quarter worth approximately $30,000. Zions Bancorporation National Association UT bought a new stake in shares of Steel Dynamics in the 1st quarter worth approximately $32,000. Finally, WPG Advisers LLC bought a new stake in shares of Steel Dynamics in the 1st quarter worth approximately $32,000. Institutional investors own 82.41% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on STLD shares. Morgan Stanley increased their target price on Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Wells Fargo & Company increased their target price on Steel Dynamics from $143.00 to $150.00 and gave the stock an "overweight" rating in a report on Monday, September 15th. JPMorgan Chase & Co. increased their target price on Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Steel Dynamics in a report on Wednesday. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $148.78.

Steel Dynamics Trading Down 4.4%

STLD stock opened at $141.23 on Friday. The business has a fifty day moving average price of $133.25 and a 200 day moving average price of $129.93. 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 $20.79 billion, a price-to-earnings ratio of 20.59, a P/E/G ratio of 1.15 and a beta of 1.40. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.13 and a quick ratio of 1.34.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The basic materials company reported $2.01 earnings per share 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 business had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same period in the prior year, the business earned $2.72 earnings per share. The company's revenue for the quarter was down 1.5% on a year-over-year basis. Analysts expect that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Tuesday, September 30th. Steel Dynamics's dividend payout ratio (DPR) is currently 29.15%.

Insiders Place Their Bets

In related news, SVP Christopher A. Graham sold 12,000 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the completion of the sale, the senior vice president directly owned 66,738 shares of the company's stock, valued at $8,456,371.98. This trade represents a 15.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.30% of the stock is owned by corporate insiders.

Steel Dynamics 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.

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