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

Man Group plc lifted its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 24.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 114,006 shares of the basic materials company’s stock after purchasing an additional 22,460 shares during the quarter. Man Group plc’s holdings in Steel Dynamics were worth $26,160,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of STLD. Jupiter Topco LLC acquired a new stake in shares of Steel Dynamics in the second quarter valued at approximately $8,004,000. Jones Financial Companies Lllp boosted its stake in shares of Steel Dynamics by 28.8% during the 2nd quarter. Jones Financial Companies Lllp now owns 19,380 shares of the basic materials company’s stock worth $4,756,000 after buying an additional 4,329 shares during the last quarter. Trajan Wealth LLC bought a new stake in Steel Dynamics during the second quarter worth about $211,000. Allstate Corp boosted its position in Steel Dynamics by 1.6% during the second quarter. Allstate Corp now owns 14,531 shares of the basic materials company’s stock valued at $3,334,000 after purchasing an additional 225 shares during the last quarter. Finally, Cibc World Market Inc. boosted its position in Steel Dynamics by 183.2% during the second quarter. Cibc World Market Inc. now owns 24,650 shares of the basic materials company’s stock valued at $5,656,000 after purchasing an additional 15,946 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics 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 completion of the transaction, the senior vice president directly owned 102,837 shares of the company’s stock, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 6.60% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on STLD. KeyCorp reaffirmed an “overweight” rating on shares of Steel Dynamics in a research report on Wednesday, July 22nd. Wells Fargo & Company decreased their price objective on shares of Steel Dynamics from $275.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday. Barclays upped their price objective on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. Weiss Ratings upgraded Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. Finally, Morgan Stanley decreased their price target on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 22nd. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.27.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $235.90 on Thursday. The firm’s fifty day moving average is $242.65 and its 200-day moving average is $223.31. Steel Dynamics, Inc. has a 52 week low of $126.88 and a 52 week high of $288.74. The firm has a market cap of $33.81 billion, a PE ratio of 21.39, a price-to-earnings-growth ratio of 0.44 and a beta of 1.52. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18.

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

Steel Dynamics Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is presently 19.22%.

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.