Korea Investment CORP Increases Holdings in Steel Dynamics, Inc. $STLD

Korea Investment CORP grew its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 100.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 194,464 shares of the basic materials company’s stock after buying an additional 97,405 shares during the period. Korea Investment CORP’s holdings in Steel Dynamics were worth $44,622,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Keating Financial Advisory Services Inc. increased its holdings in shares of Steel Dynamics by 27.1% in the 2nd quarter. Keating Financial Advisory Services Inc. now owns 197 shares of the basic materials company’s stock valued at $45,000 after acquiring an additional 42 shares during the period. Jacobi Capital Management LLC boosted its stake in shares of Steel Dynamics by 1.6% in the fourth quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock valued at $599,000 after buying an additional 55 shares in the last quarter. Hohimer Wealth Management LLC grew its holdings in Steel Dynamics by 1.1% during the fourth quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock worth $967,000 after acquiring an additional 61 shares during the period. Kestra Private Wealth Services LLC raised its position in Steel Dynamics by 2.7% in the first quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company’s stock worth $431,000 after acquiring an additional 64 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Steel Dynamics by 4.1% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 1,764 shares of the basic materials company’s stock valued at $246,000 after acquiring an additional 70 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insider Buying and Selling at Steel Dynamics

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 transaction, the senior vice president directly owned 102,837 shares of the company’s stock, valued at $27,632,301.90. The trade was a 8.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 6.60% of the stock is owned by corporate insiders.

Steel Dynamics Trading Up 4.4%

NASDAQ STLD opened at $228.68 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45. The company has a market cap of $32.78 billion, a P/E ratio of 20.73, a P/E/G ratio of 0.43 and a beta of 1.52. Steel Dynamics, Inc. has a 12 month low of $126.23 and a 12 month high of $288.74. The company has a 50-day moving average of $245.06 and a 200-day moving average of $222.27.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results 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. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The business had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. During the same period last year, the company posted $2.01 EPS. The business’s quarterly revenue was up 33.4% on a year-over-year basis. As a group, equities analysts predict that Steel Dynamics, Inc. will post 17.16 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is 19.22%.

Analyst Upgrades and Downgrades

Several brokerages have commented on STLD. Barclays boosted their target price on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company decreased their price objective on shares of Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating on the stock in a report on Wednesday, July 22nd. The Goldman Sachs Group began coverage on shares of Steel Dynamics in a research report on Wednesday, July 29th. They set a “buy” rating and a $300.00 target price on the stock. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Steel Dynamics in a report on Wednesday, July 22nd. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $259.09.

Steel Dynamics Profile

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.