MGO One Seven LLC Boosts Stock Position in Steel Dynamics, Inc. $STLD

MGO One Seven LLC grew its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 33.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,866 shares of the basic materials company’s stock after purchasing an additional 714 shares during the period. MGO One Seven LLC’s holdings in Steel Dynamics were worth $367,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in STLD. GAMMA Investing LLC grew its position in Steel Dynamics by 47.9% in the first quarter. GAMMA Investing LLC now owns 3,579 shares of the basic materials company’s stock worth $448,000 after acquiring an additional 1,159 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in 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 acquiring an additional 6,604 shares during the period. Janney Montgomery Scott LLC purchased a new position in Steel Dynamics in the first quarter worth approximately $2,968,000. State of Alaska Department of Revenue grew its position in Steel Dynamics by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 16,583 shares of the basic materials company’s stock worth $2,074,000 after acquiring an additional 435 shares during the period. Finally, Praxis Investment Management Inc. grew its position in Steel Dynamics by 63.5% in the first quarter. Praxis Investment Management Inc. now owns 3,090 shares of the basic materials company’s stock worth $386,000 after acquiring an additional 1,200 shares during the period. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

STLD has been the subject of several analyst reports. Wells Fargo & Company increased their price objective on Steel Dynamics from $143.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, September 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Steel Dynamics in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. increased their price objective on Steel Dynamics from $150.00 to $160.00 and gave the stock a “neutral” rating in a research report on Monday, October 13th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Steel Dynamics currently has an average rating of “Moderate Buy” and a consensus target price of $149.89.

Steel Dynamics Stock Up 0.1%

NASDAQ:STLD opened at $142.75 on Friday. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43. The stock’s fifty day moving average is $135.49 and its two-hundred day moving average is $130.59. Steel Dynamics, Inc. has a 52 week low of $103.17 and a 52 week high of $155.56. The stock has a market capitalization of $21.01 billion, a price-to-earnings ratio of 20.81, a price-to-earnings-growth ratio of 1.17 and a beta of 1.40.

Steel Dynamics (NASDAQ:STLD) last released its quarterly 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 return on equity of 11.88% and a net margin of 6.07%.The firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same quarter last year, the company earned $2.72 earnings per share. The firm’s revenue for the quarter was down 1.5% on a year-over-year basis. Research analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Tuesday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is presently 29.15%.

Insider Activity

In other news, SVP Christopher A. Graham sold 12,000 shares of the stock in a transaction 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 sale, the senior vice president directly owned 66,738 shares in the company, valued at approximately $8,456,371.98. This trade represents a 15.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 6.30% of the company’s stock.

Steel Dynamics Company 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.