Illinois Municipal Retirement Fund Has $6.26 Million Position in Steel Dynamics, Inc. $STLD

Illinois Municipal Retirement Fund lessened its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 23.3% during the third quarter, HoldingsChannel reports. The institutional investor owned 44,911 shares of the basic materials company’s stock after selling 13,665 shares during the period. Illinois Municipal Retirement Fund’s holdings in Steel Dynamics were worth $6,262,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Cornerstone Planning Group LLC boosted its holdings in Steel Dynamics by 1,636.4% in the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 180 shares during the last quarter. Rosenberg Matthew Hamilton boosted its stake in shares of Steel Dynamics by 306.2% in the 2nd quarter. Rosenberg Matthew Hamilton now owns 264 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 199 shares during the last quarter. True Wealth Design LLC boosted its stake in shares of Steel Dynamics by 120.4% in the 2nd quarter. True Wealth Design LLC now owns 324 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 177 shares during the last quarter. Toth Financial Advisory Corp increased its position in shares of Steel Dynamics by 50.0% during the third quarter. Toth Financial Advisory Corp now owns 300 shares of the basic materials company’s stock worth $42,000 after buying an additional 100 shares during the period. Finally, Covestor Ltd raised its stake in Steel Dynamics by 44.3% during the third quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock worth $42,000 after buying an additional 93 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on STLD shares. Jefferies Financial Group increased their price target on Steel Dynamics from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 10th. KeyCorp restated an “overweight” rating and set a $190.00 target price on shares of Steel Dynamics in a research report on Wednesday, January 7th. Wall Street Zen raised Steel Dynamics from a “hold” rating to a “strong-buy” rating in a research note on Saturday, January 31st. BMO Capital Markets boosted their price target on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Finally, UBS Group set a $165.00 price objective on shares of Steel Dynamics in a research report on Tuesday, November 4th. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $182.00.

Steel Dynamics Stock Down 3.9%

STLD stock opened at $191.68 on Friday. The stock’s 50 day simple moving average is $178.05 and its 200 day simple moving average is $155.04. The company has a market cap of $27.99 billion, a P/E ratio of 23.93, a price-to-earnings-growth ratio of 0.54 and a beta of 1.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06. Steel Dynamics, Inc. has a fifty-two week low of $103.17 and a fifty-two week high of $208.47.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Tuesday, January 27th. The basic materials company reported $1.82 EPS for the quarter, beating the consensus estimate of $1.72 by $0.10. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.62 billion. During the same quarter in the previous year, the company posted $1.36 earnings per share. The company’s quarterly revenue was up 14.0% on a year-over-year basis. On average, research analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

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.