California State Teachers Retirement System Lowers Stock Position in Steel Dynamics, Inc. $STLD

California State Teachers Retirement System lessened its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 3.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 161,600 shares of the basic materials company’s stock after selling 5,407 shares during the period. California State Teachers Retirement System’s holdings in Steel Dynamics were worth $29,088,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of STLD. Jacobi Capital Management LLC lifted its position in Steel Dynamics by 1.6% during the 4th quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock valued at $599,000 after acquiring an additional 55 shares during the period. Optas LLC grew its holdings in Steel Dynamics by 3.0% in the fourth quarter. Optas LLC now owns 1,979 shares of the basic materials company’s stock worth $335,000 after purchasing an additional 58 shares during the period. Hohimer Wealth Management LLC increased its stake in shares of 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 valued at $967,000 after purchasing an additional 61 shares in the last quarter. Wright Investors Service Inc. increased its stake in shares of Steel Dynamics by 1.2% during the fourth quarter. Wright Investors Service Inc. now owns 5,555 shares of the basic materials company’s stock valued at $941,000 after purchasing an additional 64 shares in the last quarter. Finally, Kestra Private Wealth Services LLC increased its stake in shares of Steel Dynamics by 2.7% during the first quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company’s stock valued at $431,000 after purchasing an additional 64 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the sale, the senior vice president directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Richard A. Poinsatte sold 2,300 shares of Steel Dynamics stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total value of $538,453.00. Following the completion of the sale, the senior vice president directly owned 28,618 shares of the company’s stock, valued at approximately $6,699,759.98. The trade was a 7.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 6.60% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price target on Steel Dynamics from $256.00 to $260.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Barclays raised their price objective on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research 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. Bank of America dropped their target price on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Finally, Morgan Stanley cut their target price 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 investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Steel Dynamics presently has a consensus rating of “Moderate Buy” and an average target price of $249.00.

Steel Dynamics Stock Down 0.5%

Shares of Steel Dynamics stock opened at $251.26 on Friday. The company has a 50-day simple moving average of $248.64 and a two-hundred day simple moving average of $214.00. The stock has a market capitalization of $36.01 billion, a PE ratio of 22.78, a price-to-earnings-growth ratio of 0.48 and a beta of 1.53. Steel Dynamics, Inc. has a 52-week low of $119.89 and a 52-week high of $288.74. 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 results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The firm had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.56 billion. During the same quarter in the prior year, the company posted $2.01 earnings per share. The business’s revenue for the quarter was up 33.4% on a year-over-year basis. On average, analysts anticipate that Steel Dynamics, Inc. will post 17.16 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Tuesday, June 30th were given a $0.53 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.12 annualized dividend and a yield of 0.8%. Steel Dynamics’s dividend payout ratio is 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.