Steel Dynamics, Inc. (NASDAQ:STLD) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp cut its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 22.6% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 24,356 shares of the basic materials company’s stock after selling 7,098 shares during the period. Texas Permanent School Fund Corp’s holdings in Steel Dynamics were worth $3,154,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STLD. Larson Financial Group LLC acquired a new position in Steel Dynamics during the 1st quarter worth approximately $25,000. LifeSteps Financial Inc. purchased a new stake in Steel Dynamics during the 1st quarter worth approximately $26,000. Security National Bank purchased a new stake in Steel Dynamics during the 4th quarter worth approximately $30,000. Innealta Capital LLC purchased a new stake in Steel Dynamics during the 2nd quarter worth approximately $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Steel Dynamics during the 2nd quarter worth approximately $41,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Trading Up 2.1 %

NASDAQ:STLD opened at $112.84 on Monday. Steel Dynamics, Inc. has a 12-month low of $95.53 and a 12-month high of $151.34. The firm has a market capitalization of $17.41 billion, a P/E ratio of 7.75 and a beta of 1.32. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19. The business has a 50 day simple moving average of $121.20 and a 200 day simple moving average of $129.54.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.67 by $0.05. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.43 billion. During the same quarter in the previous year, the firm posted $4.81 EPS. The business’s revenue for the quarter was down 8.8% compared to the same quarter last year. Equities research analysts predict that Steel Dynamics, Inc. will post 10.81 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a dividend of $0.46 per share. The ex-dividend date is Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a yield of 1.63%. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.64%.

Wall Street Analyst Weigh In

STLD has been the topic of several analyst reports. BMO Capital Markets dropped their price objective on Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a report on Tuesday, June 18th. Morgan Stanley lifted their price objective on Steel Dynamics from $134.00 to $138.00 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. upgraded Steel Dynamics from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $120.00 to $131.00 in a report on Monday, September 9th. Jefferies Financial Group started coverage on Steel Dynamics in a report on Monday, May 20th. They issued a “hold” rating and a $150.00 price target for the company. Finally, UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $143.43.

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.