Teachers Retirement System of The State of Kentucky Sells 331 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Teachers Retirement System of The State of Kentucky lowered its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 2.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,474 shares of the basic materials company’s stock after selling 331 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Steel Dynamics were worth $1,615,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of STLD. National Bank of Canada FI increased its stake in Steel Dynamics by 481.2% in the second quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock valued at $42,461,000 after purchasing an additional 272,226 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its position in Steel Dynamics by 65.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 571,787 shares of the basic materials company’s stock worth $74,064,000 after buying an additional 225,832 shares in the last quarter. Swedbank AB acquired a new position in Steel Dynamics during the first quarter valued at approximately $32,178,000. Acadian Asset Management LLC grew its stake in shares of Steel Dynamics by 21.6% in the first quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock valued at $168,550,000 after buying an additional 202,312 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Steel Dynamics in the 2nd quarter valued at about $24,670,000. Institutional investors own 82.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on STLD. Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and increased their target price for the stock from $140.00 to $155.00 in a research note on Tuesday. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. Morgan Stanley decreased their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. BMO Capital Markets decreased their target price on shares of Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating on the stock in a research report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. upgraded shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $120.00 to $131.00 in a research report on Monday, September 9th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $142.71.

Steel Dynamics Stock Up 0.5 %

Shares of NASDAQ:STLD opened at $128.22 on Friday. The company has a market capitalization of $19.78 billion, a price-to-earnings ratio of 8.81 and a beta of 1.31. Steel Dynamics, Inc. has a 1 year low of $98.25 and a 1 year high of $151.34. The business’s 50-day moving average is $119.58 and its 200-day moving average is $128.61. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.05. The business had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter last year, the firm earned $4.81 EPS. Equities research analysts predict that Steel Dynamics, Inc. will post 10.36 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend is Monday, September 30th. Steel Dynamics’s payout ratio is 12.64%.

About Steel Dynamics

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.