Louisiana State Employees Retirement System Acquires Shares of 7,000 Steel Dynamics, Inc. $STLD

Louisiana State Employees Retirement System acquired a new position in Steel Dynamics, Inc. (NASDAQ:STLD) in the first quarter, HoldingsChannel.com reports. The fund acquired 7,000 shares of the basic materials company’s stock, valued at approximately $1,260,000.

Several other hedge funds have also modified their holdings of the company. Prosperity Bancshares Inc acquired a new stake in shares of Steel Dynamics during the 4th quarter valued at about $25,000. MV Capital Management Inc. acquired a new position in Steel Dynamics in the 4th quarter worth about $27,000. Sound Income Strategies LLC raised its holdings in Steel Dynamics by 1,500.0% in the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 150 shares during the period. DV Equities LLC purchased a new position in Steel Dynamics during the fourth quarter worth approximately $33,000. Finally, Torren Management LLC purchased a new position in Steel Dynamics during the fourth quarter worth approximately $34,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Steel Dynamics

In other news, SVP Miguel Alvarez sold 4,825 shares of the company’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the completion of the sale, the senior vice president owned 122,257 shares of the company’s stock, valued at $27,578,734.06. This represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Richard A. Poinsatte sold 2,300 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total transaction of $538,453.00. Following the completion of the sale, the senior vice president owned 28,618 shares of the company’s stock, valued at $6,699,759.98. This trade represents a 7.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 22,125 shares of company stock worth $5,438,226. Company insiders own 6.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. BMO Capital Markets boosted their price objective on Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. Wells Fargo & Company decreased their target price on Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating on the stock in a research report on Thursday, June 18th. Morgan Stanley lifted their price target on shares of Steel Dynamics from $227.00 to $270.00 and gave the company an “equal weight” rating in a research note on Monday, June 22nd. Bank of America cut their price target on shares of Steel Dynamics from $285.00 to $280.00 and set a “neutral” rating for the company in a report on Thursday, June 18th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $236.36.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $220.39 on Friday. Steel Dynamics, Inc. has a 12 month low of $119.89 and a 12 month high of $288.74. The stock has a 50 day moving average of $245.84 and a two-hundred day moving average of $204.81. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46. The firm has a market cap of $31.89 billion, a P/E ratio of 23.57, a price-to-earnings-growth ratio of 0.43 and a beta of 1.53.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. Steel Dynamics’s revenue was up 19.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.44 EPS. On average, analysts expect that Steel Dynamics, Inc. will post 16.78 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Tuesday, June 30th. Steel Dynamics’s dividend payout ratio is currently 22.67%.

Steel Dynamics Company Profile

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.