Steel Dynamics, Inc. (NASDAQ:STLD) Position Reduced by Retirement Systems of Alabama

Retirement Systems of Alabama reduced its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 4.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 31,281 shares of the basic materials company’s stock after selling 1,300 shares during the quarter. Retirement Systems of Alabama’s holdings in Steel Dynamics were worth $3,944,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new position in Steel Dynamics during the third quarter valued at about $25,000. Innealta Capital LLC acquired a new stake in Steel Dynamics in the 2nd quarter valued at about $33,000. Private Trust Co. NA boosted its position in shares of Steel Dynamics by 532.6% during the 3rd quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 245 shares in the last quarter. Cullen Frost Bankers Inc. grew its stake in shares of Steel Dynamics by 33.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 100 shares during the last quarter. Finally, HHM Wealth Advisors LLC bought a new stake in shares of Steel Dynamics in the 2nd quarter worth approximately $52,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on STLD shares. The Goldman Sachs Group assumed coverage on shares of Steel Dynamics in a report on Monday, December 2nd. They set a “neutral” rating and a $155.00 target price for the company. BMO Capital Markets raised their price objective on Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research note on Friday, October 18th. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $140.00 to $155.00 in a research report on Tuesday, October 1st. UBS Group reiterated a “neutral” rating and issued a $149.00 price target (up previously from $145.00) on shares of Steel Dynamics in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. lifted their price target on Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $144.25.

Steel Dynamics Trading Down 1.3 %

Shares of NASDAQ STLD opened at $115.29 on Friday. The company has a current ratio of 2.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.31. Steel Dynamics, Inc. has a one year low of $104.60 and a one year high of $155.56. The business has a 50-day moving average price of $136.24 and a two-hundred day moving average price of $127.58. The firm has a market capitalization of $17.55 billion, a PE ratio of 10.43 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.98 by $0.07. The business had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.18 billion. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period last year, the company posted $3.47 earnings per share. As a group, analysts predict that Steel Dynamics, Inc. will post 10.09 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is presently 16.65%.

Insider Buying and Selling

In related news, SVP Glenn Pushis sold 17,941 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the sale, the senior vice president now owns 146,693 shares of the company’s stock, valued at approximately $19,523,371.37. The trade was a 10.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Chad Bickford sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $134.86, for a total transaction of $269,720.00. Following the transaction, the vice president now directly owns 17,100 shares in the company, valued at approximately $2,306,106. The trade was a 10.47 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,591 shares of company stock worth $3,885,938. Corporate insiders own 6.00% of the company’s stock.

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.