Public Employees Retirement System of Ohio grew its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 3.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 164,598 shares of the basic materials company’s stock after purchasing an additional 5,091 shares during the quarter. Public Employees Retirement System of Ohio owned about 0.07% of Steel Dynamics worth $4,971,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Empirical Finance LLC boosted its holdings in shares of Steel Dynamics by 1.1% during the 2nd quarter. Empirical Finance LLC now owns 32,950 shares of the basic materials company’s stock valued at $995,000 after acquiring an additional 363 shares during the last quarter. Magnus Financial Group LLC lifted its stake in shares of Steel Dynamics by 4.5% in the 1st quarter. Magnus Financial Group LLC now owns 9,299 shares of the basic materials company’s stock worth $328,000 after purchasing an additional 400 shares during the period. Nissay Asset Management Corp Japan ADV lifted its stake in shares of Steel Dynamics by 2.9% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 19,076 shares of the basic materials company’s stock worth $673,000 after purchasing an additional 536 shares during the period. Municipal Employees Retirement System of Michigan lifted its stake in shares of Steel Dynamics by 1.4% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 42,440 shares of the basic materials company’s stock worth $1,282,000 after purchasing an additional 590 shares during the period. Finally, Oregon Public Employees Retirement Fund lifted its stake in shares of Steel Dynamics by 0.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 135,874 shares of the basic materials company’s stock worth $4,792,000 after purchasing an additional 661 shares during the period. Institutional investors and hedge funds own 80.04% of the company’s stock.
Several equities analysts have recently weighed in on the stock. Goldman Sachs Group lowered their price objective on shares of Steel Dynamics from $44.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Bank of America lowered their price objective on shares of Steel Dynamics from $34.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. BidaskClub upgraded shares of Steel Dynamics from a “sell” rating to a “hold” rating in a research note on Thursday. Deutsche Bank reiterated a “hold” rating on shares of Steel Dynamics in a research note on Thursday, June 27th. Finally, Credit Suisse Group cut shares of Steel Dynamics from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $38.00 to $29.00 in a research note on Thursday, May 23rd. Ten research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Steel Dynamics has an average rating of “Hold” and an average price target of $37.27.
NASDAQ STLD traded up $0.27 on Friday, reaching $32.18. 50,975 shares of the stock were exchanged, compared to its average volume of 1,950,800. Steel Dynamics, Inc. has a one year low of $25.02 and a one year high of $48.17. The firm has a market capitalization of $7.01 billion, a PE ratio of 5.86, a PEG ratio of 0.81 and a beta of 1.64. The company’s 50-day simple moving average is $28.58 and its two-hundred day simple moving average is $31.04. The company has a current ratio of 4.35, a quick ratio of 2.40 and a debt-to-equity ratio of 0.60.
Steel Dynamics (NASDAQ:STLD) last released its earnings results on Monday, July 22nd. The basic materials company reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.02). Steel Dynamics had a return on equity of 28.50% and a net margin of 9.11%. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.78 billion. During the same quarter in the previous year, the business posted $1.53 EPS. Steel Dynamics’s revenue was down 10.4% on a year-over-year basis. Sell-side analysts forecast that Steel Dynamics, Inc. will post 3.16 earnings per share for the current fiscal year.
The company 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 dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date is Friday, September 27th. Steel Dynamics’s payout ratio is 17.49%.
In other news, SVP Miguel Alvarez bought 8,920 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were bought at an average price of $27.72 per share, for a total transaction of $247,262.40. Following the purchase, the senior vice president now owns 700 shares in the company, valued at $19,404. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.90% of the stock is currently owned by company insiders.
Steel Dynamics Company Profile
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.
Further Reading: Hold Rating
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