New York State Teachers Retirement System Sells 6,347 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

New York State Teachers Retirement System trimmed its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 3.6% during the 3rd quarter, Holdings Channel reports. The firm owned 168,453 shares of the basic materials company’s stock after selling 6,347 shares during the quarter. New York State Teachers Retirement System’s holdings in Steel Dynamics were worth $21,239,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Larson Financial Group LLC purchased a new position in Steel Dynamics in the 1st quarter worth approximately $25,000. Innealta Capital LLC purchased a new position in Steel Dynamics in the second quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Steel Dynamics in the second quarter valued at $41,000. Cullen Frost Bankers Inc. raised its position in Steel Dynamics by 33.3% during the second quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock valued at $52,000 after purchasing an additional 100 shares in the last quarter. Finally, HHM Wealth Advisors LLC bought a new stake in Steel Dynamics during the second quarter worth about $52,000. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Trading Up 2.4 %

NASDAQ:STLD opened at $133.65 on Friday. The firm has a market capitalization of $20.62 billion, a P/E ratio of 12.10 and a beta of 1.31. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. The company has a fifty day moving average of $123.74 and a 200 day moving average of $126.59. Steel Dynamics, Inc. has a 52 week low of $104.60 and a 52 week high of $151.34.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, beating the consensus estimate of $1.98 by $0.07. The firm had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.18 billion. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.47 earnings per share. On average, research analysts predict that Steel Dynamics, Inc. will post 10.22 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a dividend of $0.46 per share. The ex-dividend date was Monday, September 30th. This represents a $1.84 annualized dividend and a dividend yield of 1.38%. Steel Dynamics’s dividend payout ratio (DPR) is presently 16.65%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on STLD shares. BMO Capital Markets increased their price objective on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. increased their price target on shares of Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. 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. Bank of America raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price objective for the company from $140.00 to $155.00 in a research note on Tuesday, October 1st. Finally, UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Steel Dynamics has a consensus rating of “Hold” and an average target price of $144.29.

Insider Activity at Steel Dynamics

In related news, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction on Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the sale, the senior vice president now owns 146,693 shares in the company, valued at $19,523,371.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, SVP Glenn Pushis sold 17,941 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the transaction, the senior vice president now directly owns 146,693 shares of the company’s stock, valued at $19,523,371.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Chad Bickford sold 2,000 shares of Steel Dynamics stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $134.86, for a total value of $269,720.00. Following the sale, the vice president now directly owns 17,100 shares in the company, valued at approximately $2,306,106. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.00% of the stock is owned by corporate insiders.

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.