Illinois Municipal Retirement Fund Sells 13,665 Shares of Steel Dynamics, Inc. $STLD

Illinois Municipal Retirement Fund lessened its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 23.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,911 shares of the basic materials company’s stock after selling 13,665 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Steel Dynamics were worth $6,262,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Steel Dynamics in the 2nd quarter valued at approximately $339,769,000. Nordea Investment Management AB increased its stake in Steel Dynamics by 43.3% in the second quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock valued at $271,238,000 after acquiring an additional 630,935 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in Steel Dynamics during the second quarter valued at approximately $48,746,000. AQR Capital Management LLC lifted its stake in Steel Dynamics by 79.1% during the second quarter. AQR Capital Management LLC now owns 627,542 shares of the basic materials company’s stock worth $80,332,000 after purchasing an additional 277,166 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Steel Dynamics by 34.7% in the 2nd quarter. Bank of America Corp DE now owns 1,028,947 shares of the basic materials company’s stock valued at $131,715,000 after purchasing an additional 264,827 shares in the last quarter. 82.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on STLD shares. Morgan Stanley reissued an “equal weight” rating and set a $194.00 price target (up previously from $173.00) on shares of Steel Dynamics in a report on Friday, January 9th. JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. Citigroup increased their target price on shares of Steel Dynamics from $150.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. BMO Capital Markets raised their price target on shares of Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Finally, Wells Fargo & Company upped their price objective on shares of Steel Dynamics from $172.00 to $190.00 and gave the stock an “overweight” rating in a research report on Monday, December 15th. Five equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $182.00.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $191.68 on Friday. The stock has a market cap of $27.99 billion, a P/E ratio of 23.93, a price-to-earnings-growth ratio of 0.54 and a beta of 1.46. The company has a current ratio of 3.06, a quick ratio of 1.29 and a debt-to-equity ratio of 0.48. The stock’s 50-day moving average is $178.05 and its 200-day moving average is $155.04. Steel Dynamics, Inc. has a 1-year low of $103.17 and a 1-year high of $208.47.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.10. Steel Dynamics had a net margin of 6.52% and a return on equity of 13.56%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.62 billion. During the same quarter last year, the business earned $1.36 EPS. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. Equities research analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics 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.