8,200 Shares of Steel Dynamics, Inc. $STLD Bought by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) during the 3rd quarter, Holdings Channel reports. The fund bought 8,200 shares of the basic materials company’s stock, valued at approximately $1,817,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in STLD. Meeder Asset Management Inc. acquired a new position in shares of Steel Dynamics during the 2nd quarter worth about $26,000. Wealth Enhancement Trust Services Inc. raised its position in shares of Steel Dynamics by 1,200.0% in the 3rd quarter. Wealth Enhancement Trust Services Inc. now owns 117 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 108 shares during the period. NBH Bank acquired a new stake in shares of Steel Dynamics in the 2nd quarter valued at approximately $31,000. City State Bank acquired a new stake in shares of Steel Dynamics in the 3rd quarter valued at approximately $32,000. Finally, Caitlin John LLC bought a new position in Steel Dynamics during the 2nd quarter worth approximately $35,000. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Down 1.7%

Shares of Steel Dynamics stock opened at $247.66 on Wednesday. Steel Dynamics, Inc. has a 1 year low of $150.03 and a 1 year high of $288.74. The business has a 50-day moving average of $238.73 and a two-hundred day moving average of $224.07. The company has a market capitalization of $35.22 billion, a P/E ratio of 18.28, a price-to-earnings-growth ratio of 0.36 and a beta of 1.45. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.14 and a quick ratio of 1.48.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Monday, October 19th. The basic materials company reported $5.26 EPS for the quarter, missing analysts’ consensus estimates of $5.48 by ($0.22). Steel Dynamics had a return on equity of 21.57% and a net margin of 8.82%. The business had revenue of $6.51 billion for the quarter, compared to analyst estimates of $6.43 billion. During the same period in the prior year, the business earned $2.74 EPS. The company’s revenue for the quarter was up 34.8% compared to the same quarter last year. As a group, equities analysts predict that Steel Dynamics, Inc. will post 18.12 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Wednesday, September 30th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, September 30th. Steel Dynamics’s dividend payout ratio is presently 15.65%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on STLD shares. Morgan Stanley decreased their price objective on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a report on Wednesday, July 22nd. JPMorgan Chase & Co. lowered their target price on shares of Steel Dynamics from $272.00 to $260.00 and set a “neutral” rating for the company in a research note on Friday, October 9th. Wells Fargo & Company increased their target price on shares of Steel Dynamics from $257.00 to $271.00 and gave the stock an “overweight” rating in a report on Wednesday, October 21st. BMO Capital Markets reduced their price target on shares of Steel Dynamics from $296.00 to $290.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 29th. Finally, Weiss Ratings raised shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, October 28th. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $275.17.

Steel Dynamics Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company manufactures steel products using electric arc furnace technology and serves customers across industries such as construction, automotive, manufacturing, and energy.

Its operations include the production of flat rolled steel, long steel products, structural steel, rail, and specialty products. Steel Dynamics also provides steel processing and fabrication services, including the manufacture of steel joists, deck systems, and other components used in commercial and industrial construction.

The company operates metals recycling facilities that collect, process, and supply ferrous and nonferrous scrap to support its steelmaking operations.