State Board of Administration of Florida Retirement System Has $12.67 Million Stake in Steel Dynamics, Inc. (STLD)
State Board of Administration of Florida Retirement System raised its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 353,827 shares of the basic materials company’s stock after buying an additional 8,660 shares during the period. State Board of Administration of Florida Retirement System owned about 0.15% of Steel Dynamics worth $12,671,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Capstone Asset Management Co. increased its stake in Steel Dynamics by 3.1% in the first quarter. Capstone Asset Management Co. now owns 20,443 shares of the basic materials company’s stock worth $711,000 after buying an additional 620 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in Steel Dynamics during the first quarter worth approximately $312,000. Shell Asset Management Co. purchased a new stake in Steel Dynamics during the first quarter worth approximately $357,000. Strs Ohio increased its stake in Steel Dynamics by 0.4% in the first quarter. Strs Ohio now owns 220,167 shares of the basic materials company’s stock worth $7,653,000 after buying an additional 888 shares in the last quarter. Finally, IFP Advisors Inc increased its stake in Steel Dynamics by 163.8% in the first quarter. IFP Advisors Inc now owns 4,366 shares of the basic materials company’s stock worth $152,000 after buying an additional 2,711 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.
Steel Dynamics, Inc. (NASDAQ:STLD) opened at 34.51 on Wednesday. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of 15.85 and a beta of 1.23. The company’s 50-day moving average price is $35.74 and its 200 day moving average price is $35.22. Steel Dynamics, Inc. has a 52-week low of $22.79 and a 52-week high of $40.17.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.63. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.58 earnings per share. Equities analysts predict that Steel Dynamics, Inc. will post $2.81 earnings per share for the current fiscal year.
A number of analysts have recently commented on the company. BidaskClub downgraded Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Longbow Research reaffirmed a “buy” rating and set a $40.00 target price on shares of Steel Dynamics in a research report on Thursday, July 27th. Zacks Investment Research raised Steel Dynamics from a “sell” rating to a “hold” rating in a research report on Wednesday, July 26th. Clarkson Capital reaffirmed a “neutral” rating on shares of Steel Dynamics in a research report on Thursday, July 20th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $43.00 target price (up from $42.00) on shares of Steel Dynamics in a research report on Saturday, July 22nd. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $40.59.
In other news, insider Christopher A. Graham sold 5,021 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total transaction of $191,049.05. Following the transaction, the insider now owns 26,778 shares of the company’s stock, valued at approximately $1,018,902.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Keith E. Busse sold 4,965 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total transaction of $190,755.30. Following the transaction, the director now directly owns 1,005,666 shares in the company, valued at approximately $38,637,687.72. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.
About Steel Dynamics
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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