Public Employees Retirement System of Ohio Takes $10.17 Million Position in Steel Dynamics, Inc. $STLD

Public Employees Retirement System of Ohio purchased a new position in Steel Dynamics, Inc. (NASDAQ:STLD) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 44,316 shares of the basic materials company’s stock, valued at approximately $10,169,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Parvin Asset Management LLC purchased a new position in Steel Dynamics during the second quarter valued at approximately $75,000. Proficio Capital Partners LLC bought a new position in Steel Dynamics in the second quarter worth approximately $213,000. Pure Financial Advisors LLC purchased a new stake in Steel Dynamics during the second quarter worth $213,000. Corient Private Wealth LP bought a new stake in Steel Dynamics during the 2nd quarter valued at $8,387,000. Finally, Parallax Volatility Advisers L.P. bought a new stake in Steel Dynamics during the 2nd quarter valued at $253,000. 82.41% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on STLD. The Goldman Sachs Group began coverage on Steel Dynamics in a report on Wednesday, July 29th. They issued a “buy” rating and a $300.00 price target on the stock. KeyCorp restated an “overweight” rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Wells Fargo & Company cut their target price on Steel Dynamics from $275.00 to $255.00 and set an “overweight” rating on the stock in a research note on Monday, August 24th. Weiss Ratings upgraded shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. Finally, Barclays increased their price target on shares of Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research report on Wednesday, July 22nd. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Steel Dynamics has an average rating of “Moderate Buy” and an average price target of $257.27.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $232.62 on Tuesday. The business’s fifty day simple moving average is $241.70 and its 200-day simple moving average is $223.99. The company has a market cap of $33.34 billion, a PE ratio of 21.09, a PEG ratio of 0.44 and a beta of 1.52. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. Steel Dynamics, Inc. has a 12-month low of $126.88 and a 12-month high of $288.74.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating the consensus estimate of $3.63 by $0.06. The firm had revenue of $6.09 billion during the quarter, compared to analyst estimates of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The business’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.01 EPS. Analysts expect that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be paid a $0.53 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is 19.22%.

Insiders Place Their Bets

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the completion of the sale, the senior vice president owned 102,837 shares of the company’s stock, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 6.60% of the company’s stock.

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.