Illinois Municipal Retirement Fund Sells 6,504 Shares of Steel Dynamics, Inc. $STLD

Illinois Municipal Retirement Fund lessened its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 15.1% in the first quarter, HoldingsChannel.com reports. The firm owned 36,488 shares of the basic materials company’s stock after selling 6,504 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Steel Dynamics were worth $6,568,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Strs Ohio boosted its holdings in shares of Steel Dynamics by 7.3% during the fourth quarter. Strs Ohio now owns 153,878 shares of the basic materials company’s stock worth $26,075,000 after purchasing an additional 10,519 shares during the period. Robeco Institutional Asset Management B.V. increased its holdings in Steel Dynamics by 3.7% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company’s stock valued at $340,289,000 after purchasing an additional 72,122 shares during the period. Econ Financial Services Corp purchased a new position in Steel Dynamics during the 4th quarter valued at about $1,171,000. AIA Group Ltd bought a new position in Steel Dynamics during the 3rd quarter valued at approximately $543,000. Finally, Canada Post Corp Registered Pension Plan raised its position in Steel Dynamics by 70.5% during the 4th quarter. Canada Post Corp Registered Pension Plan now owns 11,692 shares of the basic materials company’s stock valued at $1,981,000 after purchasing an additional 4,835 shares during the last quarter. Institutional investors own 82.41% of the company’s stock.

Insiders Place Their Bets

In related news, SVP James Stanley Anderson sold 10,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the senior vice president directly owned 102,837 shares of the company’s stock, valued at approximately $27,632,301.90. This represents a 8.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth W. Cornew sold 5,000 shares of the stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total value of $1,124,350.00. Following the sale, the director owned 31,299 shares in the company, valued at approximately $7,038,206.13. This represents a 13.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 22,125 shares of company stock valued at $5,438,226. Insiders own 6.60% of the company’s stock.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $235.51 on Friday. Steel Dynamics, Inc. has a one year low of $119.89 and a one year high of $288.74. The company’s 50-day moving average is $245.95 and its 200 day moving average is $208.80. The company has a market capitalization of $34.08 billion, a price-to-earnings ratio of 25.19, a price-to-earnings-growth ratio of 0.44 and a beta of 1.53. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. During the same quarter in the prior year, the business posted $1.44 earnings per share. The firm’s revenue for the quarter was up 19.1% compared to the same quarter last year. Sell-side analysts expect that Steel Dynamics, Inc. will post 17.27 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Tuesday, June 30th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Tuesday, June 30th. Steel Dynamics’s payout ratio is presently 22.67%.

Wall Street Analyst Weigh In

STLD has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Barclays started coverage on Steel Dynamics in a report on Thursday, May 21st. They set an “overweight” rating and a $270.00 target price for the company. Wells Fargo & Company dropped their price target on Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating for the company in a research note on Thursday, June 18th. KeyCorp lifted their price target on shares of Steel Dynamics from $241.00 to $262.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. Finally, BMO Capital Markets boosted their price objective on shares of Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $239.18.

About Steel Dynamics

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.