South Dakota Investment Council Sells 38,018 Shares of Steel Dynamics, Inc. $STLD

South Dakota Investment Council lowered its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 79.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,632 shares of the basic materials company’s stock after selling 38,018 shares during the quarter. South Dakota Investment Council’s holdings in Steel Dynamics were worth $1,734,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Prosperity Bancshares Inc bought a new stake in shares of Steel Dynamics in the fourth quarter worth $25,000. MV Capital Management Inc. bought a new position in Steel Dynamics in the fourth quarter valued at $27,000. Sound Income Strategies LLC grew its position in Steel Dynamics by 1,500.0% in the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 150 shares in the last quarter. Cedar Mountain Advisors LLC acquired a new stake in Steel Dynamics in the 1st quarter valued at $31,000. Finally, DV Equities LLC acquired a new stake in Steel Dynamics in the 4th quarter valued at $33,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Trading Down 0.5%

Shares of Steel Dynamics stock opened at $251.26 on Friday. The business has a fifty day simple moving average of $248.64 and a two-hundred day simple moving average of $214.00. Steel Dynamics, Inc. has a 1 year low of $119.89 and a 1 year high of $288.74. The company has a market capitalization of $36.01 billion, a price-to-earnings ratio of 22.78, a P/E/G ratio of 0.48 and a beta of 1.53. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45.

Steel Dynamics (NASDAQ:STLD) last released 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 for the quarter, compared to the consensus estimate of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The company’s quarterly revenue was up 33.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.01 earnings per share. Research analysts forecast that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Steel Dynamics’s dividend payout ratio is currently 19.22%.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,300 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total transaction of $538,453.00. Following the completion of the sale, the senior vice president directly owned 28,618 shares in the company, valued at $6,699,759.98. This trade represents a 7.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP James Stanley Anderson sold 10,000 shares of the business’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 sale, the senior vice president 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 disclosure for this sale is available in the SEC filing. Company insiders own 6.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on STLD. BMO Capital Markets increased their price objective on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 22nd. Morgan Stanley lowered their target price on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 22nd. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a report on Saturday, April 18th. Barclays increased their price target on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research report on Wednesday, July 22nd. Finally, The Goldman Sachs Group initiated coverage on Steel Dynamics in a research note on Wednesday. They issued a “buy” rating and a $300.00 price target for the company. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Steel Dynamics presently has a consensus rating of “Moderate Buy” and a consensus price target of $249.00.

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.