California State Teachers Retirement System Purchases 42,632,231 Shares of Steel Dynamics, Inc. $STLD

California State Teachers Retirement System boosted its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 26,381.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,793,831 shares of the basic materials company's stock after buying an additional 42,632,231 shares during the period. California State Teachers Retirement System owned 29.86% of Steel Dynamics worth $9,819,472,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Prosperity Bancshares Inc purchased a new stake in Steel Dynamics in the fourth quarter valued at approximately $25,000. Meeder Asset Management Inc. purchased a new position in shares of Steel Dynamics during the 2nd quarter worth $26,000. MV Capital Management Inc. purchased a new position in shares of Steel Dynamics during the 4th quarter worth $27,000. Cedar Mountain Advisors LLC acquired a new stake in shares of Steel Dynamics in the first quarter valued at $31,000. Finally, NBH Bank purchased a new stake in shares of Steel Dynamics during the second quarter worth $31,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Trading Down 0.7%

Shares of NASDAQ:STLD opened at $240.31 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. The stock has a market capitalization of $34.44 billion, a price-to-earnings ratio of 21.79, a PEG ratio of 0.46 and a beta of 1.50. Steel Dynamics, Inc. has a 1-year low of $129.41 and a 1-year high of $288.74. The company has a 50 day moving average price of $241.84 and a 200 day moving average price of $225.96.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.63 by $0.06. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company had revenue of $6.09 billion for the quarter, compared to analysts' expectations of $5.56 billion. During the same quarter in the prior year, the company earned $2.01 earnings per share. The firm's revenue was up 33.4% on a year-over-year basis. On average, research analysts anticipate that Steel Dynamics, Inc. will post 17.16 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics's dividend payout ratio is 19.22%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on STLD. The Goldman Sachs Group started coverage on shares of Steel Dynamics in a research report on Wednesday, July 29th. They set a "buy" rating and a $300.00 price objective for the company. KeyCorp restated an "overweight" rating on shares of Steel Dynamics in a report on Wednesday, July 22nd. Morgan Stanley lowered 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 research report on Wednesday, July 22nd. JPMorgan Chase & Co. upped their target price on shares of Steel Dynamics from $256.00 to $260.00 and gave the company a "neutral" rating in a research note on Wednesday, July 22nd. Finally, Weiss Ratings raised shares of Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 18th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Steel Dynamics currently has an average rating of "Moderate Buy" and a consensus target price of $257.27.

Steel Dynamics Company 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.

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